Backgrounder: Three tech companies receive $7.5 million to grow and create jobs in Kitchener-Waterloo
October 7, 2022
Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a total investment of $7.5 million for three innovative Kitchener-Waterloo tech businesses to seize new opportunities for growth and create 75 jobs.
This consists of support for the following projects:
- Shinydocs Corp oration is a Waterloo-based digital information management software company. With this $4-million-repayable contribution, through the Jobs and Growth Fund, the company will use innovative technologies and practices to enhance Cognitive Suite, a digital storage solution that helps clients find key information and protect against cybersecurity breaches and losses. As a result, Shinydocs Corporation will also create 40 skilled-jobs.
"Shinydocs provides software, services, and a best practices strategy that solves some of the most complex data and information management challenges that organizations face today. Building and bringing such a substantial offering to a worldwide market requires hiring an innovative and highly skilled staff, which has been made possible by this incredible support from FedDev Ontario."
– Jason Cassidy, CEO and Founder of Shinydocs
- Encircle Inc is a leading provider of real-time tools for the property insurance industry. Recognized as one of the Top Growing Companies by the Globe and Mail’s Report on Business, this $2.1-million-repayable contribution, through the Jobs and Growth Fund, will allow the company to enhance its claims software allowing adjusters to monitor multiple claims in real-time. As a result, the company will expand its presence in key export markets, boost revenues and bring digital efficiencies to the insurance sector globally, as well as create 20 skilled-jobs.
“This $2.1-million repayable contribution from the Jobs and Growth Fund will help us continue our growth in support of the property insurance industry. With natural disasters impacting all parts of the world, I'm very proud that my team and I are able to play a part in speeding up the recovery process.”
– Paul Donald, CEO, Encircle Inc.
- Proto Research Inc is a Software-as-a-Service company that develops AI-powered multilingual, chatbots to serve customers in the financial, government, energy, health and gaming sectors. This $1.4-million repayable contribution, through the Business Scale-up and Productivity stream, will support the company to add new, local, language profiles for services within Africa and Asia. As a result, Proto Research will expand its market presence, significantly increase revenues, and create 15 skilled-jobs.
“This contribution from FedDev Ontario, together with Proto's recent $5.6 million capital raise, will enable us to accelerate our machine learning and revenue expansion capabilities in multiple emerging markets at once. We're grateful for our government's visionary support, which helps to position Proto as the automation leader for strategic languages and niches within the rapidly-growing conversational AI industry.”
– Curtis Matlock, CEO, Proto Research Inc.
The Government of Canada is committed to providing these three businesses within the Kitchener-Waterloo tech industry become more globally competitive and resilient and create 75 skilled jobs.
News Release: Government of Canada invests $7.5 million in the Kitchener-Waterloo tech sector
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