Kitchener-based FluidAI Medical’s $25M investment receives provincial support
January 16, 2024
By Manufacturing AUTOMATION
FluidAI Medical, a Kitchener, Ontario-based medical technology company is investing $25 million. The company has reportedly developed an AI-powered monitor that detects post-operative gastrointestinal leaks, preventing complications that can arise from their late detection. With the new investment, it will research product improvements and build an automated assembly line to meet growing international demand. This is expected to create 38 new jobs.
The Ontario government is supporting this investment with over $1.4 million in funding through the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program.
“At FluidAI, we are deeply invested in elevating Canadian manufacturing to the forefront of medical technology,” said Youssef Helwa, CEO, FluidAI Medical. “With the Ontario government’s support and funding, we are nurturing local talent and championing innovation right here in Ontario. Together, we are poised to transform patient care by providing surgeons with advanced AI-powered tools for clinical decision-making.”
“Through our Regional Development Program, our government is helping growing Ontario manufacturers like FluidAI Medical innovate and create good-paying jobs,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “We are proud to support a company that is doing groundbreaking work in Ontario’s world-class medical technology sector. Thank you, FluidAI Medical, for investing in Ontario.”
Through the Regional Development Program, Ontario is investing $140 million to help companies like FluidAI Medical expand their operations within the province.
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