Federal funding will accelerate quantum startups’ products and solutions for domestic and global markets
The Government of Canada announced on February 22 it is investing more than $17.2 million in funding through the Regional Quantum Initiative to support startup companies in Southern Ontario’s quantum technology sector, including two companies that have spun out from the University of Waterloo, High Q Technologies Inc., with an investment of $3.7 million, and Foqus Technologies Inc., a company at Velocity, with an investment of $601,975.
On behalf of the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Honourable Bardish Chagger, Member of Parliament for Waterloo, along with Bryan May, Parliamentary Secretary to the Minister for Small Business and to the Minister responsible for FedDev Ontario, announced the investment at High Q’s office in Waterloo.
“The Government of Canada has demonstrated a strong commitment to the health sciences and biotechnology sectors by supporting both research and development as well as commercialization of new ideas that translate into impactful solutions in these critical fields,” said Wendy Hinchey, CEO, High Q Technologies Inc. “This recent investment will support further developments in our quantum-enabled EPR systems, which will empower scientists to pioneer breakthroughs in disease treatment and drug development.”
The funding is an important step in advancing the Government of Canada’s National Quantum Strategy, of which the University of Waterloo’s Institute for Quantum Computing (IQC) — the anchor point of Waterloo’s quantum ecosystem — has advised on. HighQ is also supported by Transformative Quantum Technologies (TQT) led by David Cory, professor of chemistry at Waterloo, IQC member, and High Q Technologies board member.
“We’re pleased to see our partners in the federal government strategically investing in the advancement and success of Waterloo’s quantum startups,” said Norbert Lütkenhaus, executive director, Institute for Quantum Computing. “Our quantum ecosystem is a top destination for world-class researchers and entrepreneurs. Advancing the commercialization of quantum technology built here helps Canada remain competitive on the global stage.”
Along with High Q and Foqus, Waterloo-based quantum companies ISARA Corp and ForeQast Technologies Limited also received investment.
“Southern Ontario is well-positioned for quantum breakthroughs because we are home to world-leading research centres and high-potential quantum companies,” Minister Tassi said. “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.”
