Canada NewsWire
WATERLOO, ON, April 18, 2019
Investment in quantum and artificial intelligence–related innovation will help create and support hundreds of jobs
WATERLOO, ON, April 18, 2019 /CNW/ - The Government of Canada is building the foundation for Canadian innovators to invest, strengthen communities, grow our economy and create good middle-class jobs. The Government is partnering with groundbreaking digital industries to invest in quantum-related technologies and skills development. This will mean smarter security systems to better protect Canadians' homes, more powerful digital security tools to secure their online transactions, and more efficient medicines to improve their health.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a total investment of $41 million in one Waterloo-based not-for-profit and three start-up companies developing cutting-edge products that integrate quantum, artificial intelligence and machine learning technologies. The total cost of the projects is $101.8 million.
Together, these investments will help create up to 167 new skilled jobs and maintain 75 jobs in Waterloo. The companies will increase their investments in research and development and strengthen their collaborations with post-secondary institutions to help drive the growth of a vibrant and world-leading Canadian quantum ecosystem.
The four investments include:
Quotes
"Our government is partnering with Canadians to invest, grow and succeed in the global economy. We are champions of the groundbreaking work being conducted in the labs and start-ups of the Kitchener–Waterloo region. Today's investment in the Quantum Valley will create and support hundreds of good jobs and help develop new technologies that will improve the lives of Canadians."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
"What we have right here in the Waterloo region is what our government is looking to foster across the country through our Innovation and Skills Plan. Like this region's investors, entrepreneurs and collaborators, our government is committed to promoting innovation throughout the economy and encouraging inclusive growth. That's why we're thrilled to invest in Waterloo's growing Quantum Valley and all the jobs and opportunities it's creating here in our community."
– The Honourable Bardish Chagger, Leader of the Government in the House of Commons and Member of Parliament for Waterloo
"Simply put, quantum mechanics allows us to do things that are impossible under classical rules. Our vision for the Quantum Valley was not only to build state-of-the-art Canadian labs with world-class researchers that can develop new and transformative quantum technologies but also to help establish and grow exciting new Canadian businesses that will take these technologies to global markets. To me, it's all about people. Attract and retain the most promising people and enable their success and big things will happen."
–Mike Lazaridis, O.C., O.Ont., FRS, FRSC, Co-Founder and Managing Partner, Quantum Valley Investments
Quick facts
Associated links
Follow Innovation, Science and Economic Development Canada on Twitter: @ISED_CA
Subscribe to FedDev Ontario news updates and follow FedDev Ontario on Twitter: @FedDevOntario
SOURCE Innovation, Science and Economic Development Canada
View original content: http://www.newswire.ca/en/releases/archive/April2019/18/c8686.html