Yesterday, François-Philippe Champagne, Minister of Innovation, Science and Industry, announced C$8.5 million in funding to support Waterloo, ON-based VueReal through Sustainable Development Technology Canada (SDTC). The Government of Ontario is also supporting VueReal with C$2 million in funding provided through Invest Ontario.
VueReal develops and commercializes platforms that, it says, enable efficient and scalable production and integration of micro- and nano- devices such as microLEDs.
This joint investment will support a C$40 million investment for the company, to expand its operations by boosting manufacturing capacity and fabrication processes.
This is the second SDTC investment in VueReal, and part of an ongoing collaboration that is allowing the company to create high-brightness microLED displays. These displays are 3.5 times more energy-efficient and produce five times more light than same-sized liquid crystal displays and organic light-emitting diode displays, the announcement revealed.
VueReal’s microLED technology aims to make screens on phones brighter and more energy-efficient, with the production process of the technology creating less waste in general.
“VueReal has leveraged this ecosystem to develop its microSolid printing technologies, which enable the creation of smart surfaces for next-generation displays and sensor applications,” said Reza Chaji, chief executive officer and founder of VueReal. “Moreover, a recent collaboration between VueReal, SDTC, and Invest Ontario on a project worth approximately $40 million highlights the potential to scale these technologies into full-scale production in the Waterloo Region and Ontario. We are proud to produce these advanced technologies and products in Waterloo, Ontario.”
The SDTC-funded project aims to enhance the company’s ability to develop prototypes for automotive, aerospace and smart glass applications.
This investment is all part of Canada’s action towards a more sustainable nation, the government added.
“Now is the time for ambitious climate action, and to support cleantech entrepreneurs like VueReal, who are turning vision into reality with help from today’s investments. Our government is proud to stand shoulder to shoulder with these groundbreaking companies as they drive innovation and make their mark as international leaders in clean technology. We will continue to support our companies as they grow the economy and create well-paying jobs in this industry,” said Champagne.
Through investments like this, the Government of Canada and SDTC are also looking to grow the economy and create job opportunities in the cleantech fields for Canadians. In 2021, the CleanTech sector employed over 188,000 Canadians.
“Homegrown tech companies like VueReal are essential to the economy of Waterloo Region and Ontario is proud to partner with them to help expand their operations. These will be high-tech, high-paying jobs that will strengthen our community now and in the future,” said Mike Harris, Member of Provincial Parliament for Kitchener-Conestoga.