Today’s Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced investments of over $10 million in three Kitchener-Waterloo technology companies.
Miovision Technologies is a Kitchener-based company that lets cities and towns reduce traffic congestion and vehicle emissions while improving public safety through intelligent transportation solutions. with a $7.4 million repayable investment through Jobs and Development Fund, Miovision will develop TrafficLink and Scout, its traffic monitoring hardware and software. It also plans to grow its network to 100,000 intersections in North America over the next four years, and further its transition to “smart city” technologies, expand its presence globally and add 58 jobs.
Advanced Electrophoresis Solutions Ltd. is a Cambridge medical technology manufacturer specializing in the development of test equipment for pharmaceutical companies to analyze protein structures and interactions. over $1.7 million repayable investment through Business Scale-up and Productivity Stream, will allow the company to scale up production of ready-to-use customized test equipment and grow its sales and marketing team. Advanced Electrophoresis Solutions is looking to expand its presence in Asia and Europe, creating 11 additional jobs within Waterloo.
Huron Digital Pathology Jacobs-based medical equipment company that develops digital imaging solutions in the pathology sector for the clinical, research and education markets. With a repayable investment of $1 million through the business scale-up and productivity stream, the company can scale up production of its digital pathology scanners. It hopes to revolutionize disease diagnosis by being the first company to bring an Artificial Intelligence (AI) enabled image search engine for use in the pathology field. Huron Digital Pathology is looking to increase its productivity. With a target to manufacture more than 100 scanners every year and create 11 skilled jobs.
“Tech companies, such as the three highlighted today, make up Waterloo Region’s growing resume of research and innovation. Canadian tech companies work tirelessly to bring new products and processes to market that will benefit our regional economy and Canadians,” said Honorable Philomena Tassi, Minister Responsible for Southern Ontario, Federal Economic Development Agency. “The Government of Canada is committed to supporting businesses as they adopt new digital solutions, enhance global competitiveness and create local jobs that will contribute to a growing economy that works for all.”
