Gaining Momentum: Canada’s future economic stars meet a changing economy head on


MaRS Momentum is an exclusive program that’s geared to help high-potential ventures scale to $100 million in five years. Here’s a look at the portfolio.

The high-growth companies in the MaRS Momentum program are helping solve the major challenges Canada faces in key areas such as healthcare, the environment and workforce re-skilling. The program is funded in part by the Government of Canada through the Federal Economic Development Agency for Southern Ontario. Dealmaker, Electrovaya and e-Zinc are the latest additions to the Momentum portfolio over the last few months.

Here is the latest from Canada’s most exciting young companies:

ACTO | Acuity Insights | Antibe Therapeutics | Axine Water Technologies | Axonify | BioConnect | Blue J | Boast.AI | Borrowell | BrainBox AI | CarbonCure | Conavi Medical | Cyclica | DealMaker | Deep Genomics | Dialogue | DOZR | Drop Technologies | Ecobee | Ecopia.AI | Electrovaya | e-Zinc | Flexiti | GHGSat | Highland Therapeutics | HiMama | Horizn | Humi | Hydrostor | InteraXon | Kinova | KOHO | LED Roadway Lighting Ltd. | Livestock Water Recycling | Maple | MindBridge | Nanoleaf | Newtopia | NRStor | Nulogy Corp | Payment Source | Precision Nutrition | Prodigy | PureFacts | Ranovus | Ritual | Security Compass | Sensei Labs | StackAdapt | Statflo | StellarAlgo | StormFisher Ltd. | SWTCH | Synaptive Medical | Think Research | Top Hat | TransPod | Tulip Retail | Vive Crop Protection | Wattpad | WellnessLiving |


Parth Khanna, CEOParth Khanna, CEO

Parth Khanna, CEO

Founders: Parth Khanna, Kapil Kalra and Kumar Erramilli
CEO: Parth Khanna
Year founded: 2014
Number of employees: 0-74

In a nutshell: ACTO improves education for all manner of healthcare workers. The company does this via its A.I.-powered, all-in-one SaaS platform.

Differentiating factor: The venture’s app is as much an educational ecosystem as it is a piece of technology. It delivers customized insights to users, while combining micro-learning, live events and video coaching — which, in turn, increases sales and reduces compliance risk.

Its impact: In February 2022, ACTO received its Great Place to Work Certification for the second year in a row; and in December, the scale-up won a Brandon Hall Group Gold award for its “learning management” and “business impact tools.”


Rich Emrich, CEO and Co-founder; Kelly Dore, Co-founder and VP, Growth; Harold Reiter, Co-founderRich Emrich, CEO and Co-founder; Kelly Dore, Co-founder and VP, Growth; Harold Reiter, Co-founder

Kelly Dore, Co-founder and VP, Growth; Harold Reiter, Co-founder; Rich Emrich, CEO and Co-founder

Founders: Rich Emrich, Kelly Dore and Harold Reiter
CEO: Rich Emrich
Year founded: 2014
Capital raised: Undisclosed
Number of employees: 75-149

In a nutshell: Acuity Insights’ tech makes higher-education admissions fairer by looking beyond grades and technical skills, allowing schools to create more diversity in the student population.

Differentiating factor: The company offers a suite of digital tests and screenings that evaluate non-cognitive and non-academic qualities, such as self-discipline and the ability to work in teams. Informed by years of research, Acuity’s solutions currently serve more than 300 schools across Canada, the U.S. and Australia. In 2022, the company rebranded from Altus Assessments to Acuity Insights.

Its impact: Acuity has recently released two products. Snapshot is a 10-minute, one-way video pre-interview that allows candidates to answer standardized questions — on their own time and terms — about motivation, passions and career goals. There’s also Duet, a ranking tool completed by both applicants and schools to align on values. Each assessment asks users to rank characteristics; the tech scores prospective students for fit.


Dr. John L. Wallace, FounderDr. John L. Wallace, Founder

Dr. John L. Wallace, Founder

Founder: Dr. John L. Wallace
CEO: Dan Legault
Year founded: 2009
Capital raised: $124 million
Number of employees: 0-74

In a nutshell: Using its unique hydrogen sulphide–releasing drug platform, Antibe Therapeutics is developing a new generation of safer, non-addictive medicines for pain and inflammation.

Differentiating factor: Founder Dr. John Wallace is a leading expert in the gastrointestinal damage caused by non-steroidal anti-inflammatory drugs (NSAIDs) — the main class of drugs used to treat pain and inflammation. Wallace and the team of researchers at Antibe have found that linking hydrogen sulphide–releasing molecules to NSAIDs can create effective pain relief without damaging the digestive system — a huge advance.

Its impact: Antibe has started human studies to test the use of its lead drug for post-operative pain, leveraging previous human studies and directly addressing the need for safer, non-addictive painkillers.


Mark Ralph, CEOMark Ralph, CEO

Mark Ralph, CEO

Founder: Colleen Legzdins
CEO: Mark Ralph
Year founded: 2010
Capital raised: $19.43 million
Number of employees: 0-74

In a nutshell: This Vancouver-based company has created a new standard for treating toxic organic pollutants in manufacturing wastewater for customers in the pharmaceutical, chemical and other industries.

Differentiating factor: Axine’s electro-oxidation technology can eliminate harmful elements down to below detection limits. Plus, it offers customers a double incentive: leading green engineering and a cost-effective service-based business model that minimizes capital investment and technology risk.

Its impact: Axine was awarded $6.2 million by Sustainable Development Technology Canada in June 2021 to develop and roll out new applications of its technology. And last October, Axine signed a multi-year, multi-million dollar wastewater service agreement to treat manufacturing wastewater for a multinational pharmaceutical company based in Europe.


Carol Leaman, President and CEO; Christine Tutssel, Co-Founder and Senior Vice President of Strategic InitiativesCarol Leaman, President and CEO; Christine Tutssel, Co-Founder and Senior Vice President of Strategic Initiatives

Carol Leaman, President and CEO

Founder: Carol Leaman and Christine Tutssel
CEO: Carol Leaman
Year founded: 2011
Capital raised: $22 million
Number of employees: 150-249

In a nutshell: Axonify offers fun, fast and personalized corporate training for frontline workers that gets measurable results.

Differentiating factor: In its customized online training sessions, Axonify uses cognitive principles, highly engaging game mechanics and an adaptive algorithm to help businesses equip their frontline workers with the knowledge and insights they need in the modern workplace.

Its impact: Axonify has signed partnerships with AT&T, Kroger and Dollar General, helping the company achieve a 35 percent growth rate. To support its growth in North America and Europe, the company has increased its workforce by 15 percent.


What ventures need to lock down in order to level up


Rob Douglas, Founder, Chairman, and CEORob Douglas, Founder, Chairman, and CEO

Rob Douglas, Founder, Chairman, and CEO

Founder and CEO: Rob Douglas
Year founded: 2010
Capital raised: $9.7 million
Number of employees: 0-74

In a nutshell: Using biometric authentication, BioConnect provides seamless security for companies, protecting data, buildings, employees or a transaction approval. “We want to bring trust to the enterprise, ensuring every access event, both physical and digital, provides identity assurance,” says Rob Douglas.

Differentiating factor: BioConnect provides a high level of security across physical, IOT and digital applications that is unmatched in the market today, and has been adopted by many Fortune 500 companies.

Its impact: BioConnect continues to expand with the purchase of MedixSafe, a manufacturer of fingerprint-operated safes for storing narcotics, as well as a collaboration to add biometrics to HID Global’s mobile access app that is used by employees to enter workplaces. Plus, BioConnect won an award at the ISC West New Product Showcase for its enterprise platform, which helps large organizations control security at multiple locations.


Albert Yoon, Co-Founder; Anthony Niblett, Co-Founder; Benjamin Alarie, Co-Founder, CEO; Brett Janssen, CTOAlbert Yoon, Co-Founder; Anthony Niblett, Co-Founder; Benjamin Alarie, Co-Founder, CEO; Brett Janssen, CTO

Albert Yoon, Co-Founder; Anthony Niblett, Co-Founder; Benjamin Alarie, Co-Founder, CEO; Brett Janssen, CTO

Founders: Albert Yoon, Anthony Niblett, Benjamin Alarie and Brett Janssen
CEO: Benjamin Alarie
Year founded: 2015
Capital raised: $20 million
Number of employees: 0-74

In a nutshell: Blue J helps make legal services more transparent and accessible by using artificial intelligence to predict court outcomes in cases involving tax and employment law.

Differentiating factor: Blue J’s software has a 90-percent accuracy rate and is four times faster than traditional legal research methods.

Its impact: Its software is currently used by the federal justice department to predict case outcomes and is being integrated into the tax law curriculum at the University of California Irvine.


