Canada is making strides in developing technologies. Their innovations are creative, never-before-seen wonders, and are bound for success. 2023 was no exception to this trend.
In the past few months, we’ve seen tons of new businesses pop up and leave their mark in their industry, and we haven’t even gone through half the year yet.
There are also several older companies that have either created new sectors or just consistently grown for a few years and now reached their peak. We’ve included a few of both on this list.
Most Canadian tech companies are based in Toronto, Montreal, and Vancouver. While there are many notable new businesses in Atlantic Canada and the Prairies, we simply couldn’t include all of them. If we tried, you’d be here all day.
With that said, let’s take a look at 11 companies to watch in 2023.
BlueDot
Bluedot is among the top Canadian tech companies because its platform is one of a kind. It was developed in 2013 to analyze and track infectious diseases. The software is run by both human and artificial intelligence.
It can track over one hundred and fifty infections globally and issue warnings. The application is available across the world in 65 different languages.
When Dr. Kamran Ali developed it, he could’ve never known how big of a role it would play in the fight against COVID-19. At the start of the pandemic, the company picked up “unusual pneumonia” in Wuhan, China, and reported it to the World Health Organization.
You should watch out for BlueDot because their technology gave them the power to spot the pandemic before anyone else. WHO released this information to the public on December 30th, 2019.
The startup’s role in tracking subsequent outbreaks has gotten it a lot of local and international fame. Nothing matters more than speed, and the computing power of artificial technology gave the world exactly that.
BlueDot changed the way governments fought the contagion and are on an upward trajectory in terms of profits, growth, and expansion. We can’t wait to see what they do next.
Clutch
The pandemic shifted several industries to online platforms. Schools moved to Zoom, doctors began taking consultations over WhatsApp, and remote working saw unprecedented growth. However, there were a few who either didn’t have the ability to make the change due to financial constraints or didn’t have the incentive to do so.
One of these industries was the car retail sector in Canada. And that’s where Clutch came in. In July 2020, this startup received a $7 million investment and began building an online presence.
Customers can go through several high-quality cars and low prices and then buy one. The process is user-friendly and has all the technicalities you need for an authentic purchase. You get financing, insurance, test drives, and delivery.
All of this comes in the middle of a pandemic and is absolutely safe.
Initiatives like these give you hope that maybe we don’t have to shut down our economy to be safe. They prove that compromise is possible, and we can be socially responsible without causing our country huge economic loss.
Not only is Clutch innovative, but it’s also adaptive, and that earns it a spot on our list.
Xandar Kardian
Xandar Kardian is a start-up business situated in Toronto, Canada that was formed in 2017. The firm offers technology for smart buildings that identify movement and track foot patterns.
This is accomplished by measuring the micro-vibrations of the individuals’ bodies, which enables increased precision also without the need for standard cameras.
After its inception in 2017, the company has amassed a substantial sum of initial funds. The startup has effectively presented to 3 different investors in 3 consecutive phases of fundraising. These investors have contributed a sum of $13.7 million in starting capital for the firm.
Synctera
Launching a payment or banking product is a tedious process. You have to partner with a bank and spend hours upon hours filling forms, having meetings, dotting Is, and crossing Ts. Most times, this input just isn’t worth it, and many startups try to avoid it.
Banks don’t like that. They want to partner with a startup business in Canada because it brings them profit. And even though these companies would like to, the process is just too long and incredibly arduous.
Synctera fixes this issue. They create an environment where banks and Canadian tech companies can collaborate easily. How do they do it? The onboarding is simplified. Businesses can build their products on top of existing infrastructure using API-driven platforms. This, in turn, allows quick launches, testing, and improvements.
This startup business in Canada has completely changed the way businesses and consumers interact with money. And such revolutionary developments need to be mentioned when discussing the best startup business ideas in Canada.
Even though Synctera has already made strides, its long-term goal is to set up a platform through which any company can launch a product in one day. While ambitious, this can be done. And the team at Synctera is best suited for it.
Codex
Codex is a Canadian firm that was established in 2021 and is now situated in Toronto. The firm delivers production solutions to enable time documenting, allowing for profound teamwork. Enhanced cooperation leads to increased effectiveness, which has a beneficial influence on a business in the end.
