thriveFORWARD Sub-Regional Highlights Part 3: The GTA

VENTURE13, COBOURG, ONTARIO, January 23, 2024—With the support of FedDev Ontario and the Government of Canada’s Jobs and Growth Fund, NCFDC’s thriveFORWARD initiative backs technology entrepreneurs and industrial innovators across all of southern Ontario in their leading efforts to grow, expand their business, create jobs and contribute to the inclusive and sustainable industries of our region’s future.

Early-stage thriveFORWARD ventures in the Greater Toronto Area (GTA) included some of the most exciting up-and-coming start-ups in Canada in 2023. With matching, performance-based seed funding and acceleration, these start-ups have already went on to raise more than $8 million in follow-on funding.

• Green and cleantech innovation in the GTA was at the forefront of the thriveFORWARD portfolio, led by CarbonOne, SpinorX, Symbient, Exhale Aerosystems, Advanced Biofibres, Renergy, Pahk Solutions, Cabn and Fathom Storage. Ecosystem partners helped to develop breakthrough cleantech projects in Toronto and across southern Ontario, providing support to both innovation commercialization (for deployment stage companies) as well as very early-stage experimental deeptech that could play a pivotal role in the emerging era of circular economics.
• In biotech, agtech and food production, NCFDC’s strategic partnership with Bioenterprise propelled next generation ventures. thriveFORWARD backed Daily Blends, Gwella, FoFu, Nirvana, Beagle Scientific, Krop, Mycro Harvest and Genuine Taste, strengthening critical sectors identified by FedDev Ontario through the strategic objectives of the Government of Canada’s Jobs and Growth Fund (JGF). Mycro Harvest was featured in Episode #4 of the Frontier Entrepreneurship Podcast.
• AI, computer vision, predictive analytics and advanced logistics applications were brought forward by CaCao Systems, ExpressUAV and ZapMetals, in various applications from advanced manufacturing to drone systems, with the support of FedDev Ontario. ZapMetals (automated machine shop) was featured in Episode #5 of the Frontier Entrepreneurship Podcast.
• In medtech and related applications, thriveFORWARD advanced Anatomiz3d, Glissner, Foqus, Leynek Medical and PocketMD.
• GTA SaaS start-ups in the thriveFORWARD portfolio included Bidmii, Cercling, Cheffer, Chexy (Forbes Toronto Top 30 Under 30 along with NCFDC N1M-backed Convictional Commerce Founders), Avail, Conscious Cart, Iceberg Cyber, jitto, LockDocs and OOt along with accessibility platforms Magnify Access, Deaf AI (Desjardins Start-up Prize Winner at the U of T) and Voiceflip, in gaming and music Limelight and StreamSIX and fintech ventures Fund the North and P2PHub.
• Featured in the flagship Episode #1 of NCFDC’s Frontier Entrepreneurship Podcast was acclaimed spacetech start-up, Magnestar.

While these next gen thriveFORWARD Start-ups are commercializing new and innovative products and services, established companies in the region (SMEs) also co-invested in innovation capital, in talent and tech:

• With the support of FedDev Ontario through NCFDC’s thriveFORWARD initiative, investments in innovation in the food and beverage production and strategic supply chain partners impacted a total of 13 SMEs across the GTA (Greenhouse Juice, Flavorcan, Rootree, DOM International, Casa Bonita, Pure Food Meat Solutions, King Cole Ducks, Wilmott Orchards, Sunny Crunch Foods, B. Box, Rapid Aid and Osmow’s Commissary).
• At the forefront of cleantech and greening operations, projects led by Hybrid Power Solutions in Etobicoke (designer and manufacturer of battery systems to replace gas and diesel generators) and Evergreen Environmental in Durham Region (a leader in organic waste management) laid the groundwork for sustainable growth.
• In Toronto, biomanufacturer ProteinQure is leading computational protein drug design through investment in cutting edge methodologies while Piramal Healthcare in Aurora invested in strategic productivity enhancements.
• In Markham, EAIgle advanced enterprise computer vision solutions for the workplace and public spaces while Shiftlink developed their notification platform for employers.
• In Milton, ROMAC implemented cobot solutions for advanced manufacturing capacity-building.
• In Mississauga, thriveFORWARD and MasterNet invested in gravometric feeders to improve production systems and reduce waste, drove global business expansion with E. Morrisson Equipment (producing specialized water systems for dental applications) and invested in strategic innovation capital for enhanced productivity, innovation and sustainability with Kal-Trading, who process post-industrial plastic parts and materials into re-usable pellets.

With FedDev Ontario, thriveFORWARD helped to trigger investments in innovation capital at a 5-to-1 clip, generating strong public ROI.

“thriveFORWARD investments were made possible by the leadership of FedDev Ontario and the Government of Canada,” said Wendy Curtis, Executive Director of NCFDC. “Whether in the GTA or in southwestern or eastern Ontario, together we advanced some of the most exciting Ontario-made technology solutions in the region. New products, new services and process innovations will strengthen competitive advantage and open new domestic and global market opportunities now and well into the future.”

For more information about the thriveFORWARD initiative, please visit the official webpage.

Previous installments in this series included eastern Ontario and southwestern Ontario.

And you can catch upcoming episodes of NCFDC’s Frontier Entrepreneurship Podcast on Podbean and all major platforms. Season 1 features start-ups backed by FedDev Ontario through NCFDC’s thriveFORWARD initiative, including ZapMetals, Mycro Harvest and Magnestar.

Contact

Victoria Pichler
Marketing & Communications Coordinator – NCFDC
647-570-7851