May 12, 2017 2:52 pm
Updated: May 12, 2017 2:53 pm

$1.8M federal investment allows Saskatoon’s Solido Design Automation to grow

Solido president and CEO Amit Gupta said the $1.8 million investment will be used by the company to create 15 new software engineering positions.

Dayne Winter / Global News

A Saskatoon software company has caught the attention of the federal government.

Through the Western Innovation Initiatve, the government is providing $1.8 million to Solido Design Automation inc., headquartered at Innovation Place.

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“Solido’s spirit of innovation and global competitiveness is exactly what the government of Canada wants to encourage and nurture in our workforce and throughout our economy,” federal Minister of Small Business and Tourism Bardish Chagger said.

The company develops software used to automate the design of microchips for smartphones, tablets, computers, vehicles, using machine learning based software or artificial intelligence.

Company officials said new software can save time and money for chip design and has the potential to be 100 times faster and more accurate than how microchips are currently designed.

The investment will be used by Solido to create 15 new software engineering positions.

“Really what we’re going to be doing with this investment … is hiring engineers, computer scientists, mathematicians to develop the next generation of software products that we’ll be exporting to companies around the world,” Solido president and CEO Amit Gupta said.

READ MORE: Ottawa sees artificial intelligence as doorway to spur growth in Canada’s high-tech sector

The company sees it as a win-win, as their success globally leads to revenues and profits that are re-invested back in the community.

© 2017 Global News, a division of Corus Entertainment Inc.

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