ventureLAB Announces $2.5M from the Government of Ontario to Expand Hardware Catalyst Initiative
From：Taiwan Trade Center, Toronto
Ontario-based tech hub ventureLAB has received a $2.5 million investment from the Government of Ontario to establish a Medtech stream within its Hardware Catalyst Initiative (HCI).
ventureLAB is Canada’s only lab and incubator for hardware and semiconductor companies. The funding is part of the Ontario Together Fund, from the Ministry of Economic Development, Job Creation and Trade, and builds on a $9.7 million investment from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The timely investment will enable ventureLAB to support made-in-Ontario medical solutions and will strengthen Ontario’s MedTech sector and technical capacity to fight COVID-19 and respond to future pandemics.
“The Ontario Together Fund is helping Ontario businesses to fully develop their ideas and innovate in our diverse life sciences sector,” said Vic Fedeli, Minister of Economic Development, Job Creation, and Trade. “Our government is proud to partner with innovative, homegrown companies like ventureLAB as they help make Ontario the home for next-generation medical technologies, jobs, and intellectual property.”
Since opening in 2020, ventureLab’s Hardware Catalyst Initiative has supported 24 Ontario hardware and semiconductor companies that have raised millions of dollars in investment capital, created new jobs, and generated valuable intellectual property.
“Hardware and semiconductors underpin virtually all modern devices, and as we navigate our new normal, they are especially key in healthcare technologies, along with other sectors critical to economic recovery and growth,” said ventureLab President and CEO Melissa Chee.
Canada’s federal government has made a number of recent commitments to help address the global chip shortage, build on Canada’s existing semiconductor strengths, and bolster the country’s supply chain.
Earlier this year, the Government of Canada announced plans to invest a total of $240 million to strengthen the country’s semiconductor and photonics design and production capabilities. This total includes $150 million towards the newly created Semiconductor Challenge Callout fund, provided through the Strategic Innovation Fund, for targeted investments in semiconductor development and manufacturing, as well as a $90 million investment towards the existing Ottawa-based Canadian Photonics Fabrication Centre
This investment in ventureLAB aligns with the province’s recently announced Life Sciences Strategy, a plan to make Ontario a global hub for biomanufacturing and life sciences and improve our preparedness for future challenges. It will create high-paying jobs, strengthen our health care system – and make it clear that Ontario is a world-leading partner in developing the medicines, vaccines, and health technologies of the future.