Federal funding spans technology, medical research sectors

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Daniel MacEachern
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Verafin president and CEO Jamie King. Verafin's anti-money laundering and fraud detection software is one of five projects getting nearly $14 million from the Atlantic Innovation Fund, announced today. — Photo by Daniel MacEachern/The Telegram

The federal government today announced nearly $14 million in five projects in Newfoundland's ocean technology, information technology and medical research sectors.

Conservative MP Peter Penashue, regional minister for Newfoundland and Labrador, announced the funding in St. John's at the headquarters of fraud detection software company Verafin, which received about $3 million Hugo develop advanced analytics to combat increasingly sophisticated money laundering and fraud.

Also receiving funding today:

• Bluedrop, a St. John's e-learning firm, which will receive about $3 million to develop mobile products targeted at organizations with employees using smartphones and tablets;

• Fisheries and Marine Institute of Memorial University, getting about $3 million for a project that aims to prove safety and efficiency for oil and gas operations in icy environments;

• Memorial University, getting $3 million for a microfluidic sensor technology project to measure contaminants in harsh marine environments, especially oil in water; and another $2.9 million for a project that will develop and commercialize a genetic test for better detection of certain genetic disorders.

The funding comes from the Atlantic Innovation Fund of the Atlantic Canada Opportunities Agency.

Organizations: Verafin, Fisheries and Marine Institute of Memorial University, Atlantic Innovation Fund of the Atlantic Canada Opportunities Agency

Geographic location: Newfoundland and Labrador, St. John's

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Recent comments

  • Harry Tucker
    May 23, 2012 - 18:04

    When I see companies like Verafin, formed in 2003 and still taking taxpayer dollars 9 years later, I wonder when companies like these will be forced to go it alone and prove themselves self-sustaining like companies with private capital. Companies like Consilient took a lot of tax payer cash before folding, citing "poor market conditions".

  • William Daniels
    May 23, 2012 - 13:26

    3 million for a e-learning firm but no money for SAR. Penashue should be ashamed. Bring on the tar and feathers.

    • Andrew
      May 23, 2012 - 13:55

      Woohoo, more programs for the Feds to cut next year when they are looking to bring us down again.