Alex Popa, Co-founder and CEO; Lloyed Lobo, Co-founder and PresidentAlex Popa, Co-founder and CEO; Lloyed Lobo, Co-founder and President

Alex Popa, Co-founder and CEO; Lloyed Lobo, Co-founder and President

Founders: Alex Popa and Lloyed Lobo
CEO: Alex Popa
Year founded: 2017
Capital raised: $30-million Series A
Number of employees: 75-149

In a nutshell: Boast.AI helps thousands of client-companies access billions in government research and development grants — faster and with less audit risk. The company is particularly valuable to startups and scale-ups in need of runway as they develop their burgeoning innovations.

Differentiating factor: The scale-up’s product scans data from a company’s technical systems (including project management, payroll and accounting) to identify and claim R&D grants as well as scientific, research and experimental development tax credits and government incentives. Clients can also get cash advances as they spend money on R&D throughout the year, instead of waiting for the typical 12 to 16 months to file claims and receive refunds.

Its impact: Boast.AI’s automation tech processes paperwork five times faster than regular methods, and the team’s in-house tax experts can defend audits and bring greater returns at each step of the process.

Andrew Graham, Co-Founder and CEO; Eva Wong, Co-Founder and COOAndrew Graham, Co-Founder and CEO; Eva Wong, Co-Founder and COO

Eva Wong, Co-Founder and COO; Andrew Graham, Co-Founder and CEO

Founders: Andrew Graham and Eva Wong
CEO: Andrew Graham
Year founded: 2014
Capital raised: $55 million
Number of employees:

In a nutshell: By providing credit information, product suggestions and digital tools to help users make informed decisions about money, Borrowell aims to put Canadians on a sound financial footing. “Particularly in these times, we know that personal finance is stressful for many people and we work hard to provide products to help people feel in control and optimistic about their future,” says CEO Andrew Graham.

Differentiating factor: Borrowell is able to offer clients personalized service with its smart tools. Molly, the company’s AI-driven “Credit Coach,” offers customers personalized tips for improving credit health. And machine-learning algorithms recommend the most suitable financial products along with “likelihood of approval” indicators to guide customers toward the best products for their credit profile.

Its impact: Borrowell has acquired Refresh Financial, a Canadian leader in helping underserved Canadians gain long-term access to affordable forms of credit and improve their credit scores through secured credit cards and secured loans.


Sam Ramadori, PresidentSam Ramadori, President

Sam Ramadori, President

Founders: Jean-Simon Venne and Sean Neely
President: Sam Ramadori
Year founded: 2017
Capital raised: Undisclosed
Number of employees: 75-149

In a nutshell: BrainBox AI uses cloud-based, deep-learning algorithms to improve the heating, ventilation and air conditioning infrastructure in buildings. The startup’s tech can reduce a client’s total energy spend by 25 percent, and its carbon footprint by up to 40 percent. As one of 10 companies in the Mission from MaRS: Climate Impact Challenge, it is working toward scaling its technology.

Differentiating factor: It’s estimated that about 39 percent of the globe’s energy-related carbon dioxide emissions come from buildings. Powered by a team of tech veterans, the company stands to revolutionize commercial real estate, a space that has lagged behind other industries when it comes to cleantech.

Its impact: BrainBox AI’s platform now provides environmental control for 100-million square feet of building space on five continents.


Robert Niven, Chair and CEORobert Niven, Chair and CEO

Robert Niven, Chair and CEO

Founder and CEO: Robert Niven
Year founded: 2012
Capital raised: Undisclosed
Number of employees: 150+

In a nutshell: CarbonCure’s technologies introduce recycled carbon dioxide into fresh concrete mixtures, trapping the greenhouse gas in everything from highway surfaces to the walls of apartment buildings.

Differentiating factor: By mineralizing carbon dioxide inside concrete, CarbonCure’s technologies maintain concrete’s compressive strength. This enables the company to reduce the amount of carbon-intensive cement needed in the mix, which helps avoid additional emissions. For every tonne of carbon dioxide that CarbonCure mineralizes in concrete, the company is able to avoid another 50 tonnes of emissions simply by reducing the amount of cement used. The company is approaching a key milestone: 400,000 tonnes of carbon dioxide reduced and removed from the atmosphere. And to date, the company has poured more than 50 million cubic yards (38 million cubic metres) of lower carbon concrete.

Its impact: With more than 800 systems sold worldwide, CarbonCure is experiencing rapid growth across North America and around the globe. The climate tech company was inducted into the Cleantech Group’s Global Cleantech 100 Hall of Fame after being named a 2022 Global Cleantech 100 Company for a seventh consecutive year. Most recently, CarbonCure announced an expanded, and diverse, list of carbon credit buyer partners, including Deloitte, BMO, RBC and Rothschild and Co.


Brian Courtney, Chief Medical Officer, Co-founder; Aman Thind, CTO, Co-founderBrian Courtney, Chief Medical Officer, Co-founder; Aman Thind, CTO, Co-founder

Brian Courtney, Chief Medical Officer, Co-founder;
Aman Thind, CTO, Co-founder

Founders: Brian Courtney and Aman Thind
CEO: Brian Courtney
Year founded: 2007
Capital raised: U.S. $50 million
Number of employees: 75-149

In a nutshell: Conavi develops, manufactures and sells image guidance technologies that enable minimally invasive heart procedures. This imagery technology allows physicians to view plaque in coronary arteries, choose the right stents and techniques to treat blockages and confirm that a good result was achieved before completing the procedure.

Differentiating factor: Conavi’s technologies provide improved visualization at a lower cost relative to competing systems.

Its impact: A 120-patient clinical study involving Conavi’s Novasight Hybrid intravascular imaging system will soon embark at four prominent hospitals in Beijing, which will support regulatory approval of the system in China.


Naheed Kurji, Co-Founder, President and CEONaheed Kurji, Co-Founder, President and CEO

Naheed Kurji, Co-founder, President and CEO

Momentum alumni
Founders: Naheed Kurji and Jason Mitakidis
CEO: Naheed Kurji
Year founded: 2013
Most recent raise: $23-million Series B
Number of employees: 0-74

In a nutshell: As the coronavirus emergency has demonstrated, the cost and time it takes to make and distribute life-saving medicine is extraordinary. But with enhancements in A.I., scientists can now identify safe and existing drugs to be repurposed for diseases — even novel ones such as COVID-19. Cyclica is doing just that. The company’s drug-discovery platform uniquely integrates systems biology, medicinal chemistry, biophysics and machine learning to streamline and enhance biotech R&D.

Differentiating factor: Cyclica’s work spans dozens of collaborations and joint ventures with international pharma and biotech organizations. The company boasts an enviable workforce of biologists, chemists, computer scientists and business experts.

Its impact: In February 2022, Cyclica joined forces with the Stagljar Lab at the University of Toronto to launch Perturba Therapeutics, which combines the venture’s A.I. drug design platform with the lab’s experimental live-cell phenotypic assays. As well, Cyclica has announced 10 new academic collaborations to support small molecule drug discovery, and has partnered with Nurosene Health to develop new treatments for neurodegenerative disorders andwith Arctoris to advance drug discovery programs for Alzheimer’s disease. In May 2023, U.S.firm Recursion acquired Cyclica for U.S.$40 million and opened new Toronto headquarters.

Watch how Cyclica honed its marketing strategy


Rebecca Kacaba, CEORebecca Kacaba, CEO

Rebecca Kacaba, CEO

Founders: Rebecca Kacaba and Mat Goldstein
CEO: Rebecca Kacaba
Year founded: 2018
Capital raised: U.S.$8 million
Number of employees: 75-149

In a nutshell: As a securities lawyer on Bay Street, Rebecca Kacaba experienced firsthand how inefficient the traditional capital raising process is for founders. With co-founder Mat Goldstein, she developed DealMaker’s cloud-based platform, which helps entrepreneurs raise capital within their networks, as well as through strategic online marketing campaigns. The platform automatically circulates and tracks deal documents, as well as provides real-time data collection and reporting, which helps to reduce the time of closing a fundraising round.

Differentiating factor: DealMaker has everything a founder needs to land investors: a licensed broker-dealer, a registered transfer agent and marketing support. And unlike other portals on the market, users are in control of their investor list. DealMaker also provides analytics to optimize conversion, execute on marketing strategies and remarket promising leads.

Its impact: DealMaker helps founders tap into alternative financing. To date, it has helped companies raise more than $2 billion. Client success stories include Miso Robotics, which raised more than U.S.$60 million, the publicly-owned Green Bay Packers scored U.S.$65 million in funding, and GolfSuites, which recently raised an additional $3.5 million using the company’s platform. In the past year, three clients — Monogram, ReAlpha and Autonomix — have reached IPO with the help of DealMaker.


