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Waterloo-based companies to benefit from federal quantum technology funding

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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.

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