ventureLab has received a $2.5 million CAD investment from the Government of Ontario to establish a medtech stream within its Hardware Catalyst Initiative (HCI). HCI is a lab and incubator for hardware and semiconductor companies. The provincial funding comes through the Ontario Together Fund, and follows other recent federal and provincial commitments towards bolstering the country’s semiconductor industry and capabilities.
“Hardware and semiconductors underpin virtually all modern devices, and as we navigate our new normal, they are especially key in healthcare technologies, along with other sectors critical to economic recovery and growth,” said VentureLab President and CEO Melissa Chee.
The provincial capital builds on the $9.7 million in funding VentureLab has received over the past few years for HCI through FedDev Ontario, which includes a $5 million from July 2019 and the $4.73 million promised in May 2021. It also comes a few months after VentureLab secured $1.5 million from the Regional Municipality of York to expand HCI.
Full Article: betakit.com