Wearable technology firm North receives $24m from government
Wearable technology company, North, the creator of Focals smartglasses, has received a multi-million dollar investment from the Government of Canada.
Navdeep Bains, minister of innovation, science and economic development made the announcement last week that the federal government has invested $24 million in North.
Their press release stated that the Kitchener-Waterloo based company will use the money to help expand its existing wearable technology facility and implement advanced testing, assembly and production systems.
“North is the kind of fast-scaling technology company that’s beginning to deliver value for Canadians by pioneering in the field of wearable technology and developing and retaining intellectual property in Canada,” said Bains in the release, “our government’s investment in North will help create hundreds of good middle-class jobs, contribute to economic growth and position Canada as a world leader in a growing global market.”
The investment is part of the Strategic Innovation Fund, a $1,26 billion program designed to attract and support high-quality business investments in the Canadian economy by encouraging research and development and accelerating the commercialization of products.
North first revealed its Focals smartglasses back in October of this year and later announced the opening of its first retail stores in Toronto and Brooklyn.