VANCOUVER, BC, March 4, 2022 – The research commercialization company formerly known as Physical Science Innovations, now renamed Syniad Innovations Inc (“Syniad”), has today announced that it had entered into a funding partnership with Raytheon Company, securing CDN $4.9m in funding, under the Government of Canada’s Industrial and Technological Benefits (“ITB”) program.
The funds will be devoted to various domains within the Syniad portfolio, including new bio-chemistries for clean fuels and chemicals production, quantum technologies and advanced protective materials development.
Canada’s Industrial and Technological Benefits (ITB) Policy leverages federal government procurements to contribute to jobs, innovation and economic growth. Today’s announcement represents another substantial investment by Raytheon Company into Canada, but it was first through Syniad.
Martin Cronin, Syniad’s Chairman, commented, “Over the last six years, I had a productive relationship with Raytheon, which has repeatedly demonstrated its commitment to the Canadian research and development landscape. Securing this innovative partnership establishes new Canadian ventures and research in Canadian university labs. ITB transactions are built methodically, with a thorough diligence process. Establishing a relationship with Raytheon is a sign of Syniad’s growing maturity.
We look forward to putting this new funding stream to work, creating positive innovation outcomes and concrete economic development results for Canada.”