Subjects: ECO, SBS, CFG
Government of Canada provides funding to XCo Tech Inc.
Local technology company to receive support through the Western Innovation (WINN) Initiative to grow their business and create good jobs
PENTICTON, BC, Nov. 13, 2018 /CNW/ - The world economy is rapidly changing. Innovations in artificial intelligence, clean technology, advanced agriculture and manufacturing, among others, are redefining the nature of global competitiveness.
Today, the Honourable Harjit Singh Sajjan, Minister of National Defence, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada, announced $800,000 for XCO Tech Inc. to commercialize its proprietary XPSTM and BioAnalyticsTM technology platform to deliver an innovative sport performance training system and a comprehensive concussion assessment product. This technology will enhance the performance and safety of athletes in professional and amateur sports as well as aid in the treatment and rehabilitation of concussed individuals. This platform also enables the fusion of motion tracking data with biometric and cognitive digital biomarkers to better measure human performance and health in future applications.
XCO Tech Inc. is a young, growing technology company that seeks to advance precision medicine and provide new insights into health and performance for athletes and others suffering potentially life changing injuries.
In today's growing market for technology developers, Western Canada has the potential to help Canadian innovators grow and position the country as a global centre of excellence by leveraging regional strengths. To seize opportunities for economic growth, the federal government and industry are working hard to help western Canadian entrepreneurs overcome the challenges of bringing game-changing innovation to market.
Quotes
"The Government of Canada is working hard to help western Canadian entrepreneurs turn their ideas into thriving businesses and create good middle class jobs. Through the Innovation and Skills Plan and funding programs such as the Western Innovation (WINN) initiative, we are helping to propel innovative entrepreneurs and businesses into global success."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada
"The advanced technology being commercialized by XCO Tech Inc. not only has potential to significantly enhance future methods of coaching, athletic development, and sports rehabilitation, but will also create new jobs for highly qualified personnel and economic growth for British Columbia and beyond."
- The Honourable Harjit Singh Sajjan, Minister of National Defence and Member of Parliament for Vancouver South
"The WINN funding will allow us hire the talent we need to bring our athletic training and concussion innovations to market. It is great to be recognized by the federal government that XCO's technology and products have the potential to have a dramatic impact on the performance and safety of athletes and on the assessment, treatment and rehabilitation of concussions suffered by individuals."
- Scott McMillan, CEO, XCO Tech Inc.
Quick facts
- Western Canada accounts for 38% of Canada's economy.
- Per capita GDP is 18% higher in the West than across the country.
- Clean technology and advanced agriculture and food production are major growth industries in the West.
- Western Canada's 427,000 SMEs employ over 3.4 million people.
- Five of the top 15 Canadian research universities are in Western Canada.
- The West attracts about half the venture capital of Ontario or Quebec.
Associated links
Follow the department on Twitter: @WD_Canada, @ISED_CA
IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.
SOURCE Western Economic Diversification Canada
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