Four Burnaby tech firms secure $11.1M investment from federal agency
Kobalt, Symvivo, HTEC, and Kardium split the funding from Pacific Economic Development Canada’s Business Scale-up and Productivity program.
Between billion-dollar businesses and world-class innovators, Vancouver’s tech prowess is no secret. But what’s less known is the number of promising companies that have set up shop in its sibling city, Burnaby. The federal government has taken notice, however, and today awarded $11.1 million in investment to four Burnaby companies to support their growth.
The funding is going to Kobalt, Symvivo, HTEC, and Kardium, from whose office Harjit Sajjan – the minister responsible for international development and the Pacific Economic Development Agency of Canada (PacifiCan) – made the announcement earlier today.
The funding is courtesy of PacifiCan’s Business Scale-up and Productivity (BSP) program, which is meant to help innovative companies accelerate their growth and compete globally.
Kardium, which was named medical technology company of the year by Life Sciences BC, is receiving $5 million, which will help it increase the sale of a medical device for atrial fibrillation: a common heart rhythm disorder. The new capital is anticipated to create 350 new jobs.
Minister Sajjan also announced support for three other companies.
HTEC will receive $5 million in BSP funding to build a green hydrogen production plant in Burnaby. HTEC designs, builds, and operates hydrogen fuel supply solutions to support the deployment of hydrogen fuel cell electric vehicles. The company currently has 17 stations at various stages of operations, development, and planning in B.C., Alberta, Quebec, and California.
SME cybersecurity firm Kobalt is receiving $530,025 to expand its services into America and other English-speaking countries. “Kobalt.io is excited to be partnering with PacifiCan to further accelerate our growth in U.S. and overseas markets,” Michael Argast, Kobalt CEO and co-founder, said in a statement. The company expects this expansion to create 60 new jobs.
Symvivo Corporation, a clinical-stage biotech firm, will receive $650,000 to purchase and install new equipment, acquire laboratory materials, and hire additional staff to expand its in-house bio-manufacturing capacity at its current facility in Burnaby. This investment is meant to boost revenue and create 20 new jobs.
“With the creation of PacifiCan, B.C. companies have a partner they can rely on,” said Minister Sajjan, in a statement. “These investments are an example of this commitment and will allow these innovative companies to scale up their businesses, providing jobs and helping create a stronger B.C. economy.”
Launched in August 2021, PacifiCan is a federal regional development agency dedicated to British Columbia. In Budget 2021, the Government of Canada provided this new B.C.-focused agency with $553.1 million over five years starting in 2021, and $110.6 million ongoing. It replaced Western Economic Diversification Canada, which was established 1987.
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