Andrew Delong; Brendan Frey, Founder and CEO; Hui Yuan XiongAndrew Delong; Brendan Frey, Founder and CEO; Hui Yuan Xiong

Brendan Frey, Founder and CEO

Founders: Andrew Delong, Brendan Frey and Hui Yuan Xiong
CEO: Brendan Frey
Year founded: 2015
Capital raised: $238 million
Number of employees: 0-74

In a nutshell: Deep Genomics has built an artificial intelligence platform that accelerates drug development for rare genetic disorders.

Differentiating factor: For 25 years, Brendan Frey has been a pioneer in artificial intelligence. And since founding Deep Genomics in 2015, Frey and his team of researchers have been harnessing the power and speed of AI and deep learning to identify novel therapeutic targets and design therapies far faster and more effectively than conventional drug discovery approaches.

Its impact: Deep Genomics iscurrently working to prepare its first 10 AI-discovered drug programs for clinical trials. Tal Zaks, the former chief medical officer of Moderna, has joined Deep Genomics’ strategic advisory board.


Alexis Smirnov, Co-founder and CTO; Cherif Habib, Co-founder and; CEOAlexis Smirnov, Co-founder and CTO; Cherif Habib, Co-founder and; CEO

Alexis Smirnov, Co-founder and; CTO; Cherif Habib, Co-founder and CEO

Founders: Alexis Smirnov and Cherif Habib
CEO: Cherif Habib
Year founded: 2016
Capital raised: $200 million
Number of employees: 700+

In a nutshell: Dialogue helps companies improve the health and well-being of their workers with a virtual care platform that is provided as part of an employee benefits package.

Differentiating factor: Dialogue is the only virtual care provider that is focused exclusively on the business-to-business market, offering access to primary care, mental health and employee assistance program services.

Its impact: Dialogue has expanded into internet-based cognitive behavioural therapy by purchasing e-hub Health, the maker of moodgym. Having experienced an explosion in demand for its services, Dialogue ranked ninth on The Globe and Mail’s list of Canada’s top growing companies.


Kevin Forestell, CEOKevin Forestell, CEO

Kevin Forestell, Co-founder and CEO; Erin Stephenson, Co-founder; and Tim Forestell, Co-founder

Founders: Kevin Forestell, Tim Forestell and Erin Stephenson
CEO: Kevin Forestell
Year founded: 2015
Capital raised: $44 million
Number of employees: 0-74

In a nutshell: Kitchener-Waterloo’s DOZR provides an online marketplace and e-commerce solution for renting heavy equipment.

Differentiating factor: The COVID-19 pandemic has brought a favourable climate for DOZR’s services. The global construction industry has exploded with new stimulus- and housing-related projects, while supply chains have made equipment deliveries a nightmare. DOZR’s marketplace is faster and cheaper than the competition and, crucially, loaded with more than 15,000 local rental yards to ensure proximity to projects.

Its impact: DOZR started 2022 with a bang, securing a $27.5-million Series B to support expansion into the United States.


Derrick Fung, Co-Founder and CEODerrick Fung, Co-Founder and CEO

Derrick Fung, Co-founder and CEO

Founders: Derrick Fung, Darren Fung, Akhil Gupta, Cameron Dearsley
CEO: Derrick Fung
Year founded: 2015
Capital raised: $71.5 million
Number of employees: 0-74

In a nutshell: The Drop app helps big-name brands build customer loyalty by awarding them redeemable points with every purchase.

Differentiating factor: Showcased in Bloomberg, Forbes, The Wall Street Journal and USA Today, the Toronto-based company provides the only marketing platform that targets customers with personalized debit- and credit-card-linked offers based on past purchases.

Its impact: Drop recently became one of the top 20 shopping apps in the U.S., and the company ranked second on LinkedIn’s list of the best Canadian startups.


John Metselaar, Chief Hardware Architect; Mark Malchiondo, VP, Software Development; Stuart Lombard, Founder, CEOJohn Metselaar, Chief Hardware Architect; Mark Malchiondo, VP, Software Development; Stuart Lombard, Founder, CEO

Stuart Lombard, Founder, CEO

Momentum alumni
Founders: John Metselaar, Mark Malchiondo and Stuart Lombard
CEO: Stuart Lombard
Year founded: 2007
Capital raised: U.S. $155 million
Number of employees: 500+

In a nutshell: Stuart Lombard’s mission when he started ecobee was to find a way to improve everyday life while creating a more sustainable world. The company creates connected systems, such as intelligent thermostats, cameras, sensors and home monitoring platforms that provide comfort, security and energy efficiency.

Differentiating factor: The company created the world’s first smart thermostat in 2007 and has continued to be one of the leaders in this fast-growing market. Last year, ecobee introduced eco+, a free software upgrade that delivers new intelligent features that enable its devices to better adapt to household routines and make users’ homes even more energy efficient. The company has also launched Smart Security, a new service that combines ecobee’s thermostats and sensors with professional home monitoring to guard against threats like thefts, fires, and frozen pipes.

Its impact: Ecobee has saved its North America customers more than 20 TWh of energy, the equivalent of taking 3 million cars off the road for a year. In November 2021, Ecobee was acquired by Generac, a maker of backup energy systems, for $770 million. Ecobee graduated from the program in fall 2022.



Shuo Tan, VP of Engineering; Yuanming Shu, Co-Founder and CEO; Jon Lipinski, Co-Founder and PresidentShuo Tan, VP of Engineering; Yuanming Shu, Co-Founder and CEO; Jon Lipinski, Co-Founder and President

Shuo Tan, VP of Engineering; Yuanming Shu, Co-founder and CEO; Jon Lipinski, Co-founder and President

Founders: Jon Lipinski, Yuanming Shu and Shuo Tan
CEO: Yuanming Shu
Year founded: 2013
Capital raised: Bootstrapped — Ecopia.AI has grown its business with little or no outside investment.
Number of employees: 0-74

In a nutshell: Ecopia.AI produces high-definition vector maps at scale using next-generation artificial intelligence and machine learning to extract data and insights from high-resolution imagery. These maps are able to identify building footprints, roads, sidewalks, green space, waterways and even physical coordinates, such as the address of a building.

Differentiating factor: These maps help businesses, governments, NGOs, as well as telecommunication and insurance companies make better data-driven decisions much faster and at a fraction of the cost of traditional methods of land surveying. Ecopia has mapped every building and road in sub-Saharan Africa to help humanitarian organizations improve healthcare delivery and develop sustainable infrastructure.

Its impact: Ecopia has partnered with Swedish tech company Hexago to create a detailed 3D map of the entire United States using high-resolution aerial photos to aid in flood modelling, insurance risk assessments and transport planning. In August 2021, the company announced plans to create a high-definition map for the City of Toronto, which will be used as a test-bed for autonomous vehicles and smart-city applications. And in January 2022, it was awarded a contract from the federal government to provide mapping data to support in the deployment of high-speed Internet access in rural areas.


Raj DasGupta, CEORaj DasGupta, CEO

Raj DasGupta, CEO

Founders: Sankar Das Gupta and Jim Jacobs
CEO: Raj DasGupta
Year founded: 1996
Capital raised: U.S.$100 million
Number of employees: 75-149

In a nutshell: This Mississauga-based company specializes in producing lithium ion batteries for heavy-duty electric vehicles, such as forklifts, trucks and buses. The batteries last an average of five times longer than traditional EV batteries, reducing the need for replacements and lowering operational costs. The company has landed contracts with General Motors, Chrysler, Suzuki, Walmart, Microsoft and NASA.

Differentiating factor: In 2015, Electrovaya began mass producing its lithium ion ceramic batteries. Its proprietary technology ensures batteries won’t degrade or catch fire even when operating at high temperatures. In addition to producing batteries, Electrovaya has launched EVISION, a cloud-based program that allows operators to monitor usage, charging and battery health in real-time. Electrovaya’s most-recent breakthrough came in March 2024, when the company announced it had successfully tested its wireless, electromagnetic-induction charging station, which works similarly to a wireless charging station for smartphones. More testing is needed, but initial results show a comparable efficacy to wired charging.

Its impact: In 2023, Electrovaya opened a 135,000 square foot manufacturing facility in Jamestown, N.Y. The company also received a Clean Technology award, part of Deloitte’s Technology Fast 50 program. To date, Electrovaya’s technology has been implemented in 166 locations worldwide, including more than 12 Fortune 100 companies.


James Larsen, CEOJames Larsen, CEO

James Larsen, CEO

Founders: Dr. Gregory Zhang
CEO: James Larsen
Year founded: 2012
Capital raised: $80 million
Number of employees: 65

In a nutshell: Based in Toronto, e-Zinc’s patented electrochemical technology stores energy in zinc, at a fraction of the cost of traditional battery technologies, and in extreme temperatures. The company’s fossil fuel–free, long-duration energy storage solution is ideal for wind and solar power, helping companies and governments reach net-zero goals.

