The Markham-based innovation centre VentureLAB is receiving a FedDev Ontario investment of $5 million to establish the Hardware Catalyst Initiative (HCI), a lab and incubator that will help hardware technology companies scale.
“The HCI will enable tech companies to create transformational technologies that form the core of AI, VR, and quantum computing.”
This project is aimed to support companies that produce the foundational technology for artificial intelligence, machine learning, and quantum computing. The government said over 40 businesses will gain access to new equipment in an expanded facility focused on designing, prototyping, and producing innovative new technologies. VentureLAB will also offer specialized programs, training and mentoring, and connect companies with industry experts to accelerate the commercialization of their technologies.
“The HCI will enable tech companies to create transformational technologies that form the core of AI, quantum computing, virtual reality, and beyond, powering the future of advanced medical devices, connected transportation and next-generation communications in Canada and around the world,” said Melissa Chee, president and CEO of VentureLAB. “With this support from the federal government, through FedDev Ontario, we will be able to leverage York Region’s existing rich history in silicon and hardware to strengthen southern Ontario’s technical and leadership talent, and help tech companies scale locally and compete globally.”
Since it was founded in 2011, VentureLAB says it has helped over 2,000 tech entrepreneurs and small- and medium-sized enterprises generate over $100 million in public and private investments. VentureLAB provides advisory, educational, and informational services which may include information about business planning, sales, marketing, financing, and funding strategies.
StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.