8 companies in Waterloo region get $30M funding boost from federal government
Minister Mélanie Joly says funding will create 500 new jobs, maintain 300 others
Eight companies in Waterloo region will get $30 million from the federal government, with up to 500 new jobs expected to be created.
Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario Mélanie Joly made the announcement via a Zoom call on Wednesday. Joly says the investment from the government can be used to leverage $95 million in other investments.
"Your region is one of Canada's biggest economic engines. It's a centre for innovation and growth, and it has an impact — obviously in the region — but it has an impact across the country and all around the world," Joly said.
She said as the economy recovers from the COVID-19 pandemic, the government wants to invest in companies that have potential.
"Our main focus is protecting jobs and creating jobs for Canadians," she said.
Axonify gets $7M
One of the companies receiving funding is Axonify, which makes e-learning software. The company will receive $7.2 million.
Company president and CEO Carol Leaman said when they first started out, the company received $750,000 in funding from FedDev Ontario. They hired seven additional people who were "critical" to the creation of the company's technology.
"Without that money, we would not have been able to accelerate as quickly as we did," Leaman said. "This additional money is also instrumental in allowing us to expand our operations globally. So the money is going to good use."
The local companies receiving funding are:
- E-learning software company Axonify which is receiving $7.2 million. The company says that funding will help them expand globally, move into new sectors and create 81 jobs.
- Gas barbecue grill manufacturer Onward Manufacturing will receive $6.1 million. The company says the funding will be used to purchase equipment and help improve efficiency. The company will also add up to 175 new jobs and maintain 247 jobs.
- Dejero Labs, which creates connectivity software, will get $5 million. This will allow the company to hire 30 people.
- Intellijoint Surgical, a medical technology company, will receive $4.8 million. The funding will be used to expand into new markets in Canada, the U.S., Australia and Japan while creating 94 jobs and maintaining 60 positions.
- Video quality software company SSIMWAVE will get $4.2 million to help with sales and marketing. The company employs 65 people.
- KA Imaging, an X-ray imaging manufacturer, will get $1 million to help speed up a new X-ray detector to market and create 10 jobs.
- TeTechS, which creates measurement solutions for factories, will receive $700,000 to commercialize its machines and create 19 jobs.
- Shimco North America, which makes shims for the aerospace industry, will receive $676,000 to increase capacity and create 12 jobs.