Differentiating factor: Zinc — one of the most abundant and inexpensive metals on the planet — is an optimal material for long-duration energy storage. The company customizes systems to meet the unique power and energy needs of each client. Its energy storage solutions can be used for industrial and municipal buildings, as well as remote worksites like mining, oil and gas, and telecommunications, and can provide clean energy in the event of power failures and outages.

Its impact: The Cleantech Group named e-Zinc to its Global Cleantech 100, a prestigious ranking of companies with the most promising climate solutions, in 2022, 2023 and 2024. The company also took the $1-million grand prize in Impact Canada’s Charging the Future Challenge. The company is currently partnered with the California Energy Commission, the U.S. Department of Energy, and several universities, including Michigan State and the University of California Irvine.


Peter Kalen, CEOPeter Kalen, CEO

Peter Kalen, CEO

Momentum alumni
Founder and CEO: Peter Kalen
Capital raised: $500 million
Number of employees: 400+
Year founded: 2013

In a nutshell: Through its tech-enabled solution, Flexiti offers financing options on private-label credit cards at more than 7,500 locations and e-commerce across Canada, including Staples, Wayfair, Sleep Country and Birks. Within minutes, customers can receive credit approval on any device, in-store or online, to purchase big-ticket items with no-interest payments.

Differentiating factor: Flexiti’s technology platform is easily integrated into retailers’ existing e-commerce platforms, allowing retailers to offer the same financing solutions digitally and in stores — a first in Canada.

Its impact: To improve the experience of customers and retailers, Flexiti launched a contact centre revitalization, insourcing call-centre operations. As well, Flexiti recently signed a $527-million securitization facility led by National Bank.

Stéphane Germain, PresidentStéphane Germain, President

Stéphane Germain, Presidente

Founder: Stéphane Germain
CEO: Stéphane Germain
Year founded: 2011
Capital raised: U.S. $55 million
Number of employees: 0-74

In a nutshell: Based in Montreal, GHGSat uses a fleet of satellites and aircraft to monitor and analyze industrial GHG emissions from outer space. This is essential data for clients, allowing them to cut costs, improve safety and meet environmental targets.

Differentiating factor: Because the startup’s tech can be deployed anywhere and has a full view of the planet, the company is effectively in a category of one, setting the international standard for emissions monitoring.

Its impact: GHGSat is expanding its operations to aircraft-mounted sensors. In October 2021, the company deployed its second methane sensor on a plane, which is being used to survey emissions from industrial facilities. GHGSat is also making its methane data available to customers of Climate Engine, an enterprise emissions monitoring platform on Google Cloud Marketplace.


David Lickrish, CEODavid Lickrish, CEO

David Lickrish, CEO

Momentum alumni
Founder and CEO: David Lickrish
Year founded: 2008
Capital raised: $345.15 million
Number of employees: 0-74

In a nutshell: Highland Therapeutics is a pharmaceutical company that improves the effectiveness of existing medications using a proprietary drug-delivery technology. Most notably, the company developed a delayed and extended release medication for ADHD that helps control symptoms upon awakening and throughout the day with one daily dose.

Differentiating factor: Many parents of children with ADHD would have to wake up before 6 a.m. to administer their kids’ medication in time for it to take effect before school. Highland’s new formulation is designed to be administered in the evening, making it easier for kids and families to cope.

Its impact: Since launching JORNAY PM (methylphenidate HCl extended-release capsules) in mid-2019, more than 30,000 patients in the U.S. have benefited from treatment. Highland Therapeutics graduated from the Momentum program in fall 2022.


Alana Frome, Co-founderAlana Frome, Co-founder

Alana Frome, Co-founder

Founders: Ron Spreeuwenberg and Alana Frome
Year founded: 2013
Capital raised: $82 million
Number of employees: 150+

In a nutshell: HiMama is a comprehensive childcare app that works for children, parents and providers alike to help facilitate billing, managing staff, as well as communicating with parents.

Differentiating factor: A certified B Corporation with an overall score of 100.6, HiMama is founded on extensive research and interviews with early-childhood educators. The venture’s unique goal is to empower educators with affordable tools, while educating parents about the importance of educators’ work.

Its impact: It has so far recorded more than 1 billion moments, pushing out 300 notifications every second. In November 2021, HiMama completed its Series-B raise of $70 million. The money is helping the venture serve additional childcare centres in Canada and the U.S., as well as to produce a new impact strategy.


Janice Diner, CEO and FounderJanice Diner, CEO and Founder

Janice Diner, CEO and Founder

Founder: Janice Diner
CEO: Janice Diner
Year founded: 2012
Capital raised: Undisclosed
Number of employees: 0-74

In a nutshell: Canada has a powerhouse finance sector but it lags behind such countries as the United Kingdom and Sweden when it comes to fintech. Horizn’s platform gets financial institutions’ employees and customers to adopt digital services, including self-serve banking, contact centre interactions and user profiles.

Differentiating factor: Unlike other fintechs that merely enhance financial services, Horizn’s mission is to educate users beyond the basics; that means creating greater financial literacy with a full understanding of an institution’s offerings and, of course, money saved.

Its impact: When not speaking at international finance conferences, Janice Diner and her team are helping clients win awards. For instance, RBC won the Celent Model Bank of 2020 for its “personalized customer engagement affecting enterprise-wide culture change, resulting in nearly 100 percent employee digital fluency and customer-focused outcomes.”


Drew Millington, chief commercial officer; Kevin Kliman, presidentDrew Millington, chief commercial officer; Kevin Kliman, president

Drew Millington, chief commercial officer;
Kevin Kliman, president

Founders: Kevin Kliman, Drew Millington, Matt Loszak and Simon Bourgeois
CEO: Kevil Kilman
Year founded: 2016
Capital raised: $15 million
Number of employees: 130

In a nutshell: Humi offers a software platform that allows Canadian companies to easily manage human resources, payroll and benefits. Focused on small and medium-sized businesses, Humi handles such tasks as payroll, recruitment, employee onboarding, vacation tracking and benefits management in a single cloud-based platform.

Differentiating factor: Unlike its competitors, which create all-purpose systems for use in multiple countries, Humi is hyper-focused on Canada and its platform reflects the nuances of our employment market.

Its impact: Humi is used by more than 4,000 Canadian companies.


Cameron Lewis, Founder and CTO; Curtis VanWalleghem, CEOCameron Lewis, Founder and CTO; Curtis VanWalleghem, CEO

Curtis VanWalleghem, CEO; Cameron Lewis, Founder and CTO

Founders: Cameron Lewis and Curtis VanWalleghem
CEO: Curtis VanWalleghem
Year founded: 2010
Capital raised: $105 million
Number of employees: 0-74

In a nutshell: Hydrostor has developed a method that solves a long-standing problem in cleantech: storing renewable energy from solar and wind cheaply and efficiently. The company is developing mechanical “battery” systems at utility scale using air, water and gravity. Its large-scale A-CAES (advanced compressed air energy storage) facilities can store days-worth of energy that is emissions-free, low-impact and cost-effective.

Differentiating factor: With the can-do spirit of last-century’s industrial pioneers, Hydrostor’s long-term energy-storage solution has the potential to transform the energy sector. It’s A-CAES can cheaply store energy for longer than lithium-ion batteries and requires less water and land compared to the same-sized pumped hydro–storage facilities.

Its impact: Hydrostor is building energy storage facilities in Australia and California. When complete, the two sites in California will become the world’s largest non-hydro energy storage facilities.


Jean-Michel Fournier, CEOJean-Michel Fournier, CEO

Jean-Michel Fournier, CEO

Founders: Ariel Garten, Chris Aimone and Trevor Coleman
CEO: Jean-Michel Fournier
Year founded: 2009
Capital raised: $29.82 million
Number of employees: 0-74

In a nutshell: InteraXon makes devices that help people learn how to meditate and sleep better. Using EEG technology, its headband and mobile app tracks brain activity along with heat rates, breathing patterns and body movements to offer real-time feedback.

Differentiating factor: Its mobile app translates your brain activity into nature sounds. If you have a busy mind, the sounds of a thunderstorm will prompt you to focus. As the mind relaxes, you will hear the storm recede. Plus, the app features a rich library of more than 300 guided meditations from leading mindfulness experts.

Its impact: InteraXon has launched a EEG band that is compatible with VR applications in the metaverse.


Charles Deguire, FounderCharles Deguire, Founder

Charles Deguire

Founders: Charles Deguire and Louis-Joseph L’Écuyer
Year founded: 2006
Capital raised: $63 million
Number of employees: 150-249

In a nutshell: Kinova‘s multifaceted portfolio of robotic solutions cover both medical and industrial applications with an emphasis on human-centered design.

Differentiating factor: Determined to empower their users, Kinova’s mission to build assistive robots stems from family ties to muscular dystrophy. The original robotic arm — called Jaco — has since expanded into multiple generations of aiding devices, automation tools and healthcare robotics intended to work alongside professionals. “We’re focused on empowering people, not replacing them,” says founder Cahrles Deguire. “A robot is like a personal computer: At the end of the day, it’s a tool.”

