Government of Canada provides $4.7 million in funding for two Richmond-based companies to support growth and create high-quality jobs
Today’s investment is helping British Columbian entrepreneurs spur advances in mining and manufacturing technology
October 11, 2024 – Richmond, British Columbia – PacifiCan
From responsible resource development to advanced automation technologies, British Columbians are developing creative solutions to modern challenges. In Richmond, two companies are reinforcing B.C.’s reputation as home to world-class innovators that are ready to seize business opportunities, pursue sustainable growth and create quality local jobs.
Today, the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced $4.7 million in PacifiCan funding to help two companies grow locally and compete globally.
Ideon Technologies Inc. will receive $2.7 million to commercialize their subsurface intelligence system, which allows mining exploration companies to identify, map, characterize and monitor geological features beneath the Earth’s surface with unprecedented accuracy. Ideon’s technology minimizes environmental impact by reducing the amount of drilling and invasive activity usually required to understand mineral deposits, voids and other geological features deep underground.
This support will expand how much Ideon can produce, thanks to investments in equipment and facility upgrades, which will also allow Ideon to demonstrate their technology as they expand into new markets.
Minister Sajjan also announced $2 million in support to Lucid Vision Labs, Inc. to increase sales and manufacturing capacity for their machine vision cameras. Machine vision cameras play a crucial role by providing real-time feedback to automated systems that allows these systems to optimize their work.
Machine vision cameras have numerous applications, including in manufacturing where they can automate forklifts, improving sorting, inspection and assembly, as well as in the field of medicine, where they are used for cell imaging, helping to detect cell types, cell states and identify biomarkers. With this funding, Lucid will purchase cutting-edge equipment that will increase their productivity and expand their production.
The projects announced today will help the companies grow and take advantage of market opportunities domestically and internationally. They will support growth in revenue and export sales and create quality jobs.
The funding comes from PacifiCan’s Business Scale-up and Productivity program. This program supports high-growth businesses that are scaling up and producing innovative goods, services or technologies by offering interest-free, repayable funding.