Markham, ON- ventureLAB is excited to announce that applications for the Hardware Catalyst Initiative (HCI) are now open to all hardtech companies, innovators and founders until June 14, 2024. The HCI is Canada’s only lab and incubator for founders building hardware and semiconductor-focused products, enabling the creation of transformative technologies that will power our products of tomorrow — including AI, healthcare technology, consumer electronics, telecommunications, smart energy, connected transportation, and more.
The HCI offers $11 million in resources and mentorship from its founding partners, all at no cost and with no equity requirement for eligible companies. This competitive program leverages ventureLAB’s deep hardware expertise to support the development of transformative hardware solutions that power the semiconductor ecosystem. As of the end of 2023, the HCI program, including the Hardware Stream, supported 147 hardware and semiconductor companies who generated more than $38M+ in revenue, created 690+ new jobs, secured 143 IP, and over $79M in capital.
“We’re excited to be welcoming more hardware and semiconductor companies from across Canada to our Hardware Catalyst Initiative program,” said Avinash Persaud, VP of the Hardware Catalyst Initiative. “The program is a unique opportunity for innovators to access state-of-the-art technology, resources and mentorship that will drive their success and strengthen Canada’s hardware landscape.’
Funded in part by the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Hardware Catalyst helps tech companies accelerate their time to market in a sector that normally incurs lengthy entry and scale times, enabling Canadian hardware and semiconductor companies to grow and scale locally, and compete globally.
Previous cohorts in the HCI program include Blumind, Transpod, Steadiwear and Digitho.
“ventureLAB’s Hardware Catalyst Initiative is one of the key enablers of Blumind’s commercialization efforts and provided the impetus to establish the company,’ said Niraj Mathur, Co-Founder of Blumind.
In 2022, ventureLAB joined the Ontario Vehicle Innovation Network as a Regional Technology Development Site, connecting projects across Ontario to enhance provincial transportation innovation. The HCI also includes a focus on startups developing automotive technologies, accelerating advancements in smart mobility and intelligent transportation solutions.
To learn more about the program please visit venturelab.ca
About ventureLAB
ventureLAB is a leading global founder community for hardware technology and enterprise software companies in Canada. Located at the heart of Ontario’s innovation corridor in York Region, ventureLAB is part of one of the biggest and most diverse tech communities in Canada. Our initiatives focused on raising capital, talent retention, commercializing technology and IP, and customer acquisition have enabled thousands of companies to create over 6,800 jobs and raise more than $420 million in investment capital. ventureLAB is powering hardtech founders to build and scale globally competitive ventures that advance Canada's knowledge-based economy.
