The Government of Canada awards $250,000 in funding to this innovative Québec businesss.
April 16, 2019 - Québec, Quebec - Canada Economic Development for Quebec Regions (CED)
Laserax Inc. is a high-tech SME that develops systems using laser technology for traceability and cleaning applications in the primary metal and automotive sectors. To support its international marketing efforts, the company will receive a $250,000 repayable contribution from Canada Economic Development for Quebec Regions. The funding will allow Laserax to implement a business strategy for the sale of turnkey solutions in the U.S. and European markets.
The funding was announced today by Joël Lightbound, Member of Parliament for Louis-Hébert and Parliamentary Secretary to the Minister of Finance. Specifically, this Government of Canada assistance will allow Laserax to continue to grow, and will support the company in its various marketing activities, including the use of demonstration units for testing among potential customers.
Laserax was founded in 2010 as a spin-off of Université Laval's Centre d'optique, photonique et laser (COPL). Its mission is to push the boundaries of laser technology with a view to becoming the reference in innovative industrial solutions. To do so, the company is investing significantly in research and development and has a team of almost 50 highly qualified employees. Its clientele is made up of medium and large manufacturing companies looking to improve the manufacturing processes and traceability of their products. The current project is expected to generate a total investment of $700,000 and lead to the creation of five jobs directly related to the project.
The Government of Canada is committed to supporting innovative Canadian businesses. A driving force of the economy, innovation is the key to success because it generates growth that benefits both businesses and communities. This is why we are committed to ensuring that businesses are able to rely on adequate resources to create and market innovative products.
"The Government of Canada has implemented an ambitious approach to support businesses that invest in new market development. The financial assistance awarded to Laserax is intended to provide concrete support for a company that has demonstrated its know-how and is also ready to expand into new markets."
Joël Lightbound, MP for Louis-Hébert and Parliamentary Secretary to the Minister of Finance
"As Minister of Innovation, Science and Economic Development, my goal is to help businesses grow and innovate so that they can increase their market competitiveness and create good-quality jobs and wealth for Canadians. This is why we support businesses like Laserax, whose success reflects on the region and on the Canadian economy as a whole."
The Honourable Navdeep Bains, Minister responsible for CED
Quick facts
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Today's announcement was made on behalf of the Honourable Navdeep Bains, Minister responsible for the Innovation, Science and Economic Development portfolio, which is made up of 17 federal departments and agencies, including CED and the other five regional development agencies.
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The funding was provided under CED's Quebec Economic Development Program.
