On 24 July, a news release from the Federal Economic Development Agency for Southern Ontario announced that the Canadian Govt invests $6M+ in Toronto’s tech sector. This investment of nearly $6.2 Million will be helpful in creating more jobs in the tech industry of Toronto and thus grow the field. A total of five GTA based businesses will receive this funding and in turn they will create 70 or more jobs.
What is the Investment About?
The Government of Canada has announced that it will be investing almost $6.2 million in the tech industry of Toronto. Toronto as well as the Greater Toronto Area both have a really extensive tech market in the whole of North America. This is because of the talent pool of this area which is quite diverse and leads in the research and development industry.
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The Canadian Government recognizes this talent and values the individuals and hence, this why it is funding the industry so that it could grow in the long-term run. 5 Toronto based companies will receive investment under this funding. Know them below!
The Government is investing in which companies?
The government of Canada will be investing nearly $6.2 million in the following 5 companies:-
- AUX Mode Inc.
- Manifest Climate Inc.
- Creyos Health
- ThinkData Works Inc.
- Semantic Health Inc.
ThinkData Works Inc. received the most of the investment. The Government will invest $2,000,000 so that the tech based company can create 20 skilled jobs, create a new sales and marketing team, accelerate commercialization, increase its global market presence among other things.
AUX Mode Inc. will receive the second largest amount of funding. Out of $6+ million investing, AUX Mode Inc. will get $1,190,00. Using this funding, the company would be able to scale up its digital and content management platform, grow revenue, organize financial reporting in a better way among other things.
Creyos Health, previously known as Cambridge Brain Sciences Inc. It will receive an investment of $1,500,000 to launch a new Workforce Safety Platform for the employees, enhance commercialization of the cognitive assessment platform which is web-based, among other things. The funding will help in the creation of 26 skilled jobs.
Manifest Company Inc. will get $1,000,000 investment to grow its artificial intelligence software program, accelerate its growth, and also create 10 skilled jobs.
Semantic Health Inc. will receive an investment of $500,000. Using this investment, Semantic Health Inc. will be able expand its market globally and create 5 skilled jobs.
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