Backgrounder: Government of Canada supports growth of five innovative Montréal businesses

Backgrounder

Montréal, Quebec, August 21, 2024 Canada Economic Development for Quebec Regions (CED)

The following information is in addition to the news release issued on August 21, 2024, on CED’s financial assistance, the recipient businesses, and their respective projects.

Summary

  • 5 projects supported by CED under the Regional Economic Growth through Innovation (REGI) program
  • $1,150,000 in CED financial contributions
  • $5,297,206 in total investments generated

Details

Recipient Project description Main activities funded by CED CED contribution Total project cost

MY01

The aim of the project is to implement an international marketing strategy for a medical device designed by MY01 to continuously monitor pressure in muscles at risk of developing compartment syndrome.

CED’s support covers the cost of participating in trade fairs, prospecting visits, and the hiring of clinical specialists and sales resources.

$450,000
(repayable)

$1,252,148

Stathera

The aim of the project is to purchase test equipment to accelerate the commercialization of products developed by Stathera, a business specializing in deep semi-conductor technology.

CED’s support covers the purchase of semi-conductor test equipment.

$300,000
(repayable)

$1,032,152

InfinityQ Technology Inc.

The aim of the project is to implement an international marketing strategy for the quantum-inspired technological solutions developed by InfinityQ for the transportation and logistics sector.

CED’s support focuses on the hiring of sales resources, participation in trade fairs, prospecting visits, and the use of professional services directly linked to international marketing.

$200,000
(repayable)

$1,012,906

Sinistar Inc.

The aim of the project is to market Sinistar internationally; Sinistar is a temporary housing rental platform for the relocation of insured individuals in cases of disaster.

CED’s support focuses on the hiring of marketing and sales resources, participation in trade fairs, prospecting visits, and targeted advertising.

$100,000
(repayable)

$1,000,000

Solutions Beeye Inc.

The aim of the project is to market internationally software solutions developed by Beeye to optimize task management and work planning.

CED’s support focuses on the hiring of new sales resources, participation in trade fairs, and prospecting visits.

$100,000
(repayable)

$1,000,000

Information

Media Relations, CED
media@dec-ced.gc.ca

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