Eight Waterloo Region companies get almost $30M in investments from federal government
KITCHENER -- The federal government has invested nearly $30 million to create about 500 jobs at eight Waterloo Region businesses.
The funding comes from FedDev Ontario and supports advanced manufacturing, medical and communications technology and video communications businesses to help them scale up.
According to a news release, the funding will help create about 500 jobs, as well as help the recipient companies maintain 300 jobs in the region.
The funding is split as follows:
- $7.2 million to Axonify Inc., which develops corporate e-learning tools. The funding is expected to create 81 skilled jobs.
- $6.1 million to Onward Manufacturing Company Ltd., which manufactures gas barbecue grills. The money is expected to create up to 175 local jobs.
- $5 million to network technology developer Dejero Labs Inc. to extend its connectivity software in Smart Cities spaces. This money is expected to create 30 skilled jobs in the region.
- $4.8 million to Intellijoint Surgical Inc., a medical technology company, to help expand commercialization in Canada, the U.S., Australia and Japan. The money is expected to create 94 jobs and maintain 60 others.
- $4.2 million to video quality software company SSIMWAVE Inc. The money is expected to help boost its sales and marketing to support 65 jobs in the region.
- $1 million to KA Imaging Inc., an x-ray imaging manufacturer. The money is expected to help create 10 new jobs.
- $700,000 to advanced manufacturer TeTechS Inc. to help commercialize its plastic measuring machines. The funding is expected to create 19 jobs in the region.
- $676,000 for manufacturer Shimco North America Inc. The funding is expected to create 12 local jobs.