On July 29, 2020, Minister Mélanie Joly announced an investment of nearly $30M by FedDev Ontario for Waterloo Region based scale-ups in the fields of advanced manufacturing, medical technology, information and communications technology and video communications.
The announcement was made as part of Minister Joly’s visit with Waterloo Region’s tech community to discuss current challenges and opportunities. The investment will spur the creation of high skilled local jobs and the commercialization of technology.
Nearly $10M was invested into NorthSpring Capital Partner’s Kitchener-Waterloo portfolio companies KA Imaging, Intellijoint, and SSIMWave.
Intellijoint Surgical Inc. is a state-of-the-art medical technology company that develops and commercializes surgical navigation solutions. FedDev Ontario’s $4.8M funding will further the commercialization of Intellijoint’s HIP and KNEE products to additional markets in Canada, the United States, Australia and Japan as well as create 94 and maintain 60 high-skill jobs. In a press statement, Co-founder and CEO, Intellijoint Surgical Inc., Armen Bakirtzian, stressed Intellijoint’s commitment to “being a global leader in MedTech, providing homegrown advanced technology to address a real need for improved, affordable accuracy during total joint replacement surgery.”
SSIMWAVE Inc. is a cutting-edge video software company that uses powerful neuroscience-based models of the human visual system to achieve breakthrough quality prediction performance. The $4.2M in funding from FedDev will allow the company to boost its sales and marketing resources, expand its customer base, and support 65 high-quality skilled jobs. “FedDev Ontario’s contribution accelerates everything,” said Dr. Abdul Rehman, CEO, SSIMWAVE Inc. in a press statement, “allowing us to build our team, protect our intellectual property globally and implement systems to handle our international growth.”
KA Imaging Inc., a University of Waterloo spin-off specializing in innovative X-ray imaging technologies and solutions for medical, industrial veterinary and security markets. FedDev Ontario’s $1M funding will go towards creating 10 skilled jobs and accelerating the commercialization and production of its patented portable dual energy subtraction (DES) X-ray detector, Reveal™, for current demands, including COVID-19 treatment options. According to Amol Karnick, President and CEO, KA Imaging Inc., “With Reveal, the clinician has the flexibility to get not only a traditional X-ray image, but also two additional images of bones and soft tissue. The new applications now potentially possible are numerous and range from screening of various pulmonary diseases to the placement of lines and tubes in ICU patients.”
Additional FedDev Ontario investments in Waterloo region companies included
- $7.2M for Axonify Inc., a software company developing corporate eLearning tools and solutions for clients on the frontline, to reach new global export markets, expand into new sectors and create 81 local skilled jobs.
- $6.1M for Onward Manufacturing Company Limited, a gas barbecue grill manufacturer to enhance its Canadian-made advanced manufacturing facility through improved equipment, tooling and LEAN processes, creating up to 175 local jobs.
- $5M for Dejero Labs Inc. a network development company, to extend its leading-edge connectivity software into the Smart Cities space, creating 30 local skilled jobs.
- $700,000 for TeTechS Inc. an advanced manufacturing company to commercialize its plastic measuring machines, increase market share and reduce plastic waste impacts in production, creating 19 local skilled jobs.
- $676,000 for Shimco North America Inc. a manufacturing company, to increase capacity for next-generation metal surface treatments and curate a global center of excellence for the aerospace industry, creating 12 local jobs.
The investments were made through FedDev Ontario’s Business Scale-Up and Productivity stream, which supports the global competitiveness of local companies by helping to accelerate business growth and adoption of new, innovative technologies that support scale-up, productivity, and market expansion.