VentureLAB lands funding to create MedTech-focused semiconductor stream
By Monica FergusonIndustry Innovation & Technology Chemicals Manufacturing government Innovation manufacturer manufacturing Ontario semiconductor Technology
Technology hub, ventureLAB, announced $2.5 million in funding from the Ontario Government to expand its semiconductor incubator (Hardware Catalyst Initiative) with a MedTech-specific stream and MedTech lab.
The MedTech lab will be in Vaughan’s Sterling Industries. The investment supports made-in-Ontario medical solutions and strengthen Ontario’s capacity to fight COVID-19 and future pandemics.
“Hardware and semiconductors underpin virtually all modern devices, and as we navigate our new normal, they are especially key in healthcare technologies, along with other sectors critical to economic recovery and growth,” said Melissa Chee, President and CEO, ventureLAB.
MedTech founders will experience accelerated commercialization time, reduced cost, access to deep sector expertise, and intensive growth capital.
The two-year project is expected to result in employment opportunities and a range of made-in-Ontario technologies, innovations, and intellectual property.