Four local companies with roots at Waterloo Engineering will receive a total of more than $10 million in federal funding to help grow and expand around the world.
Intellijoint Surgical, SSIMWAVE, KA Imaging and TeTechS are among eight Waterloo Region companies in all named for backing in an announcement by Mélanie Joly, the minister of economic development.
The money comes as no-interest, repayable loans from the Federal Economic Development Agency for Southern Ontario, or FedDev Ontario.
“Canada’s technology sector is a world leader, and Waterloo Region is its beating heart,” Joly said. “As we reopen our economy, these investments will help promising companies scale up, commercialize new technologies, reach new markets and create skilled jobs for Canadians.”
Intellijoint Surgical, a medical technology firm, is getting $4.8 million to help expand sales of its hip and knee replacement products in Canada, the United States, Australia and Japan, creating 94 jobs and maintaining 60 more.
It was co-founded by mechatronics engineering graduates Armen Bakirtzian, Andre Hladio and Richard Fanson based on their Capstone Design project at Waterloo Engineering.
SSIMWAVE, a video quality software company, will receive $4.2 million to boost sales and marketing resources, and expand its customer base, supporting 65 jobs.
It was co-founded by Waterloo Engineering professor Zhou Wang and alumni Abdul Rehman and Kai Zeng, who both earned doctorates at Waterloo.
Growing firms to create new jobs
KA Imaging, an X-ray imaging manufacturer, is getting $1 million to accelerate commercialization of its technology, including COVID-related technology, and create 10 new jobs.
It was founded by Karim Karim, an electrical and computer engineering professor, and alumni Amol Karnick and Sina Ghanbarzadeh.
TeTechS, an advanced manufacturing company, is in line for $700,000 to develop a machine that measures the thickness of plastic bottles, vaccine vials and containers, creating 19 jobs.
It was founded by alumnus Daryoosh Saeedkia, who earned a PhD from Waterloo.