FedDev Ontario invests in ventureLAB expansion
March 9, 2021
Maryam Farag
FedDev Ontario has invested $4.7 million in ventureLAB to enhance its Hardware Catalyst Initiative Lab with virtual access and testing capabilities.
The investment will allow ventureLAB to purchase advanced computing infrastructure for the lab to virtualize equipment. This will enable entrepreneurs from across Canada, to utilize the platform remotely, expanding the reach beyond the GTA.
“Today’s investment from FedDev Ontario shows commitment to the tech sector and to building a resilient Canadian supply chain that strengthens Canada’s position as a global innovation leader,” said Melissa Chee, President and CEO, ventureLAB. “A thriving, end-to-end hardware ecosystem means new investment opportunities, five times the number of tech sector jobs, and a major advantage in terms of talent retention.”