Today, the Honourable Andrew Parsons, Minister of Industry, Energy and Technology announced more than $1.2 million in provincial support for three projects led by tech companies in Newfoundland and Labrador that have been competing internationally from their inception. These born global companies have been successfully leveraging their talent, technology and networks to grow their business in international markets since early in their development.
The Provincial Government is investing in start-ups and small and medium-sized enterprises that are competing on the global stage – including the investments announced today:
- $578,750 for a research and development project for Colab Software Inc., makers of advanced design and manufacturing collaboration software. Colab’s technology is serving multi-national Fortune 500 companies in the energy, automotive and aerospace and defence sectors. This project will develop and incorporate into its technology an extensive engineering communication system that is integrated with three-dimensional design and work instruction.
- $330,701 for Radient360 to develop a market expansion plan focused on its digital asset management tools. Radient360 provides digital software solutions for the oil and gas sector concentrated on risk-based inspection, asset inspection and reliability and integrity management programs. This technology is in demand in the global energy sector.
- $358,501 for ClearRisk Inc. for a research and development project aimed at developing industry-specific solutions with enhanced data analytics and reporting features. Clear Risk Inc. provides cloud-based risk-management SaaS solutions. The company’s technology is being deployed in over 150 public and private organizations across North America.
Newfoundland and Labrador’s tech sector is already estimated at a value of $1.6 billion, with approximately 165 companies and 4,000 employees and with demand for new tech jobs expected to exceed 2,000 over the next three years.
Quotes
“I had the pleasure this week to join TechNL for the kick-off of Innovation Week and to highlight support for companies in our province that are providing well-paying jobs and showcasing the immense talent and cutting-edge innovation of our tech sector. The ingenuity of our people is one of our greatest resources.”
Honourable Andrew Furey
Premier of Newfoundland and Labrador
“Born global in their approach, the companies we are investing in today are contributing to the growth of the tech sector in our province. Companies like Colab Software Inc., Radient360 and ClearRisk Inc. are key to economic development and diversification, particularly in high growth industries. Working together, we can focus on embracing innovation in our province.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology
“The Department of Industry, Energy and Technology’s support for our R&D project allowed us to hire three new employees and focus internal resources on completing critical R&D to solve key industry problems that otherwise would not have been possible.”
Adam Keating
CEO and Co-Founder, Colab Software Inc.
“The support of the Government of Newfoundland and Labrador is critical to ClearRisk’s continued growth. This funding supports our R&D initiatives so we can continue to help large organizations across North America use data to better manage their risk, reducing harm to people and property and significantly reducing their costs.”
Craig Rowe
CEO, ClearRisk Inc.
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Innovation Week 2020
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Media contacts
Meghan McCabe
Office of the Premier
709-729-3960
meghanmccabe@gov.nl.ca
Lisa Lawlor
Industry, Energy and Technology
709-729-5777, 631-8155
lisalawlor@gov.nl.ca
Adam Keating
Colab Software
adam@colabsoftware.com
Craig Rowe
ClearRisk Inc.
709-690-8018
craig@clearrisk.com