Fluidai Medica To Invest Over $25M In Kitchener
Date
1/18/2024 9:06:59 PM
(MENAFN- Caribbean News Global) KITCHENER, Ontario – The Ontario government is welcoming an investment of over $25 million by local medical technology company, FluidAI Medical .
“Through our Regional Development Program, our government is helping growing Ontario manufacturers like FluidAI Medical innovate and create good-paying jobs,” said Vic Fedeli, Minister of economic development, job creation and trade.“We are proud to support a company that is doing groundbreaking work in Ontario's world-class medical Technology sector. Thank you, FluidAI Medical, for investing in Ontario.”
FluidAI Medical has developed an AI-powered monitor that detects post-operative gastrointestinal leaks, preventing complications that can arise from their late detection. The company's investment will be used to research product improvements and build an automated assembly line to meet growing international demand and will create 38 new, good-paying jobs.
“At FluidAI, we are deeply invested in elevating Canadian manufacturing to the forefront of medical technology,” said Youssef Helwa, CEO, FluidAI Medical.“With the Ontario government's support and funding, we are nurturing local talent and championing innovation right here in Ontario. Together, we are poised to transform patient care by providing surgeons with advanced AI-powered tools for clinical decision-making.”
In support of FluidAI's investment, Ontario is providing over $1.4 million in funding through the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program.
Through the Regional Development Program , Ontario is investing $140 million to help companies like FluidAI Medical expand their operations within the province. To date, Ontario has provided over $122 million to support 100 projects through the program, leveraging more than $1.3 billion in new investments and helping to create more than 2,500 jobs provincewide.
Quick facts
The government launched the Regional Development Program for eastern and southwestern Ontario in November 2019. Through this program, businesses and municipalities may receive financial support and access to a range of complementary services and supports. In 2022, the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program was launched. It supports advanced manufacturers across Ontario, including those in the automotive, aerospace, chemical, life sciences and steel sectors, to invest in new equipment, advanced technologies and the skilled workforce needed to improve competitiveness and growth. As part of the 2023 Ontario Budget , the government introduced the Ontario Made Manufacturing Investment Tax Credit , which provides a 10 percent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
The post FluidAI Medica to invest over $25M in Kitchener appeared first on Caribbean News Global .
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