News Summary

The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced the allocation of $32 million CAD to support 24 artificial intelligence (AI) and tech businesses in Toronto, Hamilton, and Ottawa. The funding aims to aid companies in scaling up and commercializing their products. Six Ottawa-area tech companies, including AVSS, CCAI, and Mission Control, received a combined $7 million. Notably, InPho received $3 million to commercialize high-speed fiber optic chips, while Mission Control received $150,000 for its Spacefarer AI platform. In Toronto and Hamilton, 18 companies, such as ACTO Technologies and GoFleet, were awarded $25 million. ACTO received $3 million to enhance its AI-powered sales and marketing software, and GoFleet was granted $2.7 million for its fleet management platform. Ada, a customer support platform, and Loop Financial, a FinTech startup, also benefited from this funding.