The company has done an excellent job of getting financing for expansion and advancement. This is shown by the 3 investment phases that the firm has experienced, with 5 investors investing their resources into the business. This has enabled Codex to collect an amount of $4.5 million in initial capital.
Synex Medical
Synex Medical is bringing new business ideas to Toronto in regard to health monitoring. They hope to provide people with non-invasive medical testing. The principle behind their technology is the same as that of magnetic resonance imaging (MRI).
Once it has been developed, Synex will be able to measure critical blood metabolites. These are products of reactions happening in your body by various enzymes, for example, glucose, ketones, and lactate.
Additionally, since the product will be miniaturized, it will be easily transportable and let you get accurate measurements at any time of the day.
Synex raised almost $5.25 million in seed financing for their project in late October 2020. This process was led by a Boston-based capital firm and will support the company’s expansion to the United States of America.
If this sounds interesting, you should reach out to them and learn more. It’s an exciting opportunity to expand your knowledge of bioengineering technology. Plus, they’re working with people abroad, meaning they have remote work setups. So if you’re looking for some of the best startups to work for in Toronto, you should definitely add them to your list.
Maple
Maple is a Toronto-based IT and healthcare business. Regardless of the time of day, the firm uses its digital network to link patients with qualified medical specialists.
Throughout the global pandemic, the firm has assisted patients in getting immediate medical aid. One of the main reasons that contributed to the firm’s initial prominence was its ease of accessibility.
A group of 7 financiers additionally provided the firm with a large amount of up to $71.7 million in funding. One of them, in particular, is the owner of the Royal Bank of Canada.
With this funding support and their long-term growth strategy in place, Maple has designated 2021 as their hallmark year of victory.
LifeSpeak
The next tech company on our list isn’t like the other businesses we’ve mentioned. They haven’t invented a new product, and they didn’t adapt to the pandemic in an innovative or effective manner. LifeSpeak does something better.
This web-based service helps you navigate through life. They have put up hundreds of short videos from leading experts in a range of fields to help you. Some of their topics include:
- PTSD
- Healthy earring
- Bullying
- Stress in children
- Divorce
- Anxiety
- Addiction
- Depression
Each of the topics mentioned above deals with a vital issue that affects everyone. Most of them have become worse since the pandemic hit. And that’s why this company is extremely important.
They’re part of the Department of National Defence’s Employee Assistance Program and became available in early September 2019. Even two years later, in 2021, this application is one to watch for because the pandemic is still raging globally. Issues like anxiety, bullying, depression, and divorce are only becoming worse over the years.
LifeSpeak doesn’t just help people who are going through a hard time; it also counters the spread of false information across media channels. Since it is sponsored by the government, it has considerable resources at its disposal and has the potential to help a lot of people.
Borrowell
Borrowell is a Canadian fintech start-up company based in Toronto. The firm educates individuals on how to handle their income more effectively.
It provides free credit ratings, credit score managing advice, and suggestions for financial items that are informed by an AI’s feedback from clients. The organization makes sure that the unique services given to consumers are appropriate for their needs.
Borrowell has reportedly received $92 million in investment from a collaboration of 25 businessmen. In addition, near the end of 2020, the business has also purchased Refresh Financial.
Showbie
As mentioned before, one of the several industries that immediately made the shift to online platforms was education and schooling. This was only possible because of applications and software like Showbie that were specifically designed to accommodate students and teachers.
Colin Bramm and Roy Pombeiro founded the company in 2012. It is very simple to work with since the UI is straightforward and engaging. Both of these features are essential in a classroom since they make sure that students stay active and focus on the subject matter being taught.
Additionally, Showbie has several tools that make the feedback detailed. But they do this without unnecessarily complicating it. A 2018 survey showed that 97% of teachers said it helped them improve feedback and quicken the grading process.
These features are just some of the many that have led to the company’s growth globally. They have around 3 million users right now and are growing at a steady rate annually.
Symend
“There are countless reasons why customers fall behind, and only one that helps them get back on their feet.
Empathy.”
Symend’s motto speaks volumes about their work ethic, goals, and approach to improving their customers’ reach.
