Waterloo-based companies to benefit from federal quantum technology funding
Some Waterloo-based companies will be getting a share of $17.2 million dollars in federal funding.
The funding, announced on Thursday through the Regional Quantum Initiative, is earmarked to support 12 companies in southern Ontario working in the quantum technology sector.
The money will be used to help them commercialize their products for global markets.
According to a federal news release, the funding will support up to 150 jobs.
One of the companies that will receive the financial boost is life sciences company, High Q Technologies Inc.
The Waterloo-based company uses quantum technology to solve complex problems in protein dynamics to help discover new drugs.
High Q Technologies will be receiving up to $3.75 million for product enhancements to launch their biopharmaceutical technology.
“I know each of our companies is energized today knowing that the fruits of these investments and our teams’ hard work will deliver in the coming months and years,” High Q Technologies Inc. CEO Wendy Hinchey said during Thursday’s announcement.
“The Canadian government and FedDev Ontario specifically have definitely met the moment for thriving quantum organizations. They get it,” she said.
“Not only does this funding allow us to meet our organization’s moment with global commercialization, but it will also allow us to attract and retain talent in Ontario. You don’t climb mountains without a team. In start-ups, our teams may be small but they are mighty.”
Toronto-based GoodLabs Studio Inc., an advanced software engineering company, with also get some of the funding.
“I want to extend our heartfelt thanks to FedDev for having chosen us for their support,” GoodLabs Studio Inc.’s Director of A.I. and Emerging Technologies Research, Christopher McMahon said.
“It could not be more fitting for us that this announcement is being made at the University of Waterloo. Our most cutting edge ideas are being hatched in its advanced laboratories, with the help of many of its esteemed professors.”
Other local companies receiving funding include Foqus Technologies Inc. from Kitchener, ForeQast Technologies Limited from Waterloo, and ISARA Corp from Waterloo.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6974402.1721752977!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
Laws that could get Canadians in trouble in tourism hotspots
There are some laws in popular tourist destinations around the world that could land Canadian travellers in mild-to-serious trouble if they're not careful. Don't let these local laws land you in hot water during your next vacation abroad.
DEVELOPING Jasper evacuees forced into B.C. to flee fires told to make U-turn to Alberta for aid
Thousands of wildfire evacuees forced from Jasper National Park into British Columbia along smoke-choked mountain roads Monday night were directed Tuesday to make a wide U-turn and head home if they needed a place to stay.
BREAKING Polar bear at Calgary Zoo died by drowning following 'crushing' injury
The Wilder Institute/Calgary Zoo has revealed the cause of death for polar bear Baffin last week.
Edmonton gas station employee found guilty of terrorism charges in the U.K.
An Edmonton man has been convicted of multiple charges under the Terrorism Act in the United Kingdom.
Trudeau hand-picking candidate in Montreal byelection riles aspiring contenders
Prime Minister Justin Trudeau's decision to hand-pick a candidate for a riding in an upcoming Montreal byelection isn't being well-received by three aspiring contenders who spent months campaigning only to be shunted aside.
Celine Dion lands in Paris amid reports of performance at the Olympics
Speculation is mounting that Celine Dion will make an appearance at the Paris Olympics after landing in the French capital days before the opening ceremony.
Quebec mom devastated after man who killed her daughter in hit-and-run gets out after 5 months
A Montreal-area mother is furious with Quebec's justice system because the man who killed her 25-year-old daughter in a 2022 hit-and-run was released from jail after only serving one-sixth of his sentence behind bars.
U.S. Secret Service director resigns after Trump assassination attempt
The director of the Secret Service resigned Tuesday in the aftermath of the assassination attempt against former U.S. president Donald Trump that unleashed an outcry about how the agency failed in its core mission to protect current and former presidents.
Waterloo, Ont. woman out thousands after car totalled in hit-and-run
A woman in Waterloo, Ont. is out thousands of dollars for a car crash she wasn’t involved in.