Government of Canada invests almost $14 million to drive innovation and economic growth in Vancouver

Seven local businesses and organizations will receive funding to commercialize new products, expand operations, and access global markets

VANCOUVER, BC, March 14, 2024 /CNW/ - Vancouver is brimming with the talent and industry-leading ideas to meet global demand for Canadian products and services. That is why the Government of Canada is making strategic investments in projects that are helping scale-up local businesses to develop and market new technologies.

Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, on behalf of the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced almost $14 million in PacifiCan funding to help seven Vancouver-based businesses and organizations in British Columbia grow even faster.

The funding announced today includes over $11.5 million for four companies through PacifiCan's Business Scale-Up and Productivity program and over $2.4 million for three companies through its Jobs and Growth Fund.

Minister Ng made the announcement at Clarius Mobile Health in Vancouver, a medical device company receiving over $3.3 million in PacifiCan funding. This investment will help Clarius accelerate export sales of its wireless handheld ultrasound devices, designed for point-of-care use by medical professionals. Point-of-care testing is performed outside a laboratory to allow for quicker results and decisions during a patient's appointment.

Clarius' ultrasound technology connects to electronic devices such as smartphones and tablets, allowing clinicians access to medical imaging in real time, which can improve patient care and reduce health care costs. PacifiCan's investment will allow Clarius to implement new sales models in international markets, creating 77 jobs.

Clarius' business potential was recognized by PacifiCan in 2022 with a $2.4 million investment to support expansion internationally by registering its device in 10 new markets and growing distribution partnerships. Subsequently, in July 2023, with input from an independent selection panel, Clarius was announced as one of the firms included in the Global Hypergrowth Project ? a whole-of-government initiative which helps high-potential Canadian firms to scale and become anchor firms in Canada.

More details about the businesses and organizations receiving funding can be found in the backgrounder section below.

In all, today's investments are expected to create over 380 jobs, over $330 million in revenue growth, and $226 million in new global sales for B.C. businesses.

"Vancouver is home to many of British Columbia's brightest and boldest changemakers who are driving innovation and economic growth in our province. PacifiCan is investing in the businesses, organizations, and ideas that will positively impact the lives of British Columbians and people around the world. Today's funding will help unlock the potential of Canadian technology, create quality jobs, and position B.C.-based companies for growth at home and on the world stage."

-       The Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada

"We're investing in the success of seven innovative Vancouver companies so they can scale up and go global. This world-class city is home to some of our best and brightest who are pushing the boundaries in so many different exciting sectors and we're going to bring this talent around the world. We have seen through companies like Clarius that when we invest in their growth they anchor local benefits and good jobs here at home while making Canada a global leader in emerging technologies. We know that today's announcement is just the beginning of many great things to come."

-       The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development

"I am grateful for the support from PacifiCan which will significantly bolster Clarius Mobile Health's mission to globalize point-of-care ultrasounds. This investment comes at a pivotal moment for us; as we've established global reach and are accelerating growth into key international markets. With this funding, we will scale our efforts to provide cutting-edge ultrasound technology to medical professionals worldwide. We extend our heartfelt thanks to PacifiCan for their unwavering belief in our vision and their commitment to driving innovation and economic growth in British Columbia."

-       Ohad Orazi, CEO and President, Clarius Mobile Health

• The global ultrasound equipment market is expected to grow from $6.52B US in 2021 to $9.2B US by 2028, a cumulative annual growth rate of 5.9%.
• PacifiCan is the federal economic development agency dedicated to British Columbians. PacifiCan works with partners who are building innovative businesses, creating quality jobs, and supporting inclusive growth throughout our province.
• The Business Scale-up and Productivity program makes strategic investments in key economic sectors, helping innovative companies accelerate their growth and compete globally.
• The Jobs and Growth Fund helps job creators, and the organizations that support them, to future-proof their businesses. This includes building resiliency and growth by transitioning to a green economy, fostering an inclusive recovery, enhancing competitiveness, and creating jobs across British Columbia.
• The Global Hypergrowth Project brings together the combined strength of government partners to help tailor support to each participating company's specific needs, offering solutions that are as unique as the companies themselves.

• PacifiCan
• Business Scale-Up and Productivity program 
• Jobs and Growth Fund
• Global Hypergrowth Project
• Clarius Mobile Health Corp.

Follow PacifiCan on Twitter and LinkedIn

Toll-Free Number: 1-888-338-9378
TTY (telecommunications device for the hearing impaired): 1-877-303-3388

Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development on behalf of the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced almost $14 million in PacifiCan funding to help seven Vancouver-based businesses fuel economic development in British Columbia, create jobs, and develop innovative products and services that improve lives.

This includes over $11.5 million for four companies through the Business Scale-Up and Productivity program and over $2.4 million for three companies through the Jobs and Growth Fund.

Augurex Life Sciences Corp. 
$5,000,000
Funding will help the recipient commercialize a new autoantibody blood test for earlier detection and better monitoring of rheumatoid arthritis, an autoimmune disease that causes inflammation of the joints. The test will help to reduce healthcare costs and improve outcomes for patients. It will also be the first test on the market to diagnose ankylosing spondylitis, a type of arthritis that causes fusing of the spine bones.

CarboNet Nanotechnologies Inc.
$1,660,000
Funding will help the recipient commercialize and scale-up an innovative biodegradable product for wastewater treatment called BioFloc. CarboNet is a cleantech company focused on cleaning and recycling wastewater for industrial companies using flocculants, which help remove suspended solids from wastewater. BioFloc is an environmentally friendly flocculant alternative, offering superior performance and cost-effectiveness compared to the competition.

Clarius Mobile Health Corp. 
$3,385,000
Funding will help the recipient accelerate export sales of its wireless handheld ultrasound devices used by medical professionals for point-of-care testing. Clarius' ultrasound devices connect to electronic devices such as smartphones and tablets, allowing clinicians access to medical imaging in real time, improving patient care and reducing healthcare costs. This investment will allow Clarius to implement new sales models in international markets.

FintelConnect Technologies Inc.
$1,508,079
Funding will be used to scale-up the recipient's business operations, including expanding its sales and marketing teams, to build brand awareness and facilitate sales growth in the U.S. Fintel is a financial technology company that assists customers, such as National Bank and Royal Bank of Canada, with client acquisition, brand recognition, and performance analytics.

BC Tech Association
$1,100,000
Funding will enable the recipient to deliver training programs to help prepare people throughout B.C. for entry-level roles in high demand technology sectors such as cybersecurity, data science, and digital marketing. BC Tech will also provide training for integrated learning opportunities and job placement support, as well as professional development for educators.

Craver Solutions
$575,000
Funding will help the recipient accelerate export sales for its restaurant-focused digital platform by creating a marketing strategy and expanding its sales team. Craver's technology is designed to help counter-service restaurants and coffee shops adopt digital solutions such as a mobile app, online ordering platform, and loyalty rewards. These digital tools help businesses streamline operations and improve customer engagement, resulting in increased sales.

QuantoTech Solutions Ltd.
$750,000
Funding will help the recipient expand its vertical farm operation to grow leafy crops such as lettuce, basil, parsley, and Swiss chard. Vertical farming leverages various methods to produce crops in stacked layers in a controlled environment, maximizing land use and food production volume. This funding will allow QuantoTech to scale up a new farming facility in Vancouver to supply Lower Mainland customers with fresh, locally sourced produce.

SOURCE Pacific Economic Development Canada