Aspect Biosystems, Klue amongst cohort receiving $25.7M from PacifiCan
The government funding sees investment in 10 local businesses to commercialize new technology, grow operations, and reach new markets.
Today, Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced an investment of over $25.7 million to help 10 Vancouver-based organizations fuel the B.C. economy, create jobs, and develop products that improve lives. This includes over $16.1 million for eight companies through the Business Scale-Up and Productivity program and over $9.6 million for two organizations through the Jobs and Growth Fund.
The Business Scale-up and Productivity program makes strategic investments in key economic sectors, helping innovative companies accelerate their growth and compete globally. The Jobs and Growth Fund, meanwhile, helps job creators – and the organizations that support them – to future-proof their businesses.
Aspect Biosystems’ South Vancouver lab played host to the funding announcement, an influx of cash that the government expects will create over 500 jobs, over $500 million in revenue growth, and over $400 million in new global sales for B.C. businesses. The Government of Canada, through PacifiCan, supports innovation, business growth, and community economic development in British Columbia. PacifiCan makes strategic investments in growing companies to strengthen B.C.’s position as a domestic and international leader in a variety of sectors, such as cleantech, life sciences, and AI.
Meet the companies:
Arbutus Medical, $400,000
Funding will help the company launch two new products and expand sales of its orthopedic power drill system to North American trauma centres.
Go deeper: Arbutus raised $2.26 million in financing jointly led by Genome British Columbia and Nimbus Synergies in February.
Aspect Biosystems, $3,677,430
Funding will help Aspect develop the next generation of medical treatments by broadening the application of its bioprinting technology, expand its global network of partners, and scale-up its manufacturing systems.
Augurex Life Sciences, $473,500
Funding will help expand the market for its patented blood test, JOINTstat, and launch alternative testing formats such as remote sample collection.
Funding will be used to grow the company’s digital marketing operations and expand its sales strategy by hiring new staff and implementing an Enterprise Resource Planning system.
Funding will help scale up its AI-driven competitive intelligence platform by expanding operational capacity, delivering a marketing plan to acquire new customers, and develop partnerships to increase market share.
MetaOptima Technology, $2,031,250
Funding will enable the digital health company to expand export sales of its cloud and mobile software solutions for dermatology and skin care, specifically in the United States.
PrecisionOS Technology, $1,500,000
Funding will help the organization grow its virtual reality medical training platform for adoption in global markets, by expanding operational capacity and implementing new tools to manage customer relationships and software subscriptions.
Tradable Bits, $1,020,000
Funding will help international sales of its software marketing platform which enables music, sports, and entertainment industry clients to collect, analyze, and activate fan data.
Circle Innovation, $4,692,000 (via the Jobs and Growth Fund)
Funding will enable the business to help a broad range of life sciences companies in British Columbia develop new technologies and expand services.
CoPilot AI, $5,000,000 (via the Jobs and Growth Fund)
Funding will help expand the market for its sales enablement software platform within the United States.
Hear from the funders and fundees:
“British Columbia is fertile ground for companies to innovate and grow,” said Minister Sajjan. “To position our local talent for success, PacifiCan is investing in the ideas, businesses, and people that will be key to the economy of the future. Today’s investments are making innovation work for British Columbians by delivering high-paying jobs, unleashing new ideas, and helping Canadian-made products find global success.”
“Vancouver is home to talented minds and innovative organizations who are leading the way in life-changing technology,” said Joyce Murray, Minister of Fisheries, Oceans and the Canadian Coast Guard, and Member of Parliament for Vancouver Quadra. “Today’s announcement is a testament to how our Government’s commitment to creating high-paying jobs, investing in new ideas and supporting Canadian talent can accelerate growth and enable home-grown success”
“Canada has a rich history in regenerative medicine, and we are proud to be pioneering the next frontier of advanced living therapies from here in British Columbia,” said Tamer Mohamed, CEO of Aspect Biosystems. “This support from the Government of Canada will help further our mission of developing bioprinted tissue therapeutics to transform how we treat disease.”
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