Waterloo-based startup VueReal Inc. has received $10.5 million in federal and provincial funding to grow its business.
Described as a semiconductor and cleantech company, VueReal makes microscopic LEDs and sensors that range from two microns to 20 microns in size. For reference, a human hair is about 70 microns thick.
The company was founded in 2016 by two Waterloo Engineering alumni, Dr. Reza Chaji (PhD ’08, electrical and computer engineering) and Dr. Ehsanollah Fathi (PhD ’11, electrical and computer engineering). Its technology extends the use of micro-LEDs and sensors for enhanced application in various sectors including automotive, aerospace and medical.
“VueReal has developed cutting-edge tech that lowers the cost of making LEDs that also use much less power to operate,” said Chaji, the company’s CEO, in an article. “We had a lot of collaboration with the University of Waterloo and we hired a lot of talent from there.”
The funding from Sustainable Development Technology Canada and Invest Ontario will go towards the company’s $40 million expansion plan. Additional resources to support this growth include a US $18.5 million investment raised in April 2022 and VueReal’s projected sales revenue over the next three years.