In Virtuo Pursuing New Markets

The Government of Canada is providing $40,000 in funding to a Gatineau-based virtual reality company to treat anxiety disorders

GATINEAU, QC, July 25, 2018 /CNW Telbec/ - Canada Economic Development for Quebec Regions (CED)

A market development project can now proceed at Cliniques et développement In Virtuo (In Virtuo). In 2017, the Government of Canada introduced a plan to support businesses in the development of innovative solutions and in their growth efforts. Financial support is being provided to the company with the aim of giving companies that focus on innovation the right resources to develop or sell innovative products. A true vector of change in the world of business, innovation drives the Canadian economy and generates economic growth that benefits businesses and communities.

Greg Fergus, Member of Parliament for Hull-Aylmer, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for CED, today announced that a repayable contribution of $40,000 was awarded to Cliniques et développement In Virtuo (4431588 Canada Inc.).

In Virtuo was founded in 2007 and offers innovative specialized treatment services to people with anxiety disorders, mainly through the use of virtual reality. Since 2016, the company has had an exclusive licence to sell two high-quality virtual reality software programs in order to make these accessible to healthcare professionals. The software was developed in partnership by the Canada Research Chair in Clinical Cyberpsychology at the Université du Québec en Outaouais and In Virtuo.

The funding provided under CED's Quebec Economic Development Program will support the company in the commercialization of its software in Canada, Europe, and the United States.

Quotes:

"The Government of Canada has implemented an ambitious approach to support businesses that invest in developing new markets. The financial support provided to In Virtuo is concrete support to a company that has demonstrated its skills and, moreover, is ready to navigate new markets."

Greg Fergus, MP for Hull–Aylmer

"As the Minister of Innovation, Science and Economic Development, my goal is to help businesses grow and innovate so that they can create high-quality jobs and wealth for Canadians. This is why we support businesses such as In Virtuo, whose success reflects on the region and the Canadian economy as a whole."

The Honourable Navdeep Bains, Minister Responsible for CED

"With the support and valuable advice of CED throughout our marketing efforts, the In Virtuo team has been able to accelerate its international sales process and build future collaborative relationships with European and North American teams."

Stéphane Bouchard, President, In Virtuo

Quick facts

• Last June, In Virtuo received the 2018 MercadOr Outaouais award, in the "New Exporter" category, for setting itself apart with its exceptional and highly innovative product, which it began exporting in 2017.
• More than 70% of the company's sales are in various markets outside Canada, on almost every continent.
• CED is one of the six regional development agencies under the responsibility of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
• This year marks the 50th anniversary of federal regional economic development in Quebec: half a century of concrete action dedicated to the development of the regions and local businesses.
• For more information on CED and its priorities, consult the 2018-2019 Departmental Plan or visit www.dec-ced.gc.ca.

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SOURCE Canada Economic Development for Quebec Regions