Feds spend $26M on growth and innovation of Vancouver-based companies

The federal government is doling out cash in British Columbia to help in the growth and innovation of 10 Vancouver-based companies.

Harjit Sajjan, the minister responsible for the Pacific Economic Development Agency of Canada, announced eight companies will receive a total of just over $16 million from a federal scale-up and productivity fund.

The minister called the province “fertile ground for companies to innovate and grow.”

The money will go toward projects including expanding sales of an orthopedic power drill system to North American trauma centres and growing a virtual reality medical training platform for adoption in global markets.

Almost $4.7 million will be going to Circle Innovation, a jobs and growth fund, while $5 million will allow CoPilot AI to expand its sales software platform within the United States.

A statement from Sajjan’s office says the nearly $26 million in total funding will create 500 jobs, more than $500 million in revenue growth, and over $400 million in new global sales for B.C. companies.

This report by The Canadian Press was first published March 20, 2023.