This profitable business in Toronto offers a simple product: engagement. Consequently, the principle behind it is straightforward: empower clients and get them invested in your business to make them purchase your goods. But the returns? Huge.
After several years of research, they have found the secret to understanding customer behavior. Depending on your target audience and what you’re trying to get them to do, Symend will help you find the best business strategy to engage people.
They’ve already helped global enterprises engage millions of customers. Click here to find out how. Additionally, they offer three distinct benefits to their customers, which makes it a force to be reckoned with.
Firstly, they increase customer satisfaction. Using specific words and phrases, Symend communicated with your audience and ensured that you are fostering a positive brand experience. This, of course, changes in time. The company will help you adapt and always accommodate evolving needs.
Secondly, they lower operating costs by clarifying outreaches and making your payment plans adaptable. There are very specific options that attract customers.
Lastly, they resolve past due bills. Once you empower your customers, they act quickly and make sure they don’t fall behind in the future.
All three are attractive offers that aren’t offered by their competitors, which makes them a company in Canada you should watch out for.
Loopio
Loopio is a tech firm that is particularly made for knowledge planning. The firm essentially assists huge businesses in addressing a wide variety of distinct aspects such as RFPs, RFIs, and more.
Loopio provides sales information visible at the corporate level, making it simpler for its users to collaborate. The firm has already attracted considerable funds from 3 financiers, with a total of $263 million.
Elastic Garage
Elastic Garage was founded in 2020 by Chris Payne. He serves as the chief executive manager (CEOs) and oversees all operations. The business offers on-demand rentals of all the things you’d want to have in your ideal Garage.
What makes them an attractive Canadian company is that they let people enjoy an opulent life (as far as garages go) without having to pay the exorbitant costs associated with it. For instance, you can buy the fanciest garden equipment and tools you can think of at cheap rates.
Elastic Garage offers delivery services. And they’re planning to expand later on to include services for cities outside Vancouver.
Craver Solutions
Amin Yazdani and Shabnam Ahmadi founded Craver Solutions in 2018 and set up their headquarters in Vancouver. They give their customers (restaurants) a personalized food ordering app. Furthermore, the ‘software as a service’ or SaaS solution is great for independent restaurants because they get to compete with larger chains that have considerably larger finances and social capital.
By equalizing the playing field, Craver Solution is giving small businesses a fighting chance. The pandemic has negatively impacted the restaurant industry, but this software gives it some room to breathe by connecting people to delivery services.
ApplyBoard
ApplyBoard is an educational digital business that was launched in 2015. This start-up provides students all over the world with the biggest network and a unique platform for connecting with employers and educational institutions.
Up to this point, ApplyBoard has assisted up to 200,000 students from all around the world in continuing their needed educational journey. The firm is a clear representation of a Canadian start-up that is performing incredibly well in regard to garnering foreign funding.
A total of 21 contributors have contributed to the funding of ApplyBoard. It has received up to $300 million in Series D investing in June 2021, increasing the business’s worth to over $3.2 billion.
Lufa Farms
Food insecurity is a big issue, and Lufa Farms is doing its part to stem the bleeding. It brings sustainable food practices to rooftop greenhouses in urban areas and has its headquarters in Montreal.
Ever since its founding in 2010, Lufa Farms has doubled production capacity by building the fourth largest rooftop farm in the world. They’re also among the biggest food retailers in Canada.
Ollie Order
With its headquarters in Vancouver, Ollie Older empowers the liquor industry. It helps pubs, bars, liquor stores, wineries, and breweries manage their businesses. For example, they help in sorting orders, doing inventory, and organizing payment plans.
Over the last year, a significant portion of the food industry shifted online. And it came as no surprise that the liquor industry hinted that they were doing the same. Ollie Order is in an excellent position to make profits by leading this shift. All they have to do is increase digitization and include modern tools in their platform.
The company has always had a good business strategy, so it’ll be fun to see what move they make next.
Wrap Up
That’s all we have for eleven great startup and technology companies in Canada that you should keep an eye on in 2023. The established ones have made considerable contributions to their respective fields and have the potential to outdo themselves.
On the other hand, the new ones that are still developing themselves could revolutionize their industries. For instance, if Synex completes its trials this year, it will completely change consumer attitudes towards personal health management.
