Funding will help company scale micropixel printing solutions in Waterloo Region
Waterloo, ON, March 27, 2023 - In a joint announcement today, Sustainable Development Technology Canada (SDTC) and Invest Ontario awarded VueReal Inc. CAD$10.5M in government support to scale its micropixel fabrication and printing solutions.
With this funding, the federal and provincial governments are seizing an opportunity to support a $40-million project that will create 75 additional full-time permanent jobs in Waterloo Region, Ontario. By the end of the project VueReal expects to employ 105 employees in Waterloo Region.
VueReal has developed a new manufacturing solution for semiconductor applications. The cutting-edge technology allows for more environmentally friendly manufacturing of displays and sensors, while significantly lowering power consumption in electronic systems. Not only that, but VueReal's solutions enable futuristic applications that will revolutionize industries such as healthcare, autonomy, automotive, and more.
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry said, “We congratulate all the cleantech entrepreneurs, including VueReal, who are turning vision into reality with help from SDTC investments. The Government of Canada stands shoulder to shoulder with these groundbreaking companies as they drive innovation, make their mark as international leaders in clean technology and propel us onward to a cleaner Canada and a net-zero carbon emissions world.”
The Honourable Bardish Chagger, Member of Parliament for Waterloo said, “The Government of Canada is proud to support innovative clean technology companies, like VueReal, that are working to transform our world and solve some of our most pressing challenges. When we invest in clean technology, we are investing in a stronger economy and a more sustainable future. Congratulations to the team at VueReal on receiving this support today.”
Leah Lawrence, President and CEO, Sustainable Development Technology Canada said, “Canada’s entrepreneurs have the ideas that will help solve some of our planet’s most pressing environmental problems, but they cannot do it alone. With our support and funding at all stages of development, we are helping companies reach commercialization faster so that they can tap into the strong global demand for sustainable solutions across every sector of the economy.”
The Honourable Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade said, “VueReal’s investment is a vote of confidence in Ontario’s world-class workforce and advanced manufacturing sector. We’re building Ontario by working closely with companies like VueReal to create more opportunities for workers today and for generations to come. Thank you VueReal for choosing Ontario.”
“Invest Ontario is proud to support a homegrown Canadian company that has innovated world-class microLED technology right here in Waterloo, Ontario,” said Trevor Dauphinee, CEO of Invest Ontario. “Our focus is to strengthen the manufacturing supply chain and accelerate financial supports to companies like VueReal that can drive rapid growth and compete in a hyper-competitive market.”
Dr. Reza Chaji, CEO of VueReal, said, “Canada's great universities, including the University of Waterloo, combined with government research funds, make Waterloo Region a prime location for developing cutting-edge and sustainable technologies. VueReal has leveraged this ecosystem to develop its microSolid printing technologies, which enable the creation of smart surfaces for next-generation displays and sensor applications.
Moreover, Chaji said, “This collaboration between VueReal, SDTC, and Invest Ontario on a project worth approximately 40 million CAD highlights the potential to scale these technologies into full-scale production in the Waterloo Region and Ontario. These innovative technologies have a significant role in generating employment opportunities in today's modern economy and hold strategic importance for multiple industries, such as consumer electronics, healthcare, medical, security, automotive, aerospace, and more. We are proud to produce these advanced technologies and products in Waterloo, ON.”
VueReal, a semiconductor and cleantech company, has developed microSolid Printing platform, enabling the efficient, practical, and scalable production microLED/microSensor applications. This platform extends the use of microLED/microSensors to automotive, aerospace, smartwatch, smartphone, TV, IT, medical, and more. VueReal has established strong partnerships with leading industry players to commercialize its solutions.
VueReal also offers customized display manufacturing services for niche and mainstream markets, leveraging its state-of-the-art facilities and multidisciplinary research team. VueReal has used its platform to develop and commercialize microLED displays for different applications in North America.
In December 2020, the Government of Canada announced A Healthy Environment and a Healthy Economy, Canada’s strengthened climate plan, which recapitalized SDTC with an additional $750 million over five years, representing the single largest Government of Canada investment in SDTC. Since its inception in 2001, SDTC has invested more than $1.58 billion in over 500 companies that have generated $3.1 billion in annual revenues, created 20,942 jobs, brought 194 new technologies to market and reduced greenhouse gas emissions by 22.6 megatonnes of CO 2 annually, which is equivalent to taking almost 7 million cars off the road every year. Clean technology businesses contributed more than $28.2 billion to the Canadian economy in 2021 and exported $9.2 billion in goods and services. In 2021, the cleantech sector employed more than 188,000 Canadians in rewarding, well-paying jobs. Employees in cleantech are better paid than the average Canadian worker, and women account for 41% of all jobs in the cleantech sector. The world is taking notice of Canada’s leadership in clean technology: 13 Canadian companies, 10 of which have been funded by SDTC, were included on the 2022 Global Cleantech 100 list.
About Invest Ontario
Invest Ontario is a board-led provincial agency mandated to attract and secure business investments that create jobs, generate returns to the province and support the sustainable growth and competitiveness of Ontario’s life sciences, advanced manufacturing and technology sectors.