Its impact: Kinova has partnered with Johnson & Johnson to expand the Monarch Robotic Flexible Endoscopy Platform, a robotic application targeting early detection of lung cancer and kidney stone removal. Using a video game-like controller, the surgeon can navigate bronchoscopic and urologic procedures with unmatched precision and accuracy.


Daniel Eberhard, Co-founder and CEO; Jonathan Bixby; Joshua Bixby; Mike BennaDaniel Eberhard, Co-founder and CEO; Jonathan Bixby; Joshua Bixby; Mike Benna

Daniel Eberhard, Co-founder and CEO

Founders: Daniel Eberhard, Jonathan Bixby, Joshua Bixby and Mike Benna
CEO: Daniel Eberhard
Year founded: 2014
Capital raised: $300 million
Number of employees: 250+

In a nutshell: KOHO provides Canadians an alternative financial institution that is simple and transparent. Its prepaid credit card and integrated app allows users to track spending and automate saving from their phones.

Differentiating factor: Almost a third of all Canadians live paycheque to paycheque. On a mission to democratize wealth creation, KOHO has developed products that make it easier to save and build your credit rating.

Its impact: The company recently launched Instant Pay, which offers employers the opportunity to provide their employees with free, on-demand access to their daily earned wages.


Charles Cartmill, CEOCharles Cartmill, CEO

Charles Cartmill, CEO

Founder and CEO: Charles Cartmill
Year founded: 2007
Capital raised: $28.55 million
Number of employees: 75-149

In a nutshell: LED Roadway Lighting and its smart city division Liveable Cities is working to make cities safer, more efficient — and more liveable. For instance, its powerful suite of technologies allows cities to install sensors into existing street lights to monitor traffic patterns and environmental noise. The data and insights gathered help support community decision makers.

Differentiating factor: The Halifax-based company supplies energy-efficient LED street lighting systems in more than 65 countries. It is currently piloting new micro-sensors that make sensor technology a low-cost and easily adoptable solution for municipalities looking to develop their smart-city capabilities.

Its impact: The company has been developing several new smart city micro-sensing technologies and will be launching an optical sensor to count pedestrians, bicycles and vehicles at mid-block locations as well to help with post-incident video investigations.


Karen Schuett, Co-Founder and CEOKaren Schuett, Co-Founder and CEO

Karen Schuett, Co-founder and CEO

Founders: Karen Schuett, Ross Thurston
CEO: Karen Schuett
Year founded: 2014
Capital raised: $6 million
Number of employees: 0-74

In a nutshell: One person’s trash is another’s treasure — and the same goes for animal waste. LWR’s on-farm waste treatment technology takes livestock manure and turns it into high-quality fertilizers, biogas feedstock and clean water. It cuts carbon emissions and reduces water pollution and soil contamination from agricultural effluent.

Differentiating factor: LWR has created the world’s first machine-learning application for manure to help producers make informed decisions around fertilizer sales, nutrient trading, carbon credits and biogas.

Its impact: Following a 15-month assessment, LWR has gained the Solar Impulse Efficient Solution Label, which identifies solutions that meet high standards in profitability and sustainability.


Brett Belchetz, Co-founder and CEO; Roxana Zaman, Co-founder and COO; Stuart Starr, Co-founder and CTOBrett Belchetz, Co-founder and CEO; Roxana Zaman, Co-founder and COO; Stuart Starr, Co-founder and CTO

Brett Belchetz, Co-founder and CEO; Stuart Starr, Co-founder and CTO; Roxana Zaman, Co-founder and COO

Founders: Dr. Brett Belchetz, Roxana Zaman, Stuart Starr
CEO: Dr. Brett Belchetz
Year founded: 2015
Capital raised: $96 million
Number of employees: 75-149

In a nutshell: Maple is a virtual healthcare company headquartered in Toronto. For a fee, users can log on 24/7 and be evaluated by a Canadian doctor or specialist via video, phone call or text message. It also provides custom software solutions for hospitals, clinics, insurers and employers.

Differentiating factor: Dr. Brett Belchetz started Maple after a decade of working in an E.R. where patients would wait hours for things that didn’t require hands-on treatment. The startup’s portfolio of providers also includes dermatologists, psychiatrists and oncology navigation experts.

Its impact: Maple is expanding its mental-health services, launching Mind by Maple for organizations to provide their employees with self-guided mental health care. It has also partnered with Headspace to offer Maple users meditation and mindfulness practices. In January 2022, the company acquired Wello, a Calgary-based virtual healthcare brand that provides primary medical care.


Eli Fathi, CEO; Solon Angel, Founder and Chief Impact OfficerEli Fathi, CEO; Solon Angel, Founder and Chief Impact Officer

Eli Fathi, Co-founder

Founders: Eli Fathi, Solon Angel
CEO: Stephen DeWitt
Year founded: 2015
Capital raised: $28 million
Number of employees: 75-149

In a nutshell: A pioneer in AI-powered risk analysis, MindBridge’s AI-auditing platform finds risk of unintentional error and fraud in 100 percent of user financial data. The Ottawa-based company’s ultimate goal is to improve the global financial system, one organization at a time.

Differentiating factor: MindBridge offers effective and efficient audits to its clients, while also helping them create long-term growth. By empowering firms to use artificial intelligence day-to-day, MindBridge future-proofs their clients for the evolution of their industry, and of financials at large.

Its impact: The World Economic Forum named MindBridge as an innovative “Technology Pioneer” company for its significant impact on business and society. In January 2024, MindBridge hired Stephen DeWitt, a seasoned Silicon Valley executive, to lead the company as it scales its smart accounting and auditing technology.


Christian Yan, COO; Gimmy Chu, CEO; Tom Rodinger, CTOeChristian Yan, COO; Gimmy Chu, CEO; Tom Rodinger, CTOe

Tom Rodinger, CTO;
Gimmy Chu, CEO;
Christian Yan, COO

Founders: Christian Yan, Gimmy Chu and Tom Rodinger
CEO: Gimmy Chu
Year founded: 2012
Capital raised: $7 million
Number of employees: 75-149

In a nutshell: Nanoleaf transforms everyday spaces into works of art with modular, colour-changing LED lighting tiles that can be customized into countless shapes. Its lights can be controlled by voice, through an app or by touch and some also react to music. Gimmy Chu, Nanoleaf’s CEO, says the company’s goal is to create “the most innovative lighting products that help to improve people’s lives.”

Differentiating factor: Nanoleaf’s lighting systems have amassed an ardent following for their ability to blend energy-saving technology with stylish design. Its latest line of hexagon-shaped lighting panels sold out within two weeks.

Its impact: Nanoleaf’s smart thinking goes beyond interior design. During the pandemic, the company leveraged its international supply chain to source and donate more than two million facemasks to hospitals and frontline workers in Canada and the United States.


Jeff Ruby, Founder and CEOJeff Ruby, Founder and CEO

Jeff Ruby, Founder and CEO

Founder and CEO: Jeff Ruby
Year founded: 2008
Capital raised: $50 million
Number of employees: 75-149

In a nutshell: Newtopia’s platform helps people adopt healthier habits to reduce their risk of developing chronic diseases. “We’ve all heard about the benefits of a healthy lifestyle, but what many have failed to take into account is just how much of a difference a truly individualized health plan can make in someone’s life,” says CEO Jeff Ruby. Through its platform, Newtopia creates personalized prevention programs that combine virtual care, digital tools and connected devices. This helps health insurers prevent disease and reduce costs.

Differentiating factor: Newtopia, which works with some of the largest employers and health plans in the United States, takes a proactive approach to keeping people healthy. Using genetic testing, behavioural science and smart technology, Newtopia tailors its services to suit each individual, with recommendations for nutrition, exercise and mental health.

Its impact: Nearly 80 percent of Newtopia’s participants lost weight and more than 20 percent dropped an entire BMI risk category. In 2021, Newtopia appeared on the Best Workplaces for Women, for Mental Wellness and in Ontario lists.


Annette Verschuren, Chair and CEO; David PattersonAnnette Verschuren, Chair and CEO; David Patterson

Annette Verschuren, Co-founder, Chair and CEO;
David Patterson, Co-founder

Founders: Annette Verschuren (President), David Patterson, Northwater Capital
CEO: Annette Verschuren
Year founded: 2012
Capital raised: >$20 million
Number of employees: 0-74

In a nutshell: NRStor develops low-cost, reliable energy storage projects that provide value-add services to customers. Led by Annette Verschuren, NRStor has successfully executed on complicated and innovative energy storage projects including numerous first of a kind projects.

Differentiating factor: Over the years, NRStor has built up strong relationships with governments, utilities, customers and the business community. The company develops projects in which the community can hold an ownership stake, which empowers them to invest in other aspects of the environment, community and social infrastructure.

