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Backgrounder: Government of Canada invests almost $14 million to drive innovation and economic growth in Vancouver

March 14, 2024 at 4:17 pm  Federal, Politics

Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development on behalf of the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced almost $14 million in PacifiCan funding to help seven Vancouver-based businesses fuel economic development in British Columbia, create jobs, and develop innovative products and services that improve lives.

This includes over $11.5 million for four companies through the Business Scale-Up and Productivity program and over $2.4 million for three companies through the Jobs and Growth Fund.

The projects announced today include:

Business Scale-Up and Productivity Program

Augurex Life Sciences Corp.
$5,000,000
Funding will help the recipient commercialize a new autoantibody blood test for earlier detection and better monitoring of rheumatoid arthritis, an autoimmune disease that causes inflammation of the joints. The test will help to reduce healthcare costs and improve outcomes for patients. It will also be the first test on the market to diagnose ankylosing spondylitis, a type of arthritis that causes fusing of the spine bones.

CarboNet Nanotechnologies Inc.
$1,660,000
Funding will help the recipient commercialize and scale-up an innovative biodegradable product for wastewater treatment called BioFloc. CarboNet is a cleantech company focused on cleaning and recycling wastewater for industrial companies using flocculants, which help remove suspended solids from wastewater. BioFloc is an environmentally friendly flocculant alternative, offering superior performance and cost-effectiveness compared to the competition.

Clarius Mobile Health Corp.
$3,385,000
Funding will help the recipient accelerate export sales of its wireless handheld ultrasound devices used by medical professionals for point-of-care testing. Clarius’ ultrasound devices connect to electronic devices such as smartphones and tablets, allowing clinicians access to medical imaging in real time, improving patient care and reducing healthcare costs. This investment will allow Clarius to implement new sales models in international markets.

FintelConnect Technologies Inc.
$1,508,079
Funding will be used to scale-up the recipient’s business operations, including expanding its sales and marketing teams, to build brand awareness and facilitate sales growth in the U.S. Fintel is a financial technology company that assists customers, such as National Bank and Royal Bank of Canada, with client acquisition, brand recognition, and performance analytics.

Jobs and Growth Fund

BC Tech Association
$1,100,000
Funding will enable the recipient to deliver training programs to help prepare people throughout B.C. for entry-level roles in high demand technology sectors such as cybersecurity, data science, and digital marketing. BC Tech will also provide training for integrated learning opportunities and job placement support, as well as professional development for educators.

Craver Solutions
$575,000
Funding will help the recipient accelerate export sales for its restaurant-focused digital platform by creating a marketing strategy and expanding its sales team. Craver’s technology is designed to help counter-service restaurants and coffee shops adopt digital solutions such as a mobile app, online ordering platform, and loyalty rewards. These digital tools help businesses streamline operations and improve customer engagement, resulting in increased sales.

QuantoTech Solutions Ltd.
$750,000
Funding will help the recipient expand its vertical farm operation to grow leafy crops such as lettuce, basil, parsley, and Swiss chard. Vertical farming leverages various methods to produce crops in stacked layers in a controlled environment, maximizing land use and food production volume. This funding will allow QuantoTech to scale up a new farming facility in Vancouver to supply Lower Mainland customers with fresh, locally sourced produce. 

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