Two tech firms from Kitchener have secured funding from the province to help boost their production capabilities both locally and internationally.
Vic Fedeli, the Minister of Economic Development, Job Creation and Trade, visited Kitchener on Wednesday morning to reveal the province’s financial backing for Intellijoint Surgical Inc. and Vena Medical through its Life Sciences Scale-Up Fund.
Companies that receive this fund can access up to $2.5 million from the province, which can cover a third of their expansion costs.
“That was created to help our own homegrown innovators scale up their operations and advance the next generation medicines and technologies right here at home,” Fedeli shared during his announcement, mentioning that these Kitchener companies are the first beneficiaries of this fund.
“Our province is committed to supporting domestic manufacturing and ensuring made in Ontario innovations push forward medical research and care at home and worldwide.”
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Josh Mitchell is the CFO of Intellijoint Surgical Inc. (Carmen Groleau/CBC)
Intellijoint Surgical Inc. specializes in orthopedic medical technologies, having aided over 80,000 hip and knee joint replacements globally.
The company has been awarded $450,000 from the province alongside its own investment of $1.3 million aimed at incorporating AI and other automation technologies into their commercial operations.
<p"This means we can better assist more healthcare providers while continuing our global growth, all while staying based here in Kitchener-Waterloo," said Josh Mitchell, CFO of Intellijoint Surgical Inc., during the announcement.
This funding will support 34 existing jobs as well as create three new high-skilled positions.
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Michael Phillips is the co-founder and CEO of Vena Medical. He stands in the company’s new facility that will produce a new AI-powered micro camera. (Carmen Groleau/CBC)
Michael Phillips, co-founder and CEO of Vena Medical, noted that their $1.5 million provincial grant will contribute toward a new facility focused on producing an AI-powered micro-camera.
The company creates tiny intravascular imaging devices used by doctors for stroke interventions as well as real-time diagnostic imaging purposes.
Phillips mentioned that they recently received FDA approval in the United States for their product’s use.
“We’re excited to be investing in Ontario and bringing many key manufacturing processes back here; this will really help us grow our business while exporting to the U. S.” he explained.
The initial plan was to make the AI-powered micro-camera in America, but due to funding opportunities and uncertainties across the border, they decided it was best to stay local.
“Who knows what’s going to happen between the U. S. and Canada?” he remarked.
“It’s also beneficial because if there are any production or quality issues, our offices are just a two-minute walk away so we can address those problems right away.”
This financial support will maintain nine current roles at Vena Medical while also generating 13 new skilled job opportunities.
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