Ontario to provide $1.4M in support of Kitchener’s FluidAI Medical, job creation
Posted Jan 16, 2024 11:20:18 AM.
Last Updated Jan 16, 2024 11:20:21 AM.
The Ford government made a visit to Waterloo Region on Tuesday, bringing investment dollars in support of local innovation and job creation.
Minister of Economic Development, Job Creation and Trade, Vic Fedeli, made the announcement in Kitchener of $1.4 million dollars worth of funding to support medical technology company, FluidAI Medical – in support of its own investment of $25 million.
The province’s funding comes through the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program; a $144 million dollar fund launched in November of 2019 to support businesses and municipalities.
“Through our Regional Development Program, our government is helping growing Ontario manufacturers like FluidAI Medical innovate and create good-paying jobs,” said Fedeli.
The combined investment of over $25 million is expected to create 38 new positions, for a company known for its work in developing “an AI-powered monitor that detects post-operative gastrointestinal leaks”, which could assist in preventing complications for patients.
In a release sent to CityNews Kitchener, the province said the investment is expected to be used toward product improvements – as well as the creation of an automated assembly line to meet FluidAI Medical’s growing demand.
The $1.4 million dollar investment coming from the province makes over $122 million distributed so far through the Regional Development Program to 100 projects.
