FedDev Ontario invests $17 million in 12 companies to advance quantum computing

Today, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced a total repayable investment of C$17.2 million to help 12 local companies commercialize their quantum products for the domestic and international markets and support 150 jobs.

These 12 companies include AI Incorporated, CogniFrame, Crypto4A, Foqus Technologies, Foreqast Technologies, GoodLabs Studio, High Q Technologies, ISARA, ProteinQure, Qoherent, Quantropi, and Xanadu.

Bardish Chagger, member of parliament for Waterloo, made the announcement at High Q, a women-led life sciences company that uses quantum-enabled systems to solve complex problems in protein dynamics, including shortening the timeline to discover new drugs. That company received the biggest chunk of the investment, along with Xanadu and Crypto4A.

Other research projects undertaken by the 12 companies span areas such as security, medicine, radio signal sensing, encryption, logistics, finance and more.

“Southern Ontario is well-positioned for quantum breakthroughs because we are home to world-leading research centres and high-potential quantum companies, like the ones we are celebrating today,” said Minister of FedDev Ontario Filomena Tassi. “Businesses in this sector are creating incredible technologies and our government is providing support so they can bring them to market faster, advancing Canada’s role as a world leader in quantum technologies.”

The investment is delivered through FedDev Ontario’s Regional Quantum Initiative, which committed $23 million over six years (2022-27) to help companies advance and commercialize their quantum products.

That initiative came after the government of Canada announced the National Quantum Strategy last year, backed by an investment of $360 million committed in Budget 2021 to help quantum companies and talent grow.

Industry minister François-Philippe Champagne said that Canada was ambitious and led the way with the National Quantum Strategy and is now backing it with important investments to amplify Canada’s strength in quantum science.

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Ashee Pamma
Ashee Pamma
Ashee is a writer for ITWC. She completed her degree in Communication and Media Studies at Carleton University in Ottawa. She hopes to become a columnist after further studies in Journalism. You can email her at [email protected]

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