Ontario Together Fund continues to help businesses develop ideas and innovate: Three Ontario companies receive $1.9B in funding to enhance Ontario’s healthcare system.

The Province of Ontario makes strategic investments to strengthen Ontario’s Medical Technology Ecosystem with the help of the Ontario Together Fund (OTF). This fund provides funding to firms and organizations for projects that strengthen the resilience of Ontario’s healthcare sector, COVID-19 response or pandemic preparedness and meet one or both of the following criteria:

  • strengthen Ontario’s manufacturing capacity for goods and services critical to the health, safety, and security of Ontarians
  • support homegrown technologies and innovation

Through the Ontario Together Fund, the government makes investments in innovative homegrown businesses with ideas and solutions to help support Ontario’s vibrant innovation and medtech ecosystem. Recently, the Ontario Together Fund provided support for more than $3.6 million in investments for three Ontario companies; AceAge Inc., KA Imaging., and Microbonds Inc. The investments in innovative local businesses align with the province’s goal to make Ontario a global hub for biomanufacturing and life sciences while improving its preparedness for future challenges.

Three Ontario Companies and Their Success with the OTF Program

AceAge is a Burlington-based healthcare technology company that creates intuitive products to ease the aging process and improve health outcomes. AceAge will be investing $1,540,000 to scale up domestic manufacturing and assembly of Karie devices to meet domestic and international demands. With the support of $616,000 through the Ontario Together Fund, the project will create 25 new jobs.

KA Imaging is a medtech company incubated from the University of Waterloo that specializes in developing X-ray imaging technologies and systems. This business is investing $1,488,000 to create the world’s first dual-energy mobile X-ray system using their Reveal 35C dual-energy X-ray detector. With the support of $967,200 through the Ontario Together Fund, the project will create four new jobs

Microbonds is a Markham-based company that is a pioneer in advanced material science, thin-film, and nanotechnology coatings. Microbonds is investing $668,166 to produce its metal-infused textiles to create more effective personal protective equipment (PPE), and with the support of $334,000 through the Ontario Together Fund, the project is expected to create 12 new jobs.

Ontario Together Fund (OTF) in a Snapshot

Types of Funding Available

The Ontario government is looking to support eligible projects through conditional grants that will cover up to 75% of eligible costs for the projects to a maximum of $2.5 million. They will also be providing complimentary support and services for those eligible.

Eligible Applicants

  • Funding is available to firms and organizations within Ontario with a minimum of two years of operations. Scale-ups may be eligible.
  • In limited circumstances, communities may be eligible for funding if they can provide technical advice or innovation broadly across Ontario.
  • Applicants must be compliant with all applicable laws and not owing any fees, levies or taxes to Her Majesty the Queen in right of Ontario or her agencies.

Eligible Projects

To be considered eligible, a project must:

  • be based in Ontario and serve business or consumer markets
  • strengthen the resilience of Ontario’s healthcare sector and meet one or both of the following criteria:
    • strengthen Ontario’s manufacturing capacity for goods and services critical to the health, safety, and security of Ontarians
    • support homegrown technologies and innovation
  • Projects must be completed by December 31, 2023.

Deadline

Applications must be submitted by October 1, 2022, at 5 p.m. EST. 

Interested in applying for this program? Contact EVAMAX today to get started on your application.

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