Government of Canada announces investment in quantum technology companies
Posted Feb 23, 2024 04:26:36 AM.
Last Updated Feb 23, 2024 04:26:40 AM.
The Government of Canada announced a $17.2 million investment into 12 quantum technology companies on Thursday.
The announcement was made by Waterloo MP Bardish Chagger, alongside Bryan May, the Parliamentary Secretary to the Minister for Small Business and to the Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev).
“Today’s announcement is great news for Waterloo Region and Canada’s quantum technology sector,” said Chagger. “By investing in and supporting quantum technology, we are ensuring Canada’s competitiveness on the global stage and also paving the way for even more ground-breaking advancements that will shape the future of our economy and society.”
The investment is estimated to create 150 jobs and was made through the Regional Quantum Initiative. The initiative is set to invest $23 million between 2022-2027 to help companies in the quantum technology sector.
Four companies in Waterloo Region will be receiving funds, including High Q Technologies, which received the most funding with $3.75 million. Other companies that received funding include Foqus Technologies in Kitchener ($601,975), ForeQast Technologies Limited in Waterloo ($628,180) and ISARA Corp ($1.75 million) in Waterloo.
“With hundreds of start-ups, Canada’s fastest growing scale-ups and some of the world’s biggest tech companies, this region has the most dynamic tech business ecosystem in Canada,” said Valerie Bradford, the MP for Kitchener-Hespeler.
Other companies that received funding are located in Toronto, Ottawa and Markham.