Latest milestone: NRStor has created Ontario’s first hybrid energy storage facility. The company has added rooftop solar panels to its flywheel energy storage unit in Minto, enabling it to test how on-site storage could be paired with renewable power generators. In September 2021, NRStor and the Six Nations of the Grand River Development Corporation received the go-ahead from Ontario’s government to build Canada’s largest battery storage system for renewable energy.


Dr. K. Donald Tham, Board Director, Co-Founder; Jason Tham, CEO; Jason Yuen, CTO; Kevin Wong, COO; Sean Kirby, Chief ArchitectDr. K. Donald Tham, Board Director, Co-Founder; Jason Tham, CEO; Jason Yuen, CTO; Kevin Wong, COO; Sean Kirby, Chief Architect

Jason Tham, CEO

Founders: Dr. K. Donald Tham, Jason Tham, Jason Yuen, Sean Kirby and Kevin Wong
CEO: Jason Tham
Year founded: 2002
Capital raised: $20 million
Number of employees: 150-249

In a nutshell: As the pandemic has shown, good supply chain management is crucial for every consumer packaged–goods company. Nulogy’s cloud-based, AI-powered platform helps these brands strengthen their supplier networks. At packaging and manufacturing facilities around the world, Nulogy’s software replaces spreadsheets and paper forms, giving companies a real-time view of production data within their supply chain networks.

Differentiating factor: Nulogy effectively addresses a real pain point of many consumer good companies, offering visibility into their complex web of outsourced supply chain partners.

Its impact: Last year, Nulogy joined the federal government’s Scale AI innovation program and was named a Top Software and Technology Provider by Food Logistics, a leading industry publication. Plus, the Nulogy office was recently recognized for its work in supporting the mental wellness of its employees by Great Place to Work Canada.


George DeMarchi, Managing Director and Co-Founder; Trevor Cook, Co-Founder and Director; Robert Hyde, CEOGeorge DeMarchi, Managing Director and Co-Founder; Trevor Cook, Co-Founder and Director; Robert Hyde, CEO

Trevor Cook, Co-founder and Director; George DeMarchi, Managing Director and Co-founder; Robert Hyde, CEO

Founders: George DeMarchi and Trevor Cook
Leadership: Trevor Cook (CEO), Robert Hyde (president)
Year founded: 2014
Capital raised: Bootstrapped — Payment Source has grown its business with little or no outside investment.
Number of employees: 0-74

In a nutshell: George DeMarchi and Trevor Cook joined forces in 2014, starting Payment Source to make it easier for Canadians to be paid and to make payments. Offering prepaid credit cards as well as custom mobile and web-based solutions for companies, educational institutions and government organizations, the company is working toward giving all Canadians greater access to financial resources.

Differentiating factor: Its breadth of services. The company’s PaySimply program allows Canadians and businesses to pay their bills and taxes using a credit card, PayPal, e-transfer, instalment payments or even cash. It also offers mobile prepaid top-ups, gift cards and reloadable credit cards, digital wallets and online tax payments. Over the past six years, the company has tripled in size.

Its impact: Payment Source is working with Canada Revenue Agency to offer alternative CERB benefit repayment options and recently launched a relationship with the Alberta Tax and Revenue Administration to offer credit card, e-transfer and in person payment capabilities for Alberta corporations.


John Berardi, Co-founder; Phil Caravaggio; Tim Jones, CEO; Marc Zionts, Executive ChairmaneJohn Berardi, Co-founder; Phil Caravaggio; Tim Jones, CEO; Marc Zionts, Executive Chairmane

Marc Zionts, Executive Chairman; Tim Jones, CEO

Founder: Dr. John Berardi, Phil Caravaggio
Leadership: Tim Jones (CEO), Marc Zionts (Executive Chairman)
Year founded: 2005
Capital raised: Undisclosed
Number of employees: 75-149

In a nutshell: An industry leader in healthy eating and lifestyle coaching, Precision Nutrition provides health and fitness professionals the tools and coaching they need to help their clients adopt new habits. It offers a sustainable, practice-based approach to building strength and eating healthfully.

Differentiating factor: Precision Nutrition has created a certification program for sleep coaches. The online program walks coaches through the latest sleep science and gives them advanced techniques for helping their clients destress and get better sleep.

Its impact:Over the last 15 years, Precision Nutrition has grown into the largest private nutrition coaching company in the world. To date, close to 100,000 coaches in 120 countries have gone through its certification program.


Alex Peters, CEO; Rohan Mahimker, CEOAlex Peters, CEO; Rohan Mahimker, CEO

Rohan Mahimker, CEO;
Alex Peters, CEO

Founders and CEOs: Alex Peters and Rohan Mahimker
Year founded: 2011
Capital raised: $174.72 million
Number of employees: 500+

In a nutshell: Prodigy is solving one of society’s most intractable problems: making math fun for kids. The company’s answer is a game-based platform that engages students with fun puzzles and rewards, so they barely realize they are doing schoolwork. Co-founder Rohan Mahimker says Prodigy’s approach is “shaped by our experiences doing boring math worksheets as kids, while simultaneously being fans of video games. We wanted to blend these two experiences and help all students to love learning math.”

Differentiating factor: the company is preparing to launch the commercial release of Prodigy English, a new game that motivates students to practise language skills.

Its impact: Among families with young kids, Prodigy is a household name. It is used each month by 25 percent of all North American students in Grades 1 to 8.


Robert Madej, CEO and FounderRobert Madej, CEO and Founder

Robert Madej, CEO and Founder

Founder: Robert Madej
CEO: Robert Madej
Year founded: 2010
Capital raised: $37 million
Number of employees: 75-149

In a nutshell: PureFacts offers wealth-management and asset-management solutions for some of the world’s top financial-services firms. The scale-up’s software is used for fee billing, client reporting, retirement income planning, goals-based investing and digital onboarding.

Differentiating factor: Company employees refer to themselves as “math geeks” and “data experts,” and their expertise is broad — PureFacts currently works with roughly 100 clients in Canada, Europe, the United Kingdom and the Asia-Pacific region, representing a combined $1 trillion in assets under management.

Its impact: In September 2021, PureFacts was announced as a member of the prestigious AIFintech100; it then added to that honour in December by raising $37 million.


Douglas Beckett, VP of Optical Technologies; Hamid Arabzadeh, Chairman, President and CEO; Saeid AramidehDouglas Beckett, VP of Optical Technologies; Hamid Arabzadeh, Chairman, President and CEO; Saeid Aramideh

Douglas Beckett, VP of Optical Technologies;
Hamid Arabzadeh, Chairman, President and CEO;
Saeid Aramideh

Founders: Douglas Beckett, Hamid Arabzadeh, Saeid Aramideh
CEO: Hamid Arabzadeh
Year founded: 2012
Capital raised: U.S.$95 million
Number of employees: 0-74

In a nutshell: Ranovus has invented a laser technique for creating “light in streams” that has 40 times the capacity of regular fibre-optic cables at a fraction of the carbon footprint. The company has also developed a novel approach to add information on each of these light streams using electronic technologies in a single chip. This innovation sets a new benchmark for power, cost and space efficiency in the data industry.

Differentiating factor: Ranovus’s cutting-edge technology, is the first to bring photonics and electronics together in a miniaturized single chip for use in machine learning, artificial intelligence and 5G applications. And this efficient technology could reduce the amount of energy required for mass data transfers by 80 percent, cutting costs dramatically.

Its impact Machine learning and artificial intelligence are fuelling traffic growth and placing new demands on servers. To meet this demand, Ranovus has partnered with two leading machine-learning and artificial-intelligence companies in the U.S. to bring its technology into the data centre market.


Larry Stinson; Ray Reddy, CEO; Robert KimLarry Stinson; Ray Reddy, CEO; Robert Kim

Robert Kim, Co-founder;
Larry Stinson, Co-founder;
Ray Reddy, CEO and Co-founder

Founders: Larry Stinson, Ray Reddy and Robert Kim
CEO: Ray Reddy
Year founded: 2014
Capital raised: U.S.$144.4 million
Number of employees: 150-249

In a nutshell: Ritual’s mobile app offers a safe and convenient way for people to order and pay for takeout in advance for themselves and their workplace teams. Ritual works with thousands of restaurants in more than 50 cities across North America, Europe and Asia Pacific.

Differentiating factor: Ritual is passionate about helping restaurants and cafes thrive so that people can enjoy those real-world human connections.

Its impact: To support our economy’s reopening efforts, Ritual is continuing to partner with cities. The company has launched Ritual for Teams and Ritual for Buildings that enables digital ordering, rewards and relationships as a way to help landlords, companies and retail tenants incentivize the return to the office.


