Vancouver is brimming with talent and ideas, according to the Government of Canada, which recently announced strategic investments in projects aimed at helping scale up local businesses to develop and market new technologies.
The government this month unveiled almost $14 million in PacifiCan funding to help seven Vancouver-based businesses and organizations in British Columbia grow.
The funding includes $11.5 million for four companies through PacifiCan’s Business Scale-Up and Productivity program and $2.4 million for three companies through its Jobs and Growth Fund.
Mary Ng, Minister of Export Promotion, International Trade, and Economic Development, made the announcement at Clarius Mobile Health in Vancouver, a medical device company receiving over $3.3 million in PacifiCan funding.
“We’re investing in the success of seven innovative Vancouver companies so they can scale up and go global,” stated Ng. “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.”
Through the investments, hundreds of new jobs are expected to be created as the companies expand their teams.
“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,” Ng said. “We know that today’s announcement is just the beginning of many great things to come.”
The PacifiCan investment will help Clarius accelerate export sales of its wireless handheld ultrasound devices designed for point-of-care use by medical professionals, according to Ng, who made the announcement on behalf of Harjit Sajjan, the Minister responsible for the Pacific Economic Development Agency of Canada.
Nearly 80 new jobs are anticipated to be created as a result of Clarius’ expansion plans.
In total, this round of PacifiCan investments are expected to create over 380 jobs and more than $330 million in revenue growth, according to forecasts from the federal government.
