ventureLAB Receives $1M Funding from the Ontario Vehicle Innovation Network

Yara Jouzy
December 13, 2022
ventureLAB News

This morning, Ontario’s Minister of Economic Development, Job Creation and Trade, Victor Fedeli, announced at ventureLAB, a $1 million investment by the Ontario Vehicle Innovation Network (OVIN) to establish an automotive-specific stream within its Hardware Catalyst Initiative (HCI). The funding is a part of an investment towards the province’s seven Regional Technology Development Sites (RTDS) that will support the advancement of vehicle development and manufacturing of zero-emission, electric vehicles.

“Ontario is uniquely positioned to emerge as a North American EV hub and we will continue to invest in Ontario’s manufacturing and innovation ecosystem as we build the cars of the future,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Through our Ontario Vehicle Innovation Network, we are making sure our innovators, entrepreneurs, and small and medium-sized enterprises in every region of the province have the capital and support they need to bring Ontario-made EV and connected and autonomous vehicle solutions to the world.”

“Hardware and semiconductor products and technologies are critical technological infrastructure for smart and connected transportation. As Canada’s Hardware Hub, we are excited to be a partner in the Toronto Regional Technology Development Site to accelerate the scale up of companies creating solutions for the automotive sector and future of mobility, create new jobs in Ontario, and create new made-in-Ontario technologies, innovations and IP,” said Melissa Chee, President and CEO, ventureLAB.

The HCI, Canada’s only lab and incubator for hardware and semiconductors, enables technology companies to accelerate the development of hardware and technology platforms to power the software and apps being developed in southern Ontario, for national and global scale. With continued Ontario government support, ventureLAB’s HCI can further generate a wealth of opportunities that will position Ontario as a leader in the automotive and mobility sectors.

“Ontario has emerged as a global leader in the automotive and mobility sector as it transforms towards electric, connected, and autonomous vehicles,” said Raed Kadri, Vice President of Strategic Initiatives, Business Development and Head of OVIN. “Through the OVIN Regional Technology Development Sites, we are harnessing the strengths of our entire province, from the critical mineral wealth of Northern Ontario and to the manufacturing strength of Southern Ontario, and everywhere in between – cementing Ontario's role as the global hub for the vehicles of the future.”

There are seven RTDS across Ontario, part of a flagship program to drive innovation and investment across Ontario’s electric, connected and autonomous vehicle sector. An overall $56.4 million investment in OVIN is part of Driving Prosperity ― The Future of Ontario’s Automotive Sector, the government’s 10-year plan to drive deals and secure production mandates for hybrid and electric vehicles, create a domestic battery ecosystem, and strengthen Ontario’s position as a North American automotive and EV innovation hub.

Over the past 2 years, Ontario’s auto sector has seen more than $16 billion in investments for new vehicle production mandates and battery manufacturing. More than $12.5 billion of these investments are in transformative hybrid and electric vehicle production at Ontario assembly plants. 

Read the news release here. Sign up for our newsletter to receive updates on the Hardware Catalyst Initiative.

About Hardware Catalyst Initiative 

ventureLAB’s Hardware Catalyst Initiative is Canada’s only lab and incubator for founders building hardware and semiconductor-focused products, enabling the creation of transformative technologies that will power our products of tomorrow — including healthcare technology, consumer electronics, telecommunications, smart energy, connected transportation, and more. Funded in part by the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), the Hardware Catalyst helps tech companies accelerate their time to market in a sector that normally incurs lengthy entry and scale times, enabling Canadian hardware and semiconductor companies to grow and scale locally, and compete globally.

About ventureLAB

ventureLAB is a leading global founder community for hardware technology and enterprise software companies in Canada. Located at the heart of Ontario’s innovation corridor in York Region, ventureLAB is part of one of the biggest and most diverse tech communities in Canada. Our initiatives focused on raising capital, talent retention, commercializing technology and IP, and customer acquisition have enabled thousands of companies to create over 4,500 jobs and raise more than $250 million in investment capital. At ventureLAB, we grow globally competitive tech titans that build-to-scale in Canada, for global markets.

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