News: LEDs
28 March 2023
VueReal to create 75 new jobs over three years, aided by Invest Ontario and SDTC funding
Invest Ontario is providing investment support to VueReal Inc of Waterloo, ON, Canada to enhance its technology manufacturing capabilities in the province. With funding assistance from Invest Ontario and Sustainable Development Technology Canada (SDTC), VueReal plans to create 75 new jobs over three years in the Kitchener-Waterloo area.
The project will boost commercial capacity for VueReal’s micro-LED displays. Based on its microSolid semiconductor fabrication process, VueReal’s printing technology platform enables it to offer customized display manufacturing services for both niche and mainstream markets. The firm’s displays are used in various electronic products, including computers, phones, television and smartwatches, as well as monitors in the aerospace, automotive and medical technology industries.
Since micro-LEDs can reduce energy consumption in electronic displays, the micro-LED display market is forecasted to grow to US$11.5bn by 2026, according to Research and Markets. VueReal reckons it is positioned to capitalize on this growth and aims to become the North American leader in micro-LED production.
Invest Ontario is contributing a $2m grant – through the Invest Ontario Fund – subject to executing a definitive agreement, to boost VueReal’s innovation and production in Canada’s largest tech hub. The federal government is also providing $8.5m through its SDTC fund. The collaboration between Invest Ontario and SDTC to fund VueReal’s micro-LED technology project marks an important milestone in the evolution of both organizations, it is reckoned.
“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,” says Invest Ontario’s CEO Trevor Dauphinee.
Ontario’s technology sector comprises over 408,000 skilled IT professionals and more than 65,000 STEM graduates each year. VueReal is one of almost 25,000 tech businesses in the province, contributing over $48bn annually to the technology sector’s GDP.
“Canada’s great universities, including the University of Waterloo, combined with government research funds, make it a prime location for developing cutting-edge and sustainable technologies,” comments VueReal’s CEO & founder Reza Chaji. “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,” he adds.
“Moreover, a recent collaboration between VueReal, SDTC and Invest Ontario on a project worth approximately $40m highlights the potential to scale these technologies into full-scale production in the Waterloo Region and Ontario,” continues Chaji. “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.”
Other major tech companies, such as Amazon, Blackberry, Cisco, Ericsson, Google, LG, OpenText and Shopify, have also established R&D operations in Ontario, making it the second-largest IT cluster in North America after California’s Silicon Valley, it is reckoned.
VueReal announces $8.5m in SDTC funding
VueReal raises $10.5m on initial closing of Series A funding for micro-LED display technologies
