Five businesses from the Greater Toronto Area (GTA) are receiving a $6.19 million dollar investment from the federal government. The move comes as Toronto and the GTA are experiencing rapid growth in the tech sector, a development attributed to the region’s talent pool and cutting-edge research and development.
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario), under the leadership of Filomena Tassi, member of parliament for Hamilton West-Ancaster-Dundas, and Julie Dzerowicz, member of parliament for Davenport, have announced grants for the following five companies: Aux Mode Inc. (AMI), Creyos Health, Manifest Climate Inc., Semantic Health Inc. and ThinkData Works Inc.
This investment is expected to help each provide digital solutions, sustainability efforts for various industries and enhance healthcare delivery. This funding will also open more than 70 jobs across the GTA.
“The five tech companies highlighted today are leaders and innovators that are growing and enhancing the ways we work, live and do business,” said Tassi. “Today’s nearly $6.2-million investment from our government emphasizes our commitment to a cleaner economy, stronger frontline healthcare and skilled job creation for generations to come.”
One of the beneficiaries, ThinkData Works Inc., a Toronto company specializing in data cataloguing services, is set to receive $2 million of the investment. This financial boost will enable ThinkData to expedite the commercialization of its digital catalog, expand its customer base and establish a new sales and marketing team.
“(The funding) is basically subsidizing our sales and marketing strategy for the next two years,” said Bryan Smith, co-founder and chief executive officer (CEO) of ThinkData. “It gives give us the ability to invest in the people and the marketing that we need without having to go out and raise a bunch of money.”
Program such as these, he added, “let us stay in control. They give us the ability to offset the costs and go a bit deeper on sales.”
The federal government has released a backgrounder on the five organizations, which outlines the the amount of money they are receiving and how the money will be used.