Government of Canada invests in Ranovus to further advance Canada's semiconductor industry
This project will support the expansion of one of Canada's most promising homegrown companies
OTTAWA, ON, March 27, 2023 /CNW/ - Semiconductors, often called chips or microchips, are critical to Canada's national security, economy and technological interests and, more importantly, to Canadians' daily lives, as they are essential to the functioning of phones, computers, cars and appliances. That is why the Government of Canada is committed to collaborating with Canadian industry and investing in semiconductor innovation and manufacturing.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced a $36 million contribution through the Strategic Innovation Fund (SIF) to Ottawa-based Ranovus Inc. to support a $100 million project that will advance the domestic production and manufacturing of semiconductor products and services, while positioning Canada as a key player in this strategic industry.
This project aims to develop the highest performing and most power-efficient technologies for interconnect computer chips for next-generation artificial intelligence work. This will further leverage Canadian semiconductor and compound semiconductor manufacturing capacity and silicon photonics expertise, allowing Ranovus to remain a leader in its field while contributing to significant reductions in greenhouse gas emissions from data centres.
With this contribution, Ranovus will also increase its highly skilled workforce in Canada to 200 full-time employees and provide opportunities to 150 Canadian co-op students. This contribution is part of the Government of Canada's intellectual property (IP) rich initiative, ensuring that innovative, IP-rich firms are grown into world leaders. This will help accelerate Ranovus's development of IP in Canada, as this project is expected to produce 40 new patents.
"Semiconductors are part of our everyday life. They are in our phones, our cars and our appliances. Through this investment, we are supporting Canadian innovators, helping creating good jobs and IP, and developing Canada's semiconductor industry to build a more resilient economy. Canada will continue to play a leading role in the rapidly growing semiconductor industry, helping to strengthen and secure the North American supply chain."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"Canada's domestic semiconductor sector plays a critical role in powering the technology we rely on. Today's $36 million investment in Ranovus Inc. will advance Canada's position as a world leader in the field of semiconductor manufacturing and silicon photonics."
– Jenna Sudds, Member of Parliament for Kanata–Carleton and Parliamentary Secretary to the Minister for Women, Gender Equality, and Youth
"The computing power for training artificial intelligence systems has grown by 300,000 times over the past 5 years, based on the recent OpenAI study. To support this unprecedented growth, thousands of computer chips must be interconnected with massive data pipes to ceate an artificial intelligence cluster. In 2022, Ranovus delivered ODIN®, the world's fastest, smallest and lowest power consumption AI interconnect chip. ODIN® consumes 75% less power, is 80% smaller than its closest rival and is scaling into production in the next 9 months with Tier 1 U.S. customers. We are investing $100 million to further scale our next-generation AI interconnect platform and are delighted by the continued support of the Strategic Innovation Fund to help keep Canada at the leading edge of the next generation of AI native infrastructure."
– Hamid Arabzadeh, Chairman and CEO, Ranovus Inc.
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