Nish Bhalla, Founder, Board Member; Rohit Sethi, CEONish Bhalla, Founder, Board Member; Rohit Sethi, CEO

Rohit Sethi, CEO

Founders: Nish Bhalla
CEO: Rohit Sethi
Year founded: 2004
Capital raised: Bootstrapped —Security Compass grew its business with little outside investment
Number of employees: 150-249

In a nutshell: Security Compass offers companies a quick solution to managing software security at scale. Its SD Elements platform automates significant portions of proactive manual processes that accelerates the roll-out of new technology. “We help people build security and compliance into software right from the start,” says Rohit Sethi, CEO. “Today, most people do it after software is built.”

Differentiating factor: Its client list includes more than 20 major banks, the U.S. Department of Defense, and the Securities and Exchange Commission.

Its impact: Security Compass has received numerous accolades. In 2022, Sethi was selected as a silver winner for the CEO of the Year and the company won gold in both the Application Security and Threat Modelling categories in the Cybersecurity Excellence Awards.

Learn how Security Compass gained vital market insights


D'Arcy Rittich, Co-Founder and CTO; Benji Nadler, Co-Founder and COO; Jay Goldman, Co-Founder and CEOD'Arcy Rittich, Co-Founder and CTO; Benji Nadler, Co-Founder and COO; Jay Goldman, Co-Founder and CEO

D’Arcy Rittich, Co-founder and CTO; Benji Nadler, Co-founder and COO; Jay Goldman, Co-founder and CEO

Founders: D’Arcy Rittich, Benji Nadler, Jay Goldman
CEO: Jay Goldman
Year founded: 2015
Capital raised: U.S. $6.5 million
Number of employees: 75-149

In a nutshell: Major projects like product launches or mergers are difficult to get right because they require intricate choreography to align many people and disparate processes. Sensei Labs’ Conductor platform gets everyone moving in the same direction with an intuitive system for planning, tracking and managing critical projects.

Differentiating factor: Sensei’s technology is unique in the enterprise Saas market as the only platform that includes project management, collaborative work, KPI data and knowledge management in one package.

Its impact: Sensei has recently added clients in Australia, Belgium and the U.K. It is also racking up accolades: it won the Comet Competition for Canada’s best enterprise software startup; it made Forrester’s Now Tech list of collaborative work management providers; it was named a Great Place to Work; and it made Quartz’s list of best companies for remote workers.


Ildar Shar, CEO; Vitaly Pecherskiy, COO; Yang Han, CTOIldar Shar, CEO; Vitaly Pecherskiy, COO; Yang Han, CTO

Yang Han, CTO; Ildar Shar, CEO; Vitaly Pecherskiy, COO

Momentum alumni
Founders: Ildar Shar, Vitaly Pecherskiy, Yang Han
CEO: Ildar Shar
Year founded: 2013
Capital raised: Undisclosed
Number of employees: 500+

In a nutshell: The group at StackAdapt enlists AI and machine learning to support advertising campaigns. The startup levels the media landscape with no minimum commitments, short ramp time and reporting tools to track bottom-line growth.

Differentiating factor: Advertising is all about empathy. And StackAdapt is loaded with experts that live for training machines in the nuances of human behaviour. The company is in the process of obtaining a patent for their contextual advertising solution, Page Context AI.

Its impact: StackAdapt is growing fast. In the past year, it has doubled its headcount and expanded into Australia and Singapore. It has also launched a new service that enables marketers to create and distribute audio ads to a potential audience of more than 625 million listeners. StackAdapt graduated from the Momentum program in fall 2022.


Peter Macnee, CEOPeter Macnee, CEO

Peter Macnee, CEO

Founder: Kevin Gervais
CEO: Peter Macnee
Year founded: 2012
Capital raised: $15.4 million
Number of employees: 0-74
In a nutshell: Statflo makes it easier for companies to communicate with the right customers at the right time to reliably drive sales.
Differentiating factor: It can be difficult for companies to find the right cadence and tone in communicating with customers. But Statflo’s messaging platform has helped some of the biggest companies in North America dramatically improve their sales revenue. Plus, this year, Statflo ranked as one of Canada’s greatest places to work and was recently recognized as one of Canada’s most inclusive workplaces.

Its impact: Statflo has launched a new one-to-one business text messaging platform for customer-facing teams. Now, large enterprises in any industry can quickly deploy messaging channels to their frontline using our APIs and SDKs, all with little to no code. They’ve also been certified as a Great Place to Work and recognized as one of Canada’s best workplaces for today’s youth by Great Place to Work Institute Canada.


Vincent Ircandia, CEOVincent Ircandia, CEO

Vincent Ircandia, CEO

Founders: Vincent Ircandia
CEO: Vincent Ircandia
Year founded: 2016
Capital raised: $16.5 million
Number of employees: 0-74

In a nutshell: Win or lose, sports fans are some of the most loyal, die-hard customers in the world (just ask the Leafs). Yet, 90 percent of fans never see their favourite team live and in-person, making it difficult for organizations to truly understand who their customers are, and how they engage with the team. Calgary-based StellarAlgo scouts out valuable customer data across venues, e-commerce platforms, social media, and marketing and advertising channels, giving teams the stats they need to create a gameplan to turn loyal fans into even more valuable customers.

Differentiating factor: For StellarAlgo, there’s no such thing as too much data. Harnessing machine learning, the company is able to collect five billion data points across more than 120 sports properties. “Customers typically achieve a positive ROI within their first season.”

Its impact: StellarAlgo has teamed up with several sports organizations including Canadian NHL clubs like the Flames, Canucks and Jets, Tennis Canada, the New York Yankees and Inter Miami CF, home of Lionel Messi, just to name a few. Most recently, StellarAlgo signed a multi-year contract with the NBA, allowing all 30 franchises to tap into the company’s fan data to boost apparel, fitness and merchandise sales, and increase fan engagement.


Brandon Moffatt, Vice President, Development; Christopher Guillon, Vice President, Finance; Pearce Fallis, Vice President, OperationsBrandon Moffatt, Vice President, Development; Christopher Guillon, Vice President, Finance; Pearce Fallis, Vice President, Operations

Pearce Fallis, Vice President, Operations; Brandon Moffatt, Vice President, Development; Christopher Guillon, Vice President, Finance

Founders: Brandon Moffatt, Christopher Guillon and Pearce Fallis
CEO: Judson Whiteside
Year founded: 2006
Capital raised: $346.82 million
Number of employees: 0-74
In a nutshell: StormFisher, one of 10 companies selected for Mission from MaRS: Climate Impact Challenge,
transforms garbage into energy and other value-added products, including biogas, fertilizer and engineered feedstock. At its many facilities across North America, it also uses low-carbon power sources to produce green hydrogen and renewable natural gas.

Differentiating factor: StormFisher doesn’t just develop the technology — it also operates the facilities. This means that they make sure projects provide long-term value to the community and the environment.

Its impact: StormFisher made headlines with the opening of its innovative new organics pre-processing facility in Drumbo, Ont., which can handle up to 100,000 tonnes of municipal waste a year. The company has been featured by BNN, CTV and numerous industry magazines, as well as being highlighted by Ontario’s environment ministry during Waste Reduction Week.


Carter Li, CEOCarter Li, CEO

Carter Li, CEO

Founders: Carter Li
CEO: Carter Li
Year founded: 2016
Capital raised: $16.45 million
Number of employees: 75-149

In a nutshell: The federal government wants all vehicles sold in Canada to run on clean energy by 2035, and as more people merge to EVs, the bigger the strain on existing electrical grids, especially on multi-unit properties like condos, commercial properties and office buildings. Toronto-based SWTCH is solving this problem with Control™, its energy load-management system that monitors a building’s energy consumption and optimizes EV charging cycles during off-peak hours, avoiding electrical grid overloads.

Differentiating factor: SWTCH is on the road to establishing itself as a leader in the Canadian cleantech scene. It has partnered with Guelph-based Skyline to install nearly a thousand EV chargers at apartment buildings across Canada. SWTCH has also teamed up with fellow MaRS cleantech venture Peak Power to further optimize EV charging in multi-tenant buildings, which has been deployed at two sites in downtown Toronto.

Its impact: This solution allows buildings to handle up to 10 times the number of EV chargers, without the need for a costly electrical system upgrade. The Toronto-based company also has operations in Boston and Brooklyn, and to date, more than 10,000 chargers are hooked up to the SWTCH network across North America. The company’s Control™ system also ensures electric vehicles are fully charged in time for the morning commute.


Cameron Piron; Gal Sela; Wes Hodges; Dave Gallop; Marc Buntaine, CEOCameron Piron; Gal Sela; Wes Hodges; Dave Gallop; Marc Buntaine, CEO

Marc Buntaine, CEO

Founders: Cameron Piron, Gal Sela, Wes Hodges, Dave Gallop
CEO: Marc Buntaine
Year founded: 2012
Capital raised: U.S.$250 million
Number of employees: 149- 250

In a nutshell: Synaptive finds novel ways to solve surgical, imaging and data challenges to improve the quality of human lives. With its suite of connected surgical devices and sophisticated software, doctors are seeing the brain and body in ways they never have before.

