
VANCOUVER, BC, July 11, 2024 – The research commercialization company Syniad Innovations Inc. (“Syniad”), has today announced that it has entered into a funding partnership with Raytheon Company under the Government of Canada’s Industrial and Technological Benefits (ITB) Policy.
The funds will be devoted to various domains within the Syniad portfolio, including new bio-chemistries for clean fuels and chemicals production and advanced materials development.
Canada’s Industrial and Technological Benefits (ITB) Policy leverages defence procurements to contribute to jobs, innovation and economic growth across the country. Today’s announcement represents another substantial investment by Raytheon Company into Canada’s innovation landscape and the second such transaction with Syniad.
Martin Cronin, Syniad’s Executive Chairman, commented, “We are very proud of this immensely productive relationship with Raytheon, which has repeatedly demonstrated its commitment to Canadian research and development. Bolstering this partnership will establish new Canadian ventures rooted in world class Canadian academic research. We look forward to putting this new funding stream to work, creating positive innovation and economic development outcomes for Canada. It is a great example of Canada’s ITB Policy in action”
“It is indeed a pleasure for Raytheon to be able to invest in Canadian innovators such as Syniad, who are at the forefront of commercializing the important research and development being conducted at our nation’s world class academic institutions. This is our second R&D project with Syniad under Canada’s Industrial and Technological Benefits Policy and we would like to thank Innovation, Science, and Economic Development Canada for their support in making this project a reality,” said Garry Venman, Raytheon Canada Chief Executive.
“Developing competitive advantages in the economy of the future means that Canada needs to be at the forefront of research and development. Through Canada’s Industrial and Technological Benefits Policy, Raytheon’s investment will enable Syniad Innovations to commercialize world class Canadian academic research,” said The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.
About Syniad Innovations:
Syniad’s mission is to transform breakthrough research into globally significant companies, to address major societal and environmental challenges. It was founded in Vancouver in 2016 on the basis of a purpose-driven investment thesis weighted towards the intersection of advanced computation (simulation) and novel chemistries (matter). Our philosophy is to proactively engage with world-class researchers much earlier than traditional sources of capital.
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