Ten Vancouver-based companies will receive a total of more than $25.7 million in funding from the Government of Canada to help them commercialize new technology, grow their operations and reach new global markets.
The funding aims to support companies or organizations that are “catalysts for Canada-made innovation with a growing global demand” in sectors such as clean technology, life sciences and digital industries, according to an announcement made this morning by Harjit Sajjan, federal minister of international development.
“The international market has always been important. We want to create opportunities here in British Columbia that are designed to look for companies who want to grow, to be able to expand … and help them bridge that gap between research and commercialization, and through this, create opportunities for them to go international,” said Sajjan.
The funding is delivered through the Pacific Economic Development Agency of Canada (PacifiCan), Ottawa’s new B.C.-focused economic development agency. Companies selected for the funding are Arbutus Medical, Aspect Biosystems, Augurex Life Sciences, Broadband TV Corp., Klue Labs, MetaOptima Technology, PrecisionOS Technology, Tradable Bits Media, Circle Innovation and CoPilot AI.
The funding will be used towards new product launches and technology development, sales and marketing expansion across international markets such as the U.S., Europe and Asia-Pacific, and the expansion of global partner networks and talent recruitment.
Vancouver-based Aspect Biosystems, whose technology platform generates 3D-bioprinted human tissues that restore or replace the function of damaged organs, is receiving more than $3.6 million.
“This funding specifically … will help us broaden our application for biotechnology, expand our global network of partners, scale up our manufacturing systems, increase productivity and support our goal for developing treatments for currently incurable diseases,” said Tamer Mohamed, CEO of Aspect Biosystems.
The $25.7 million in funding announced today is expected to create more than 500 jobs, generate more than $500 million in revenue growth and lead to more than $400 million in new global sales for B.C. businesses, according to Sajjan.
B.C. businesses can apply for financial support from the federal government through PacifiCan under various program streams.