Innovation and financial support organization, FedDev Ontario, has announced a $5 million investment into ventureLAB, an innovation centre and incubator hub to be sited in Markham, Ontario.

ventureLAB has been designed to be a leading technology hub that supports tech entrepreneurs and small businesses, primarily in the areas of artificial intelligence, machine learning, and quantum computing, supporting more than 40 companies and creating over 200 jobs.

Navdeep Bains, minister of innovation, science and economic development, said: “Today’s investment in ventureLAB builds on southern Ontario’s, and Canada’s, competitive advantages in advanced electronics, anchoring a strong hub that will help Canadian companies scale up and compete both at home and abroad, while creating highly skilled jobs today and tomorrow.”

Mary Ng, minister of small business and export, said: “Through FedDev Ontario’s contribution, our government is supporting cutting-edge companies in advanced electronics to develop and bring new products to market.

“Today’s investment will support over 40 businesses in our community, create over 200 jobs in a recognized centre of innovation and strengthen Markham’s role in Ontario’s Innovation Corridor.”

Located in York Region, Canada’s densest technology cluster, ventureLAB has supported over 2,000 entrepreneurs in a region that is home to over 4,300 technology companies and 65,000 tech jobs.

ventureLAB’s 50,000 square foot innovation hub is home to over 45 tech companies and innovation partners that employ over 300 people. ventureLAB supports tech entrepreneurs through programs focused on capital, talent, technology, and customers, to advance Canada’s economy on a local, national and global scale.

Frank Scarpitti, the mayor of Markham, said: “Transformative technologies, innovation spaces, entrepreneurship and a free flow of ideas are at the core of our thriving tech ecosystem, anchored by industry leaders and start-ups that call Markham home.

“The strong relationships and collaborations we all share have positioned Canada for success on the world stage. Innovation across multiple disciplines and our diverse, strong and skilled talent are fueling economic growth.”