Governments of Ontario and Canada Welcome $40 Million Manufacturing Investment
March 27, 2023
The governments of Ontario and Canada are welcoming a $40 million investment by VueReal Inc., a made-in-Ontario start-up located in Waterloo. This investment, supported by $10.5 million in joint funding, will boost local manufacturing, strengthen cleantech innovation and create 75 new, good-paying jobs.
“VueReal’s investment is a vote of confidence in Ontario’s world-class workforce and advanced manufacturing sector,” said Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. “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.”
“Now is the time for ambitious climate action, and to support cleantech entrepreneurs like VueReal, who are turning vision into reality with help from today’s investments,” said François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry. “Our government is proud to stand shoulder-to-shoulder with these groundbreaking companies as they drive innovation and make their mark as international leaders in clean technology. We will continue to support our companies as they grow the economy and create well-paying jobs in this industry.”
What is VueReal?
Since launching in 2016, VueReal has quickly become a leader in the development and manufacturing of microLED displays and sensors. These displays are used in the aerospace, automotive and medtech sectors in a wide range of devices, including smartphones, televisions, laptops, virtual/augmented reality systems and heads-up-display instrument panels.
VueReal’s investment will expand the company’s operations by boosting manufacturing capacity and accelerating microLED fabrication processes. Ontario is supporting this investment with $2 million in funding provided through Invest Ontario, the province’s investment attraction agency.
The Government of Canada is also supporting VueReal with $8.5 million provided through Sustainable Development Technology Canada (SDTC). This is the second SDTC investment in VueReal and part of a continuing collaboration that is enabling the company to create high-brightness microLED displays.
In a time of global economic uncertainty, Canadian entrepreneurs continue to advance made-in-Ontario solutions around the world with support from the governments of Ontario and Canada.
- In 2021, manufacturing accounted for almost 660,000 jobs in Ontario and more than 10 per cent of the province’s Gross Domestic Product.
- 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.
- As part of the 2023 Ontario Budget, the government is planning to launch a new Ontario Made Manufacturing Investment Tax Credit, which would provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
“The investment by VueReal, our province and the federal government, is proof of the confidence people have in the future of our community. It is another reason why people and companies come to Waterloo Region to take advantage of the skilled workforce and the growing vibrant neighbourhoods. Our government is proud to play a role in the partnership.”
– Jess Dixon
MPP for Kitchener South-Hespeler
“Homegrown tech companies like VueReal are essential to the economy of Waterloo Region and Ontario is proud to partner with them to help expand their operations. These will be high-tech, high-paying jobs that will strengthen our community now and in the future.”
– Mike Harris
MPP for Kitchener-Conestoga
“VueReal’s investment is welcome news for the local economy and a testament to its commitment to advancing technology in Ontario. The creation of 75 new, good-paying jobs is positive news for job seekers hoping to work and raise families in Waterloo Region. Thank you to the team at VueReal.”
– Brian Riddell
MPP for Cambridge
“Invest Ontario is proud to support a homegrown Canadian company that has innovated world-class microLED technology right here in Waterloo. 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.”
– Trevor Dauphinee
CEO of Invest Ontario
“Anyone who has used a smartphone outside on a sunny day will appreciate the innovation that VueReal is creating. Its microLED technology will make screens not only brighter but also more energy-efficient, and the production process will create less waste. SDTC is proud to support VueReal as it develops prototypes for use in automotive display panels and beyond.”
– Leah Lawrence
President and CEO of Sustainable Development Technology Canada
“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.”
– Bardish Chagger
MP for Waterloo