Feds invest $20M into Klue, FORM and 8 more BC innovators
The funding, from Western Economic Diversification, is meant to support British Columbia companies to innovate, scale-up, and expand in Canada and around the world.
Local MP Terry Beech announced that 10 BC companies will receive funding through Western Economic Diversification’s Business Scale-up and Productivity (BSP) program to grow emerging sectors. Together, the companies will receive a combined total of $20,699,782.
In statement, the federal government notes that, “Supporting innovative firms in a variety of key sectors in Western Canada is a priority for Western Economic Diversification Canada (WD).
“By providing interest free, repayable funding to help qualified companies grow and expand, WD is delivering on the government's commitment to grow the western Canadian economy through regional innovation. In British Columbia, these investments will help create over 300 new jobs for middle-class Canadians and will ensure Canada's prosperity for decades to come.”
"Through the Business Scale-up and Productivity program, companies with great ideas can get the support they need to grow and develop,” said Beech. “We are building up local expertise and the benefits will ripple across our communities."
The companies, their project descriptions, locations and funding amounts include:
Big Mountain Foods Ltd.
Expand operations and sales of plant-based foods—Delta—$4,000,000
Clarius Mobile Health Corp.
Globally expand sales and marketing of handheld ultrasound devices—Vancouver, B.C.—$2,400,000
Clir Renewables Inc.
Expand operations and sales of a renewable energy software—Vancouver—$4,000,000
Develop machine learning algorithms and increase sales of fatigue risk management platform—Vancouver—$300,000
FORM Athletica Inc.
Expand operations and sales of smart swim goggles—Vancouver—$1,498,082
Hyper Hippo Entertainment Ltd.
Increase market share by implementing new sales strategies and product adaptations—Kelowna—$2,804,000
Klue Labs Inc.
Increase staff and deliver marketing plan for AI-driven competitive intelligence software—Vancouver—$2,000,000
Panevo Services Ltd.
Increase operational capacity to expand software and consultancy sales globally—Vancouver—$750,000
Portable Electric Ltd.
Increase manufacturing capacity, sales, and marketing of electric power stations—Vancouver—$750,000
Routific Solutions Ltd.
Increase customer acquisition and retention for delivery route optimization software—Vancouver—$2,197,700
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