VueReal Inc. Awarded $10.5M in Support From Government of Canada and Province of Ontario

WATERLOO, Ontario, March 27, 2023 (Newswire.com) - In a joint announcement today, Sustainable Development Technology Canada (SDTC) and InvestOntario 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, "Anyone who has used a smartphone outside on a sunny day will appreciate the innovation that VueReal is creating. Their microLED technology will not only make screens brighter but will use less energy and create less waste in their production process. SDTC is proud to support VueReal as they develop prototypes for use in automotive display panels and beyond." 

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."  
 

About VueReal

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. 

About SDTC

Sustainable Development Technology Canada (SDTC) helps Canadian companies develop and deploy competitive, clean technology solutions, to help solve some of the world's most pressing environmental challenges: climate change, clean air, clean water and clean soil. By taking a cross-Canada approach, from seed to scale, and in partnership with the best peers and experts, SDTC is the global benchmark for sustainable development innovation programming. 

About InvestOntario

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.

Source: VueReal Inc.