- Waterloo-based companies to benefit from federal quantum technology funding
- Some companies in southern Ontario will receive a share of $17.2 million in federal funding to support the quantum technology sector
- 12 companies, including High Q Technologies Inc., GoodLabs Studio Inc., Foqus Technologies Inc., ForeQast Technologies Limited, and ISARA Corp, will benefit from the funding
Depth news about Unlocking the Future: Quantum Technology Companies in Ontario Secure Major Funding
On Thursday, the Regional Quantum Initiative announced that $17.2 million in federal funding will be distributed to 12 Southern Ontario companies working in the quantum technology sector. The funding aims to help these companies market their products globally and is expected to support up to 150 jobs within the sector, providing a significant economic boost to the region.
Notable recipients of the funding include High Q Technologies Inc., a Waterloo-based life sciences company that utilizes quantum technology to solve complex problems in protein dynamics and aid in the discovery of new drugs. High Q Technologies is set to receive up to $3.75 million for product improvements aimed at launching its biopharmaceutical technology, marking a significant milestone for the company’s growth and development. CEO Wendy Hinchey expressed her gratitude, stating that “each of our companies is energized knowing that the fruits of these investments and the hard work of our teams will come in the months and years ahead.”
Toronto-based GoodLabs Studio Inc., an advanced software engineering company, will also receive a share of the funding. Other local companies benefiting from this investment include Foqus Technologies Inc. of Kitchener, ForeQast Technologies Limited of Waterloo, and ISARA Corp, also based in Waterloo.
The substantial investment by the Canadian government through FedDev Ontario reflects a growing recognition of the potential for quantum organizations to thrive, not only locally, but also on a global scale. The funding not only provides financial support but also allows these companies to attract and retain talent in Ontario while expanding their reach internationally.
Overall, this news brings excitement not only for the specific companies receiving funding but also for the broader innovation ecosystem within Southern Ontario. The advancements made possible by this funding have far-reaching implications that extend beyond individual businesses, creating opportunities for collaboration and growth within the quantum technology sector as a whole.
CEO Wendy Hinchey emphasized that the funding will not only allow their organization’s momentum with global marketing but will also allow them to attract and retain talent in Ontario, highlighting the importance of teamwork in achieving success.