Wednesday, September 27, 2023

The governments of Canada and Ontario welcome a $40 million investment in manufacturing.

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VueReal Inc., a Waterloo-based start-up made in Ontario, has received a $40 million investment from the Canadian and Ontario governments. Local manufacturing will be bolstered, cleantech innovation will be strengthened, and 75 new, well-paying jobs will be created as a result of this investment, which is supported by $10.5 million in joint funding.

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According to Ontario’s Minister of Economic Development, Job Creation, and Trade, Vic Fedeli, “VueReal’s investment is a vote of confidence in Ontario’s world-class workforce and advanced manufacturing sector.” We’re building Ontario by working intimately with organizations like VueReal to set out additional open doors for laborers today and for a long time into the future. I appreciate VueReal choosing Ontario.

Canada’s Minister of Innovation, Science, and Industry, François-Philippe Champagne, stated, “Now is the time for ambitious climate action and to support cleantech entrepreneurs like VueReal, who are turning vision into reality with help from today’s investments.” Our government is pleased to support these ground-breaking businesses as they drive innovation and establish themselves as global leaders in clean technology. We will continue to assist our businesses as they expand the economy and create well-paying employment opportunities in this sector.

VueReal has quickly established itself as a market leader in the design and production of microLED displays and sensors since its launch in 2016. In a wide range of devices, such as smartphones, televisions, laptops, virtual/augmented reality systems, and heads-up display instrument panels, these displays are utilized in the aerospace, automotive, and medical technology industries.

The investment made by VueReal will speed up microLED fabrication processes and increase manufacturing capacity, both of which will contribute to the company’s expansion. Through Invest Ontario, the province’s agency for attracting investments, Ontario is contributing $2 million to this investment. VueReal is also receiving $8.5 million from Sustainable Development Technology Canada (SDTC) from the Canadian government. This is SDTC’s second investment in VueReal and is part of a continuing partnership that enables the company to produce microLED displays with high brightness.

With support from the governments of Ontario and Canada, Canadian entrepreneurs continue to promote made-in-Ontario solutions worldwide during a time of global economic uncertainty.

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