Seven local businesses and organizations will receive funding to commercialize new products, expand operations, and access global markets
Vancouver is brimming with the talent and industry-leading ideas to meet global demand for Canadian products and services. That is why the Government of Canada is making strategic investments in projects that are helping scale-up local businesses to develop and market new technologies.
Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, on behalf of the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced almost $14 million in PacifiCan funding to help seven Vancouver-based businesses and organizations in British Columbia grow even faster.
The funding announced today includes over $11.5 million for four companies through PacifiCan's Business Scale-Up and Productivity program and over $2.4 million for three companies through its Jobs and Growth Fund.
Minister Ng made the announcement at Clarius Mobile Health in Vancouver, a medical device company receiving over $3.3 million in PacifiCan funding. This investment will help Clarius accelerate export sales of its wireless handheld ultrasound devices, designed for point-of-care use by medical professionals. Point-of-care testing is performed outside a laboratory to allow for quicker results and decisions during a patient's appointment.
Clarius' ultrasound technology connects to electronic devices such as smartphones and tablets, allowing clinicians access to medical imaging in real time, which can improve patient care and reduce health care costs. PacifiCan's investment will allow Clarius to implement new sales models in international markets, creating 77 jobs.
Clarius' business potential was recognized by PacifiCan in 2022 with a $2.4 million investment to support expansion internationally by registering its device in 10 new markets and growing distribution partnerships. Subsequently, in July 2023, with input from an independent selection panel, Clarius was announced as one of the firms included in the Global Hypergrowth Project - a whole-of-government initiative which helps high-potential Canadian firms to scale and become anchor firms in Canada.
More details about the businesses and organizations receiving funding can be found in the backgrounder here.
In all, today's investments are expected to create over 380 jobs, over $330 million in revenue growth, and $226 million in new global sales for B.C. businesses.
