June 22, 2024 10:47 PM

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Canadian Government Boosts Job Creation by Investing in Kitchener-Waterloo Tech Companies

The minister for Southern Ontario’s Federal Economic Development (FedDev Ontario) confirmed an investment of $7.5 million to help three tech businesses in Kitchener-Waterloo create 75 jobs to expand their businesses. 

The highlights of FedDev Ontario’s support to the three Kitchener-Waterloo tech businesses are as below:

Shinydocs Corporation

 Shinydocs Corporation will improve its digital storage solution for data access and cybersecurity with a repayable contribution of $4 million. The company will create 40 new jobs to develop its solution Cognitive Suite by enhancing its abilities to meet the demand of global markets.

Encircle Inc

It is a major company in the property-insurance sector, offering real-time tools for the industry. The Jobs and Growth fund will enable a $2.1 million repayable contribution to improve the claims software for the insurance sector. The contribution will help Encircle Inc enhance and establish the claims solution across large export markets. The company will create 20 new jobs to achieve the aim.

Proto Research Inc

The Software-as-a-Service (SaaS) company has a remarkable presence in the energy, gaming, health, and finance sectors with its AI-powered multilingual chatbots. The company will create 15 new jobs to enhance its presence in Africa and Asia with $1.4 million repayable contribution. 

To conclude

Canada encourages the creation of new jobs through several initiatives to help foreign skilled workers benefit from new job opportunities. FedDev Ontario’s decision to enhance the market presence of Kitchener-Waterloo Tech companies is a step in this direction.

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