Differentiating factor: Over the past eight years, Synaptive has received more than 450 patents for its cutting-edge medical technology. For instance, its robotic digital microscope, Modus V, can follow a neurosurgeon’s instrument as it moves through the brain, automatically refocusing. And the company has also developed a magnetic resonance imaging machine that is a fraction of the size and cost of conventional machines.

Its impact: Synaptive’s lighter, smaller MRI machines have received approval from both Health Canada and the FDA. It has entered a manufacturing partnership with Linamar to improve production capacity. And during the pandemic, the company was also able to support initiatives with ventilators, MRI drapes and medical gowns.


Dr. Chris O’Connor; Sachin Aggarwal, CEODr. Chris O’Connor; Sachin Aggarwal, CEO

Sachin Aggarwal, CEO

Founder: Dr. Chris O’Connor
CEO: Sachin Aggarwal
Year founded: 2006
Market cap: $150 million
Number of employees: 150-249

In a nutshell: Think Research makes it easier for health professionals to provide the best care possible. Its health platform turns evidence-based research and best practices into actionable insights for clinicians at the point of care, transforming scribbled handwritten notes into digital checklists. During the pandemic, the company translated rapidly developing clinical recommendations for COVID-19 into tools and checklists.

Differentiating factor: Improving patient outcomes shouldn’t be a debate in healthcare, but systemic silos in workflow and data have made it challenging for clinicians. Think Research addresses this issue head on with its platforms that help multiple practitioners collaborate.

Its impact: Think Research is in acquisition mode. It has recently snapped up a provider of software for pharmacies, a company that conducts clinical trials and drug studies, a network of digital-first health clinics, an elective surgery clinic, and a provider of continuing medical education. Its solutions are now used in more than 5,000 facilities around the world.


Joe Rohrlich, CEOJoe Rohrlich, CEO

Joe Rohrlich, CEO

Founders: Mike Silagadze and Mohsen Shahini
CEO: Joe Rohrlich
Year founded: 2009
Capital raised: U.S.$105 million
Number of employees: 400+

In a nutshell: Top Hat helps university professors engage their students with an interactive learning platform that can be used for both online and in-person teaching. Instructors can create and assign interactive reading, host quizzes and discussions, set assignments and assessments, and receive actionable real-time insights on student performance and comprehension. Last year, 2.7 million students enrolled in courses that used Top Hat.

Differentiating factor: Top Hat is the only all-in-one teaching platform that enables active learning — a proven student-centred teaching pedagogy that promotes deep understanding, critical thinking and subject mastery — with interactive content, tools and activities.

Its impact: More than 750 colleges and universities across North America use Top Hat to teach and engage with students in both in-person and online education.


Sebastien Gendron, Founder; Ryan Janzen, FounderSebastien Gendron, Founder; Ryan Janzen, Founder

Sebastien Gendron and
Ryan Janzen

Founders: Sebastien Gendron and Ryan Janzen
Year founded: 2015
Capital raised: undisclosed
Number of employees: 0-74

In a nutshell: Toronto-based TransPod is designing a futuristic high-speed hyperloop system for passenger and cargo transportation. By removing air resistance and friction in the tube, its unique >“FluxJet” vehicles use magnetic levitation and electric propulsion to travel at speeds surpassing those of a commercial jet.

Differentiating factor: While the concept of a hyperloop system is not new, the plasma-based power transmission system of the FluxJet is. Through leveraging physics of veillance flux, the FluxJet uses plasma to access power without contact. “We’ve been able to harness and control the force of this natural phenomenon in the vehicle, which allows it to run at those extremely high speeds,” says co-founder Ryan Janzen.

Its impact: In 2022, TransPod secured a major round of financing (U.S.$550 million), bringing them one step closer to scaled implementation of the hyperloop line. And it recently raised $2.8 million in bridge financing. The funding will be used to build and pilot the first segment of the line in Alberta — ultimately resulting in a quicker, safer and more sustainable way of transportation.

Here’s how TransPod is innovating at the speed of 1,200 km/h


Ali Asaria, Founder and CEOAli Asaria, Founder and CEO

Ali Asaria, Founder and CEO

Founder and CEO: Ali Asaria
Year founded: 2013
Capital raised: $79.2 million
Number of employees: 150-249

In a nutshell: Tulip Retail creates custom mobile platforms for retail stores to improve in-store experiences for shoppers. With Tulip’s apps, store associates can look up products, manage customer information, check out shoppers and communicate with their clients. Leading global retailers such as Saks Fifth Avenue and Mulberry use Tulip to provide tailored one-on-one shopping experiences, increase sales and improve customer service.

Differentiating factor: “Now more than ever, we need to be quick to respond to our customers’ needs,” says CEO Ali Asaria. And there’s high demand for Tulip’s software — its three-year revenue growth rate is a whopping 609 percent.

Its impact: At the start of the pandemic, Tulip quickly adjusted its business model to help retailers improve the online shopping experience. It has launched four new products that allow store associates to remotely help customers.


Cynthia Goh; Darren Anderson, CEO; Gwynn Curran-Sills; Jane Goh; Jordan Dinglasan, VP Product Development; Richard LooCynthia Goh; Darren Anderson, CEO; Gwynn Curran-Sills; Jane Goh; Jordan Dinglasan, VP Product Development; Richard Loo

Darren Anderson, CEO

Founders: Cynthia Goh, Darren Anderson, Gwynn Curran-Sills, Jane Goh, Jordan Dinglasan, Richard Loo
CEO: Darren Anderson
Year founded: 2006
Capital raised: $38.9 million
Number of employees: 0-74

In a nutshell: Vive Crop Protection helps farmers improve their efficiency and profitability while also minimizing the environmental impact. It makes targeted versions of fungicides and insecticides.

Differentiating factor: Vive Crop is the first company to use precision chemistry to deliver what crops need at the exact time they need it. This cutting-edge technology improves yields and increases farmers’ return on investment.

Its impact: Vive has partnered with Helena Agri-Enterprises to distribute its products in the United States, doubling its commercial footprint. Vive has also been landing awards. It made The Globe and Mail’s Fastest Growing Companies in Canada list and won Crop Protection Solution of the Year from AgTech Breakthroughs.

See how MaRS Momentum is giving Vive Crop a space to nurture new ideas, helping the ag-tech innovator stand out in their field


Allen Lau, CEO and Co-founder; Ivan Yuen, Chief Strategy Officer and Co-founderAllen Lau, CEO and Co-founder; Ivan Yuen, Chief Strategy Officer and Co-founder

Allen Lau, Co-founder;
Ivan Yuen, Chief Strategy Officer and Co-founder

Momentum alumni
Founders: Allen Lau, Ivan Yuen
CEO: Jeanne Lam
Year founded: 2006
Capital raised: U.S.$117.8 million
Number of employees: 150-249

In a nutshell: The world’s leading digital community storytelling platform, Wattpad connects storytellers with readers. Users can comment on a book as it’s being written and posted, message with the creator, join communities, and follow favourite writers or genres. Wattpad then leverages that data, partnering with film and publishing companies to turn the best stories with built-in audiences into hit movies, TV shows and books.

Differentiating factor: Wattpad has created a supportive community for writers and passionate readers around the world — each month, members spend more than 23 billion minutes engaged in original stories.

Its impact: Wattpad is working with ViacomCBS International Studios to develop a slate of original series based on hit stories from global authors on its platform. The company is also collaborating with South Korean music label HYBE on a series of web comics and web novels with K-pop bands including BTS and ENHYPHEN. Wattpad graduated from the Momentum program in fall 2022.


Len Fridman, CEO; Sasha Davids, COOLen Fridman, CEO; Sasha Davids, COO

Len Fridman, CEO;
Sasha Davids, COO

Founders: Len Fridman, Sasha Davids
CEO: Len Fridman
Year founded: 2013
Capital raised: undisclosed
Number of employees: 150-249

In a nutshell: WellnessLiving offers an all-in-one business management solution for fitness studios, gyms, yoga studios and dance studios. The platform helps these businesses with such tasks as appointment scheduling, email marketing, robust reporting, rewards programs, client progress logs, merchant processing and payroll.

Differentiating factor: The two founders started the company to address the frustrations they were having running their own fitness business — their solution is tailor-made for the needs of this industry. And its business management software solution is more user-friendly and affordable than the current dominant option.

Its impact: During the pandemic WellnessLiving launched a video library feature and its scheduling service is helping gyms enforce social distancing guidelines. Since 2015, the company has experienced 100 percent year-over-year growth.

This article, first published in August 2021, was last updated March 14, 2024.

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