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.