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FedDev Ontario announces $7.5 million investment in three K-W-based tech companies

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2 years ago

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Three tech companies based in Kitchener-Waterloo will receive $7.5 million to ‘seize new opportunities for growth’ and create 75 jobs.

The announcement came on Friday from the Honourable Filomena Tassi, the minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev OntariO).

“The Government of Canada is providing critical support to companies that are developing new, cutting-edge technologies here in southern Ontario and across Canada. Today’s investment will ensure the innovation sector in Kitchener-Waterloo continues to be a global leader by providing support to local companies and ensuring they have the tools,” said Tassi in a news release.

The news release said this investment will help these companies enhance their technologies and increase sales.

“The Government of Canada’s investment in these three tech businesses will not only create 75 new jobs across Kitchener-Waterloo, but it will also support the region’s global status as a tech and innovation hub,” said Valerie Bradford, Member of Parliament for Kitchener South–Hespeler. “Technology is changing our economy and through investments like these, we are supporting the growth of a critical sector, while also attracting more talent and ensuring resiliency in the years to come.”

The 7.5 million will be split between Shinydocs Corporation, Encircle Inc. and Proto Research Inc.

Shinydocs Corporation is a Waterloo-based digital information management software company and will receive a $4-million-repayable contribution.

Encircle Inc. will receive a $2.1-million-repayable contribution.

Proto Research Inc is a Software-as-a-Service company that develops AI-powered multilingual, chatbots to serve customers in the financial, government, energy, health and gaming sectors. This $1.4-million repayable contribution.

According to the Government of Canada, Kitchener-Waterloo is one of the fastest-growing innovation hubs in the world, consisting of more than 1,500 tech-related businesses. The region’s tech sector is predicted to reach 24,000 workers by 2025.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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1 week ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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