Government of Canada strengthens digital and regional economy with investment in six Toronto tech firms
Minister Mélanie Joly announces $14.6 million for innovative businesses to drive growth and create nearly 130 skilled jobs
March 31, 2021 – Toronto, Ontario
Toronto is recognized as a global powerhouse that serves as an engine for economic growth across southern Ontario. With a strong entrepreneurial ecosystem, Toronto has anchored its position as a leader in key sectors including technology, with an impressive talent base and a robust business environment. Through strategic investments, the Government of Canada is building on regional strengths to promote resiliency and create the right conditions for growth in the post-COVID-19 economy.
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a total FedDev Ontario investment of $14.6 million to support the long-term growth of six Toronto-based tech firms.
The global health crisis has highlighted the importance of technology and has propelled new technological developments and trends. Now more than ever, businesses in this sector are harnessing the transformative power of technology to take advantage of new business opportunities and stand out from the competition. Today’s announcement includes funding for the following six innovative tech firms:
- EnergyX Solutions Inc. will receive $500,000 to expand its customer base in North America and strengthen existing customer relationships through increased automation and predictive analysis of its technology platform.
- Humi Holdings Corp. will receive $1.9 million to build additional capacity to support the growth and commercial launch of new platform features, which will expand its Canadian customer base and allow for diversification into new global markets.
- Kepler Communications Inc. will receive $3.8 million to set up an advanced, nanosatellite manufacturing facility, making it the first Canadian company to mass-produce nanosatellites.
- Nulogy Corp. will receive $3.4 million to further develop its innovative supply chain management software platform, build additional capacity to support its accelerated growth, and focus on export development activities.
- Opus One Solutions will receive $3 million to accelerate the commercialization of its advanced analytics software platform, GridOS®, an AI-powered electric grid management and optimization platform for utility companies.
- Sensibill Inc. will receive $2 million to support a three-year global expansion into the European, Latin American and Asia and Pacific markets, which will enable the company to attract new business opportunities and compete on an international scale.
These repayable contributions support advancements in robotics, artificial intelligence (AI), cloud-based and Internet of Things (IoT) solutions, specialized software and the establishment of a new manufacturing facility to mass produce nanosatellites.
In total, these six projects are expected to create 128 skilled jobs and leverage more than $40 million in additional investment for the Toronto region.
For additional project details, please see the backgrounder.
“As we have all adapted to the pandemic by moving our lives online, the digital sector has gone into overdrive over the last year—further fueling its growth. That is why FedDev Ontario’s investments in these six technology-focused projects is so important to help maintain Toronto’s position as a centre for talent, growth and discovery. Together we will diversify the economy, create good jobs for Canadians, reach new technological advancements and position our businesses to succeed post-pandemic.”
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario
“As we create the foundation for new economic growth, it is important that our government make the investments necessary to position Canada as an international leader in technological innovation. I am excited to see this development in Toronto, and I know that this investment will provide good jobs while leveraging the skills of 130 Torontonians with immense technical talents. Canada is a global leader in education and skills-training, and I’m encouraged to see our government leverage these advantages to make investments in innovative firms.”
- Marci Ien, Member of Parliament for Toronto Centre
“Supporting our regional economies is essential for Canada’s success and sustainability. It’s even more critical when we face economic downturns or uncertainty. The Toronto firms we are announcing support for bring new innovative technologies and ideas to the world, while creating quality jobs right here in our communities.”
- Adam Vaughan, Member of Parliament for Spadina–Fort York
For quotes from the six funding recipients, please see the backgrounder.
The Toronto region is the economic engine of Canada. It is the country’s largest financial contributor, accounting for 20 percent of our gross domestic product, and is home to more than 40 percent of Canada’s business headquarters.
In 2019, CBRE Group Inc. ranked Toronto as one of the top technology markets in North America, and the fastest growing.
Main street businesses have been particularly hard-hit by the pandemic. In June 2020, FedDev Ontario announced an investment of $50 million through the Regional Relief and Recovery (RRRF) program in the Digital Main Street (DMS) platform and the Recovery Activation Program, to help nearly 23,000 main street businesses and SMEs across Ontario, including the GTA, embrace digital business models and be better-positioned for economic recovery.
Since November 2015, FedDev Ontario has invested over $390 million in over 620 projects in the Toronto and York census divisions towards total project costs of nearly $945 million.
Since November 2015, FedDev Ontario has invested nearly $765 million in nearly 600 projects technology-related projects across southern Ontario.
Press Secretary, Office of the Minister of Economic Development and Official Languages
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