Three tech companies based in Kitchener-Waterloo will receive $7.5 million to ‘seize new opportunities for growth’ and create 75 jobs.
The announcement came on Friday from the Honourable Filomena Tassi, the minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev OntariO).
“The Government of Canada is providing critical support to companies that are developing new, cutting-edge technologies here in southern Ontario and across Canada. Today’s investment will ensure the innovation sector in Kitchener-Waterloo continues to be a global leader by providing support to local companies and ensuring they have the tools,” said Tassi in a news release.
The news release said this investment will help these companies enhance their technologies and increase sales.
“The Government of Canada’s investment in these three tech businesses will not only create 75 new jobs across Kitchener-Waterloo, but it will also support the region’s global status as a tech and innovation hub,” said Valerie Bradford, Member of Parliament for Kitchener South–Hespeler. “Technology is changing our economy and through investments like these, we are supporting the growth of a critical sector, while also attracting more talent and ensuring resiliency in the years to come.”
The 7.5 million will be split between Shinydocs Corporation, Encircle Inc. and Proto Research Inc.
Shinydocs Corporation is a Waterloo-based digital information management software company and will receive a $4-million-repayable contribution.
Encircle Inc. will receive a $2.1-million-repayable contribution.
Proto Research Inc is a Software-as-a-Service company that develops AI-powered multilingual, chatbots to serve customers in the financial, government, energy, health and gaming sectors. This $1.4-million repayable contribution.
According to the Government of Canada, Kitchener-Waterloo is one of the fastest-growing innovation hubs in the world, consisting of more than 1,500 tech-related businesses. The region’s tech sector is predicted to reach 24,000 workers by 2025.