FedDev Ontario investment of $10 million for three companies to create 80 jobs and scale up innovative technologies
December 2, 2022 –Kitchener, Ont.
Kitchener-Waterloo boasts one of the most dynamic and diverse technology industries in North America. The Government of Canada is committed to investing in these companies and entrepreneurs as they push the boundaries to expand globally, create jobs and strengthen our economy.
Today, the Honorable Bardish Chagger, Member of Parliament for Waterloo, on behalf of the Honorable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), along with Valerie Bradford, Member of Parliament for Kitchener South–Hespeler and Tim Louis, Member of Parliament for Kitchener–Conestoga, announced an investment of more than $10 million for three cutting-edge KW technology companies: Myovision Technologies, Advanced Electrophoresis Solutions Y Ferret Digital Pathology.
Myovision Technologies is a leading Kitchener-based company enabling cities and towns to reduce traffic congestion and vehicle emissions while improving public safety through intelligent transportation solutions. With this reimbursable investment of $7.4 million, through the Employment and Growth FundMiovision will continue to develop traffic link Y Exploreits traffic monitoring hardware and software, increasing the network by up to 100,000 intersections in North America by 2026. It will also drive the transition to “smart city” technologies, expanding its presence globally and adding 58 skilled jobs.
Advanced Electrophoresis Solutions Ltd. is a Cambridge-based manufacturer of medical technology that specializes in developing test instruments for pharmaceutical companies to analyze protein structures and interactions. This reimbursable investment of more than $1.7 million, through the Business Escalation Flow and Productivity, will enable the company to increase production of custom ready-to-use test instruments and increase its sales and marketing team. As a result, the company will expand its market presence in Europe and Asia and create 11 skilled jobs in the Waterloo region.
Ferret Digital Pathology is a St. Jacobs-based medical equipment company that develops digital imaging solutions for the pathology clinical, research, and educational markets. With this reimbursable investment of $1 million, through the Business Escalation Flow and Productivity, the company will expand production of its digital pathology scanners and accelerate marketing efforts. It hopes to revolutionize disease diagnosis by being the first company to bring to market an Artificial Intelligence (AI) enabled image search engine for use in the field of pathology. As a result of this project, the company expects to significantly increase its productivity with the goal of producing more than 100 scanners per year, while creating up to 11 skilled jobs.