Three Waterloo Region tech companies are getting some federal government investment to help them bring new products to market faster.

MP Peter Braid announced today that Auvik Networks, Dejero and Intellijoint Surgical will receive up to a combined $1,775,000 in repayable contributions.

Auvik Networks is receiving up to $950,000 to help market and commercialize its network management software.

Dejero is receiving up to $275,000 to help complete development of its wireless live-broadcast solution.

Intellijoint Surgical is receiving up to $550,000 to help it develop and commercialize its smart tool for orthopedic surgery.

Braid said the investments, under the Investing in Business Innovation program of the Federal Economic Development Agency for Southern Ontario (FedDev), will help the three companies become key global players in their industries. The government contributions were unlocked by a combined $3,550,000 in private investment the companies have already raised from angel investors and venture capitalists.

“Getting Canadian ideas and products to markets around the world helps keep and create new jobs right here at home,” Braid said, adding that the funding is expected to create 55 full-time positions in the three companies.

“We remain dedicated to providing the right resources to individuals and businesses in this region to create jobs, stay competitive, and prosper long-term,” he said.