The fund will be available to aerospace and automotive firms.
It will also be expanded to support high-growth sectors such as clean technology, information and communications technology, and agri-food, through an additional investment of $200 million over three years, starting in 2017-18.
The fund is part of the federal government’s Innovation and Skills Plan.
The federal government announced a goal of doubling the number of high-growth companies in Canada from 14,000 to 28,000 by 2025 in Budget 2017.
Additional details about the Strategic Innovation Fund will be announced in the coming months.