FedDev Ontario invests C$17.2 million in 12 local quantum companies to boost innovation and job creation in Southern Ontario. (IT World Canada)
Today, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) revealed a significant investment of C$17.2 million in 12 local companies. The aim is to assist these companies in bringing their quantum products to both domestic and international markets, thereby supporting the creation of 150 jobs.
The 12 companies receiving this support are AI Incorporated, CogniFrame, Crypto4A, Foqus Technologies, Foreqast Technologies, GoodLabs Studio, High Q Technologies, ISARA, ProteinQure, Qoherent, Quantropi, and Xanadu.
The announcement was made by Bardish Chagger, member of parliament for Waterloo, at High Q, a women-led life sciences company. High Q specializes in using quantum-enabled systems to tackle complex problems in protein dynamics, which includes expediting the discovery of new drugs. Alongside High Q, Xanadu and Crypto4A also received substantial portions of the investment.
The projects undertaken by these companies span various sectors, including security, medicine, radio signal sensing, encryption, logistics, and finance, among others.
Minister of FedDev Ontario Filomena Tassi emphasized the potential of Southern Ontario for quantum breakthroughs, citing the presence of world-leading research centers and promising quantum companies. The government's support aims to accelerate the bringing of these technologies to market, thereby bolstering Canada's global standing in quantum technologies.
This investment is part of FedDev Ontario’s Regional Quantum Initiative, which has pledged $23 million over six years (2022-27) to assist companies in advancing and commercializing their quantum products. This initiative was launched following the announcement of the National Quantum Strategy by the Canadian government last year, which included a $360 million investment in Budget 2021 to foster the growth of quantum companies and talent.
Industry Minister François-Philippe Champagne emphasized Canada's ambition and leadership in the field of quantum science, highlighting the importance of these investments in amplifying Canada's strengths in this critical area.
