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$25M Manufacturing Investment Strengthens Waterloo's Medtech Scene

FluidAI Medical is expanding its operations in the region to advance Canadian medtech manufacturing. Find out all the details in our summary below.

Hot on the heels of our recap of last year’s top stories, the first major healthcare innovation headline of 2024 has emerged from Waterloo.

Yesterday, FluidAI Medical, a leading medical technology company based in Kitchener – one of Waterloo Region’s three citiesannounced a $25M investment, enhancing our region’s reputation as a leading hub for both manufacturing and healthcare.

FluidAI Medical‘s AI-powered monitor detects post-operative gastrointestinal leaks, reducing late detection complications. The company’s investment will be used to research product improvements and build an automated assembly line to meet growing international demand. The expansion will also create 38 new jobs.

Inventing the future of medtech

Youssef Helwa, CEO of FluidAI Medical, emphasized the company’s commitment to advancing Canadian medical technology manufacturing. “At FluidAI, we are deeply invested in elevating Canadian manufacturing to the forefront of medical technology.”

“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.”

Government support fuels growth

Ontario is supporting FluidAI’s expansion with over $1.4M in funding from the Advanced Manufacturing and Innovation Competitiveness stream of the Regional Development Program.

The program – which helps companies like FluidAI Medical expand their operations within the province – has supported 100 projects, generating over $1.3B in investments and creating over 2,500 jobs.

Get government support for your Canadian business expansion. Learn how.

“We are proud to support a company that is doing groundbreaking work in Ontario’s world-class medical technology sector, ” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade.

FluidAI Medical’s investment is a big step forward for Waterloo Region. It creates jobs and strengthens our reputation as leading industry hub. With government support, Waterloo’s push to become a global hub for manufacturing and medtech is on full display.

Innovation happens here

Discover why Waterloo is an ideal expansion location. Get in touch with our team to learn more.