Feds pumping $10M into local health tech innovation cluster

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FedDev Ontario is providing $10 million for a health tech innovation cluster in southwestern Ontario. It will include companies in Waterloo Region and the London area.

The announcement was made Tuesday morning by Kitchener Centre MP Raj Saini, who was joined by other area MPs.

The University of Waterloo, Western University, the City of Kitchener and Medical Innovation Xchange are also involved in the partnership.

According to the federal government, it’s anticipated the cluster will create over 700 skilled jobs, support the development and growth of 135 businesses and attract over $400 million in follow-on investment for the companies involved.

“With today’s announcement, we are bringing together the strengths of Kitchener–Waterloo and London to create an environment where Canada’s health tech innovators can emerge and thrive.” Saini said.

It’s also expected the cluster will attract international start-ups.

The University of Waterloo points out in a news release, that $6.5 of the $10 million has been allocated to its entrepreneurship program, Velocity. It says the funding will allow the program to continue to provide support for early-stage start-ups.

To date, Velocity companies have raised over $2 billion USD and created more than 5,000 jobs.

 

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