Government of Canada partners with digital industries to invest in ground-breaking technology and businesses
Investment in quantum and artificial intelligence-related innovation to create and support hundreds of jobs
WATERLOO, ON, April 18, 2019 /CNW/ - The Government of Canada is building the foundation for Canadian innovators to invest, strengthen communities, grow our economy, and create good middle-class jobs. The Government is partnering with ground-breaking digital industries to invest in quantum-related technologies and skills development. This will mean smarter security systems that better protect Canadians' homes, more powerful digital security tools to secure their online transactions, and more efficient medicines to improve their health.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a total investment of $41 million for one Waterloo-based not-for-profit and three start-up companies developing cutting-edge products integrating quantum, artificial intelligence and machine learning technologies with total project costs totalling $101.8 million.
Together, these investments will help create up to 167 new skilled jobs and maintain 75 jobs in Waterloo. The companies will increase their investments in research and development and strengthen their collaborations with post-secondary institutions to help drive the growth of a vibrant and world leading Canadian quantum ecosystem.
The four investments include:
-- $20 million for the Quantum Valley Ideas Lab, a non-profit charitable
organization, to develop a unique facility that will create new
quantum-related products and businesses. This project will allow Ideas
Lab to establish dedicated teams of quantum researchers, engineers, and
technology experts. These teams will develop new innovations in the
areas of quantum sensors, navigation, security, encryption and
computing. These innovations will attract new companies to the Waterloo
region and help some of those already there scale up and grow. QVIL's
total project is valued at $43.4 million.
-- $7.3 million for Cognitive Systems to develop the next generation of its
software, a security product that uses the home's Wi-Fi network to
better detect motion. Cognitive's project will integrate artificial
intelligence and machine learning into its software while expanding its
technology across a wider range of devices that aim to help protect
Canadian homes. Cognitive's total project is valued at $25.1 million.
-- $6.5 million for High Q Technologies to develop new quantum technologies
that will enable potentially life saving treatments for illness, such as
cystic fibrosis. The project will leverage recent advances in quantum
technology to develop new and improved medical devices that will allow
researchers to study diseases, and pharmaceutical companies to produce
new medicines more efficiently. High Q's total project is valued at
$17.6 million.
-- $7.2 million for ISARA to provide superior protection of information
used in personal and digital transactions. Recognizing that future
quantum computers will be able to hack existing encryption methods, the
project will enable the development of quantum safe encryption tools
that large enterprises (such as financial institutions and governments)
can easily adopt to protect information and communication technology
between people, services and networks. ISARA's total project is valued
at $15.7 million.
Quotes
"Our government is partnering with Canadians to invest, grow, and succeed in the global economy. We are champions of the ground-breaking work being conducted in the labs and start-ups of the Kitchener-Waterloo region. Today's investment in the Quantum valley will create and support hundreds of good jobs, and help develop new technologies that will improve the lives of Canadians."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"What we have right here in the Waterloo region is what our government is looking to foster across the country with our Innovation and Skills Plan. Like this region's investors, entrepreneurs and collaborators, our government is committed to promoting innovation throughout the economy and encouraging inclusive growth. That's why we're thrilled to invest in Waterloo's growing Quantum Valley and all the jobs and opportunities it's creating here in our community."
- The Honourable Bardish Chagger, Leader of the Government in the House of Commons and Member of Parliament for Waterloo
"Simply put, quantum mechanics allows us to do things that are impossible under classical rules. Our vision for the Quantum Valley was not only to build state of the art Canadian labs with world class researchers that can develop new and transformative quantum technologies, but also to help establish and grow exciting new Canadian businesses that will take these technologies to global markets. To me it's all about people. Attract and retain the most promising people and enable their success and big things will happen."
-Mike Lazaridis, O.C., O.Ont., FRS, FRSC, Co-Founder and Managing Partner, Quantum Valley Investments
Quick facts
-- Quantum technology is a new field of physics and engineering related to
the energy levels of atoms and sub-atomic particles. Its application in
technology has the potential to make a vast range of electronics smaller
and faster.
-- The investment in the Quantum Valley Ideas Lab, through FedDev Ontario,
is supporting the development of a world-leading ecosystem that partners
with industry to create transformative, market-ready quantum
technologies, reinforcing Canada's leadership position in the global
quantum revolution.
-- Cognitive, High Q, and ISARA are all financially backed by Quantum
Valley Investments, a venture capital firm aiming to position Waterloo
as a world leader for quantum technologies.
-- The investments in Cognitive, High Q, and ISARA are through the
Strategic Innovation Fund, a program designed to attract and support
high-quality business investments in Canada's most dynamic and
innovative sectors.
-- In addition to the Strategic Innovation Fund, there are hundreds of
programs and services to help businesses innovate, create jobs and grow
Canada's economy. With its simple, story-based user interface, the
Innovation Canada platform can match businesses with the most fitting
programs and services in about two minutes.
Associated links
-- Strategic Innovation Fund
-- FedDev Ontario
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SOURCE Innovation, Science and Economic Development Canada
