A decades-old Ottawa firm will receive a share of $41 million in federal spending aimed at supporting Canada’s billion-dollar automotive sector.
Sciemetric Instruments, which announced its acquisition by an Ohio-based company a few months ago, will receive roughly $3 million from the federal government through the Strategic Innovation Fund. With a budget of $1.26 billion over five years, the fund is meant to encourage R&D and help industrial firms to scale.
Sciemetric operates in the industrial Internet of Things field, where its technology helps automotive companies optimize their manufacturing processes. Founded in 1981, the firm has roughly 60 full-time employees in Ottawa.
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CEO Nathan Sheaff told OBJ in November that the company’s recent acquisition will accelerate its growth, allowing Sciemetric to save years of time in reaching new customers and markets.
Eleven firms will receive a share of the investments announced last week by Minister of Science and Innovation Navdeep Bains.
“Fostering automotive technology is essential to the Canadian economy,” Bains said in a statement.
According to the federal government, Canada’s automotive sector employs more than half a million Canadians and contributes $1.9 billion annually to the country’s gross domestic product.