On February 25, 2026, the Ontario government announced a $1.95 million investment in two medical technology companies connected to the University of Waterloo in Waterloo, Ontario. This funding will help the local startups expand their factories and bring new medical inventions to doctors and hospitals faster.
A company called Vena Medical received $1.5 million to set up a new manufacturing centre in Kitchener. This project will support nine current jobs and is expected to create 13 new positions for highly skilled workers.
A second business, Intellijoint Surgical Inc., received $450,000 to use artificial intelligence and automated tools in its production and shipping processes. The company makes technology used in bone surgeries and will use the funds to support 34 existing jobs and hire three more people.
The money is provided through a provincial program called the Life Sciences Scale-Up Fund, which helps local health companies grow. Both companies were originally supported by Velocity, a program that helps researchers and students turn their ideas into real businesses.
Vena Medical also recently received official permission to sell its new microscopic medical camera system, which is used during stroke interventions. Provincial officials said the investment is part of a plan to strengthen the local health technology industry and keep high-paying jobs in the region.
