City technology firm lands $1.8-million federal grant

Solido gets boost for machine-learning tools to make computer, phone chips

The federal government is throwing $1.8 million behind a Saskatoon-based technology company’s efforts to develop and commercialize machine-learning tools used to manufacture electronic chips for computers and mobile phones.

The artificial intelligence technology is expected to make chips designed by Solido Design Automation Inc.’s customers — which include Apple Inc. and Nvidia Corp. — smaller, more efficient and less expensive, according to a news release.

“The funds will allow Solido to more rapidly expand our machine learning research and development hiring,” Solido president and CEO Amit Gupta said in a statement.

Solido, which was founded in 2005, is in the midst of a major expansion, which Gupta has said will grow the privately held company to around 100 employees from about 50. It officially opened its new Innovation Place office on Friday.

The company does not disclose its finances, but Gupta told the Saskatoon StarPhoenix last year that its revenues have been growing by between 50 per cent and 70 per cent each year since 2011.

“This investment highlights the Government of Canada’s commitment to helping the development of technologies that will drive the next great wave of innovation,” Federal Innovation Minister Navdeep Bains said in a statement.

The federal grant comes under the $100 million, five-year Western Innovation Initiative, which aims to provide small- and medium-sized businesses with earlystage capital to support innovative ideas.

Solido is not the only local tech company in the midst of a growth spurt. Vendasta Technologies Inc., 7Shifts Inc., SkipTheDishes and Noodlecake Studios have all experienced rapid growth over the last several years.

Postmedia News

The funds will allow Solido to more rapidly expand our machine learning research and development hiring.