Markham-based ventureLAB gets $2.5M cash boost from province
Funding to expand Hardware Catalyst Initiative, build medical tech stream
April 29, 2022
Markham's leading technology hub, ventureLAB, landed a $2.5 million in funding from the Ontario government to expand its semiconductor incubator.
The funding is part of the Ontario Together Fund and builds on a $9.7 million investment from the government of Canada.
The timely investment will enable ventureLAB to support made-in-Ontario medical solutions and will strengthen Ontario's "medical tech" sector and technical capacity to fight COVID-19 and respond to future pandemics, the company said in a statement.
Since opening in 2020, ventureLAB's Hardware Catalyst Initiative has supported 24 Ontario hardware and semiconductor companies that have raised millions of dollars in investment capital, created new jobs, and generated valuable intellectual property.
The funding will also be used to establish a med-tech-specific stream, with a new lab in Vaughan, focused on the unique hardware and semiconductor needs of health-care companies.
"Hardware and semiconductors underpin virtually all modern devices, and as we navigate our new normal, they are especially key in health-care technologies, along with other sectors critical to economic recovery and growth," said Melissa Chee, president and CEO of ventureLAB.
"The Ontario Together Fund enables ventureLAB to create a med tech-focused HCI stream and empower a new generation of founders that will innovate, scale, and commercialize IP-rich health care solutions -- transforming the face of patient care in Ontario while also attracting and retaining the very best talent in the world."