HARJIT S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), on Friday announced $4.7 million in PacifiCan funding to help two Richmond-based companies grow locally and compete globally.
Ideon Technologies Inc. will receive $2.7 million to commercialize their subsurface intelligence system, which allows mining exploration companies to identify, map, characterize and monitor geological features beneath the Earth’s surface with unprecedented accuracy. Ideon’s technology minimizes environmental impact by reducing the amount of drilling and invasive activity usually required to understand mineral deposits, voids and other geological features deep underground.
This support will expand how much Ideon can produce, thanks to investments in equipment and facility upgrades, which will also allow Ideon to demonstrate their technology as they expand into new markets.
Sajjan also announced $2 million in support to Lucid Vision Labs, Inc. to increase sales and manufacturing capacity for their machine vision cameras. Machine vision cameras play a crucial role by providing real-time feedback to automated systems that allows these systems to optimize their work.
Machine vision cameras have numerous applications, including in manufacturing where they can automate forklifts, improving sorting, inspection and assembly, as well as in the field of medicine, where they are used for cell imaging, helping to detect cell types, cell states and identify biomarkers. With this funding, Lucid will purchase cutting-edge equipment that will increase their productivity and expand their production.
The projects announced on Friday will help the companies grow and take advantage of market opportunities domestically and internationally. They will support growth in revenue and export sales and create quality jobs.
The funding comes from PacifiCan’s Business Scale-up and Productivity program. This program supports high-growth businesses that are scaling up and producing innovative goods, services or technologies by offering interest-free, repayable funding.
Sajjan said: “Just like so many communities across our province, Richmond is home to successful entrepreneurs who are developing the innovations of tomorrow. The projects announced today show that British Columbians have the technologies the world needs to reduce environmental impacts and accelerate advanced manufacturing. PacifiCan’s investment means these businesses can continue to grow locally, creating quality jobs here at home and competing on the world stage.”
Parm Bains, MP for Steveston-Richmond East, said: “Richmond is a hub of innovative companies, where technology sector grows our economy, not just here in BC, but across Canada and around the world. PacifiCan’s $4.7 million investment will support high quality jobs right here in Richmond and ensure these home-grown businesses can continue to flourish here in Canada and make their mark globally.”