FedDev Ontario invests in ventureLAB expansion
FedDev Ontario has invested $4.7 million in ventureLAB to enhance its Hardware Catalyst Initiative Lab with virtual access and testing capabilities.
The investment will allow ventureLAB to purchase advanced computing infrastructure for the lab to virtualize equipment. This will enable entrepreneurs from across Canada, to utilize the platform remotely, expanding the reach beyond the GTA.
“Today’s investment from FedDev Ontario shows commitment to the tech sector and to building a resilient Canadian supply chain that strengthens Canada’s position as a global innovation leader,” said Melissa Chee, President and CEO, ventureLAB. “A thriving, end-to-end hardware ecosystem means new investment opportunities, five times the number of tech sector jobs, and a major advantage in terms of talent retention.”
The Hardware Catalyst Initiative will purchase equipment (with a focus on 5G technologies, autonomous vehicles and AI development) not currently available in Canada.
The lab expansion will accelerate the growth of 17 domestic hardware and semiconductor companies, support the commercialization of eight new products and generate $7 million in new product sales. This investment will also leverage $1.35 million in private investment and will create 35 jobs.
“By virtualizing the Hardware Catalyst Initiative Lab, Canadian businesses across Canada will be able to fully access the program, encouraging widespread growth in the hardware industry,” said Mary Ng, Minister, Small Business and Export Promotion and Member of Parliament, Markham–Thornhill. “Our government’s investment is good news for Canadian businesses scaling up in the hardware and semiconductor sector, good news for Ontario with the addition of 35 new skilled jobs, and good news in our pursuit of a sustainable and digital economic recovery.”