Fundraising has been somewhat challenging for startups in Canada in recent years, but that hasn’t stopped everyone from raising capital.
To prove our point, we’ve highlighted a handful of B.C.-based companies that have secured funding since May.
From newer upstarts raising early rounds to established firms maintaining momentum, below is a sampling of financing events in the Vancouver tech ecosystem this season.
Photonic
In May, Photonic confirmed a sizeable round of financing at Web Summit Vancouver which valued the firm at $3 billion.
Photonic is developing commercial-scale quantum computers and quantum networks using its Entanglement First architecture, which leverages optically linked silicon spin qubits.
The company, which has now raised a total of nearly $500M, will use the “funding to continue to hit key milestones, grow our team, and deepen the partnerships that will take us there,” according to CEO Don Mattrick.
Photonic bolstered its leadership team shortly after finalizing the round.
Anodyne
Later that month, Anodyne Chemistries secured a $1 million follow-on investment from NorthX Climate Tech to advance its EZ Formate Pilot Plant in British Columbia.
Anodyne is developing a new approach to chemical production that uses carbon dioxide instead of conventional fossil feedstocks. Its bioelectric manufacturing process converts CO₂ into industrial-grade formates using off-the-shelf reactor systems.
The pilot plant supports commercial-scale production of industrial chemicals from captured carbon dioxide, a first for Canada and among the first projects of its kind globally.
Since NorthX’s initial investment in 2023, Anodyne has secured additional federal support, expanded its operations, and built a customer base across Canada and internationally.
Light AI
In June, Light AI completed a $5M private placement.
The Vancouver-based digital healthcare technology company focused on developing health diagnostic solutions powered by artificial intelligence technology said that the financing from MV Capital will support ISO 13485/QMS audit completion and Health Canada registration submission.
Light AI’s offerings include QuickScan, a technology platform which applies AI algorithms to compatible smart device images to identify a disease in seconds. The patented, app-based solution requires no swabs, lab tests, or proprietary hardware.
In pre-FDA validation studies, differentiating between viral and bacterial pharyngitis, Light AI’s algorithm achieved a 97% accuracy rate and attained a Negative Predictive Value of 100%, indicating reliability in confirming the absence of infection.
JUDI AI
A week after Light AI snagged capital, financial technology upstart JUDI.AI secured investment from Regina’s Conexus Venture Capital.
JUDI is on a mission to “transform small business dreams into vibrant communities by increasing access to capital.”
The B.C. fintech firm offers a cash flow underwriting platform that enables community-based financial institutions to provide a fintech-like experience for small business loans. With a decade of performance data, the AI-enabled platform uses real-time bank transaction data and a proprietary cash flow model to quickly evaluate the creditworthiness of a small business borrower.
Supporting credit unions and community banks throughout North America, JUDI’s fintech has thus far processed more than $2 billion in loan applications.
pH7
In July, pH7 Technologies attracted capital from Natural Resources Canada through the Energy Innovation Program’s Mining Decarbonization Demonstration Call for Proposals in order to evaluate a first-of-its-kind copper production technology using samples from a local mine in British Columbia.
The B.C.-born critical metals processing innovator says the project, supported by up to $5 million in federal support, will aim to validate pH7’s proprietary closed-loop copper extraction process, which converts low-grade sulfide ore directly into 99.9% pure copper cathodes on-site while generating green hydrogen as a valuable by-product.
pH7 earlier this year raised US$32 million amid continued expansion in Canada.
Grounded AI
Following Ph7, GroundedAI raised $2 million to accelerate the expansion of its underground intelligence platform into the tunnelling sector.
GroundedAI is developing technology designed to help construction teams understand changing subsurface conditions before they lead to costly delays and budget overruns.
The startup’s platform connects workers collecting information underground with engineers, owners, and other decision-makers above ground.
Flagship technology includes Lithos, an iPad-based LiDAR application that captures data in underground environments, and Strata, a web platform that maps information while identifying differences between actual conditions, project budgets, and geological models.
Together, the tools provide construction teams with visibility into subsurface conditions during the same work shift.
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