June 27, 2019
ventureLAB receives funding from FedDev Ontario for hardware lab and incubator
Today, the Honourable Mary Ng, Minister of Small Business and Export Promotion and MP for Markham-Thornhill, announced at ventureLAB’s AGM, a $5 million investment by the Government of Canada, to create a new incubator and lab that supports southern Ontario silicon and hardware-focused companies to scale locally and compete globally.
The Hardware Catalyst Initiative (HCI) will be Canada’s first hardware and silicon-focused lab, designed to help accelerate development cycles and close gaps faced by SMEs.
Silicon and hardware are the building blocks of transformational technologies like artificial intelligence, quantum computing, autonomous vehicles, and more. Many companies rely on hardware advancements to enhance product service delivery that impact Canadians, like remote care services and smart energy. The HCI will enable technology companies to accelerate the development of hardware and technology platforms to power the software and apps being developed in southern Ontario, for national and global scale.
Canada — and in particular, York Region — has a rich history in silicon pioneering. From ATI Technologies to Nortel, the HCI will build on the region’s existing hardware and deep technology expertise to expand capacity for the sector and strengthen Canada’s position as a global leader in transformational technologies.
The HCI will support 40 companies in key sectors including Digital Media & ICT, Advanced Manufacturing, Health, and Environment, create 200 jobs, and increase access to capital for hardware and silicon SMEs.
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