Government of Canada provides $4.7 million in funding for two Richmond-based companies to support growth and create high-quality jobs
Today's investment is helping British Columbian entrepreneurs spur advances in mining and manufacturing technology
RICHMOND, BC, Oct. 11, 2024 /CNW/ - From responsible resource development to advanced automation technologies, British Columbians are developing creative solutions to modern challenges. In Richmond, two companies are reinforcing B.C.'s reputation as home to world-class innovators that are ready to seize business opportunities, pursue sustainable growth and create quality local jobs.
Today, the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced $4.7 million in PacifiCan funding to help two companies grow locally and compete globally.
Ideon Technologies Inc. will receive $2.7 million to commercialize their subsurface intelligence system, which allows mining exploration companies to identify, map, characterize and monitor geological features beneath the Earth's surface with unprecedented accuracy. Ideon's technology minimizes environmental impact by reducing the amount of drilling and invasive activity usually required to understand mineral deposits, voids and other geological features deep underground.
This support will expand how much Ideon can produce, thanks to investments in equipment and facility upgrades, which will also allow Ideon to demonstrate their technology as they expand into new markets.
Minister Sajjan also announced $2 million in support to Lucid Vision Labs, Inc. to increase sales and manufacturing capacity for their machine vision cameras. Machine vision cameras play a crucial role by providing real-time feedback to automated systems that allows these systems to optimize their work.
Machine vision cameras have numerous applications, including in manufacturing where they can automate forklifts, improving sorting, inspection and assembly, as well as in the field of medicine, where they are used for cell imaging, helping to detect cell types, cell states and identify biomarkers. With this funding, Lucid will purchase cutting-edge equipment that will increase their productivity and expand their production.
The projects announced today will help the companies grow and take advantage of market opportunities domestically and internationally. They will support growth in revenue and export sales and create quality jobs.
The funding comes from PacifiCan's Business Scale-up and Productivity program. This program supports high-growth businesses that are scaling up and producing innovative goods, services or technologies by offering interest-free, repayable funding.
Quotes
"Just like so many communities across our province, Richmond is home to successful entrepreneurs who are developing the innovations of tomorrow. The projects announced today show that British Columbians have the technologies the world needs to reduce environmental impacts and accelerate advanced manufacturing. PacifiCan's investment means these businesses can continue to grow locally, creating quality jobs here at home and competing on the world stage.
-The Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada
"Richmond is a hub of innovative companies, where technology sector grows our economy, not just here in BC, but across Canada and around the world. PacifiCan's $4.7 million investment will support high quality jobs right here in Richmond and ensure these home-grown businesses can continue to flourish here in Canada and make their mark globally."
-Parm Bains, Member of Parliament, Steveston-Richmond East
"PacifiCan is helping Ideon Technologies accelerate the world's transition to low-impact mining and transform how companies produce the critical metals needed to power the global shift to clean energy. This is a challenge that matters to all Canadians. This support will help us expand our strong, BC-based company worldwide, delivering breakthroughs that unlock metal supplies, drive economic growth, enhance safety and efficiency, and promote a more sustainable and environmentally responsible approach to mining operations globally. Thank you!"
-Gary Agnew, CEO and Co-Founder, Ideon Technologies Inc.
"The funding from PacifiCan will increase Lucid Vision Labs, Inc.'s overall capacity, enabling us to produce advanced industrial machine vision cameras tailored for diverse applications worldwide. Our technology will support innovations in smart agriculture, improving crop monitoring and yield prediction, as well as advancing research applications in the medical field, including diagnostic imaging and laboratory analysis. By enhancing our capabilities, we aim to drive greater efficiencies and productivity across various industries, helping businesses achieve their operational goals."
-Victor Mok, Chief Financial Officer, Lucid Vision Labs, Inc.
Quick Facts
- 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.
- Since August 2021, PacifiCan has announced over 400 projects across British Columbia.
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SOURCE Pacific Economic Development Canada
Contacts: Emily Heffernan, Director of Communications, Office of the Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada, emily.heffernan@kpc-cpr.gc.ca; Lynsey Brothers, A/Communications Manager, PacifiCan, lynsey.brothers@pacifican.gc.ca
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