Tuesday, July 23, 2024

Federal government pledges $11M to six Ottawa tech companies

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The federal government is giving a combined $11 million to six tech companies in Ottawa that are developing wireless and artificial intelligence (AI) advancements.

Jenna Sudds, Minister of Families, Children and Social Development and Member of Parliament for Kanata–Carleton, and Yasir Naqvi, Parliamentary Secretary to the Minister of Health and Member of Parliament for Ottawa Centre, made the announcement at the Ottawa headquarters of Ranovus Inc. on Monday.

The government says the money is meant for growing the AI sector and addressing gaps in the educational, mental health, semi-conductor, business advisory, digital sensor and wireless industries.

“Ottawa is one of the largest tech hubs in Canada, largely due to our competitive and cutting-edge businesses. With today’s repayable investment in these six companies, we are capitalizing on our bright minds and skilled hands and improving the way Canadians and their families live, work and do business,” said Sudds.

The six companies will be getting a share of the $11 million announced Monday.

Ranovus is receiving $4.8 million. The government says the company is scaling to commercial in-house production, at its Kanata location, of its Odin 8 chip to approximately 100,000 units annually.

ThinkRF is receiving $2 million toward scaling its automated wireless monitoring solutions, including its Spectrum Experience products, to address the growing economic and public safety dependency on wireless networks.

Larus Technologies is getting $1.5 million for developing advanced Software as a Service (SaaS) solutions, using AI and machine learning, for retailers and businesses that specialize in e-commerce, complex supply chains, and consumer brands.

TryCycle Data Systems is getting $1 million for scaling and strengthening its mental health tech platforms, TetherAll and Talking Stick, and growing its workforce to reach new markets across Canada, the U.S., and abroad, including Indigenous and veteran communities, first responders, and students.

TutorOcean is getting $1 million toward introducing new AI functionalities to its personalized Student Success learning platform.

Armstrong Monitoring is receiving $700,000 to upgrade its facility and develop technology for detecting hazardous gases.

“Ottawa and southern Ontario’s potential is immense, especially in the tech sector. Today, we are investing in the potential to develop more innovative solutions to support the well-being of Canadians,” said Naqvi.

Ottawa is home to more than 1,800 tech companies, employing more than 88,000 people. 

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