FedDev is providing $4.8 million to Ranovus’ $19-million project that looks to scale the production of its Odin 8 chip at its Ottawa location. The funding follows up on the federal government’s $36-million commitment to Ranovus through the Strategic Innovation Fund in March 2023. Much like this week’s funding, the federal government looked to Revonus to help advance the domestic production and manufacturing of semiconductor products and services.
TryCycle, which experienced an executive shakeup last month, received $1 million to help scale up its workforce and mental healthtech platforms across Canada and internationally. ThinkRF, which helps wireless network operators analyze radio frequencies, received $2 million to help meet demand for 5G network implementation.
Meanwhile, Larus received $1.5 million to bolster its analytics software with AI and machine learning, and TutorOcean received $1 million to incorporate AI into its tutoring platform and expand into Europe and Asia. Finally, Armstrong received $700,000 to increase its manufacturing capacity for hazardous gas detectors.
“The six Ottawa companies highlighted today are leaders in the industry, supporting Canada’s place in growing the critical AI sector and helping to keep our place at the forefront of the world’s advanced economies,” Filomena Tassi, the minister responsible for FedDev, said in a statement.
Feature image courtesy Flickr.