Canada's Ministry of Innovation, Science and Economic Development announced on Monday the government would be investing C$36 million ($26.2 million) in Ranovus Inc. to advance the semiconductor industry in the country
WASHINGTON (Pakistan Point News / Sputnik - 27th March, 2023) Canada's Ministry of Innovation, Science and Economic Development announced on Monday the government would be investing C$36 million ($26.2 million) in Ranovus Inc. to advance the semiconductor industry in the country.
"Today, the Honourable Francois-Philippe Champagne, Minister of Innovation, Science and Industry, announced a $36 million contribution through the Strategic Innovation Fund (SIF) to Ottawa-based Ranovus Inc.," the ministry's statement reads.
This investment will be in support of a C$100 million project from Ranovus, which aims at increasing Canada's production and manufacturing of semiconductors, products and services, the statement continued.
Additionally, this will place Canada as a "key player" in the industry, the statement said, noting the projects' goal is to develop and produce high-performance and power-efficient technologies to power the next-generation of artificial intelligence work.
The Innovation Ministry said that investing in Ranovus is part of Ottawa's Intellectual Property initiative, to grow them into "world leaders" in the area.
Moreover, with the new investment, Ranovus is expected to add over 200 full-time skilled employees to its workforce, while also opening 150 student positions for co-op programs with universities throughout the country, the statement added.
Ranovus was created in 2012 and is focused on next-generation technologies, notably on data centers internal communication networks.
