Ontario government has decided to cut funding to startup and innovation programs in the province.
Ontario Premier Doug Ford has promised to balance province’s books at any means necessary.
Ford wants to cut funding by 50% to various provincial agencies that help IT and tech companies scale up in Ontario.
For example, Ontario Centres of Excellence has invested over $80m to help tech companies in the province in 2017-2018. But now, they will lose about 50% of their funding.
The Vector Institute for Artificial Intelligence, lost about $20m due to the cut.
Toronto’s MaRS , which supports Canada’s most promising startups , will lose about $2 million in funding (about 30% of its funding).
Communitech, Waterloo tech hub agency, had no choice but to lay off 15 of its 105, due to 30% provincial cut.
Conservative Economic Development Ministry spokesperson Sarah Letersky said in a statement:
“We have had frequent, constructive conversations with the tech sector about creating the conditions that will allow companies to scale and grow. Their recommendations have since informed our approach to the sector, in the context of Ontario’s fiscal situation.”
Economic Development Ministry spokesperson Sarah Letersky
While conservative government in Ontario is reducing subsidies in tech subsidies, liberal federal government has launched $52.4-million funding initiative last month to scale up tech companies faster.
Another month passes, and another amazing round for Canadian startups raising tons of money. Congrats to Quebec and Ontario companies leading the way with most money raised this month. All money raised have been converted to Canadian dollars.
List of Canadian companies that raised money in February 2018. We missed any? Let us know in the comment below:
Angoss Software Corporation, a Toronto, Ontario data science platform provider, was acquired by Massachusets based Datawatch for around $30m Canadian.
Angoss’ predictive analytics and data mining software solutions help companies grow revenue, increase sales productivity, improve marketing effectiveness, deepen customer loyalty, and reduce risk, using data profiling and visualization, decision tree analysis, predictive modeling, scoring and strategy building.
Cognixion also known as Smartstones, a Toronto, Ontario with offices in Santa Barbara, CA neurotech A.I. company, raised $1Min funding.
Cognixion™ is building a revolutionary sensory communication platform with an audacious goal of being able to communicate with anyone around the world via a direct brain computer interface.
Appili Therapeutics Inc., a Halifax, Nova Scotia biopharmaceutical company developing and commercializing anti-infective drugs, raised around $5m in financing (read here)
Appili Therapeutics was founded to advance the global fight against infectious disease by matching clearly defined patient needs with drug development programs that provide solutions to existing challenges patients, doctors, and society face in this space.
Tilray, a Toronto, Canada-based medical cannabis research, cultivation, processing and distribution company, raised C$60m in funding .
Tilray offers BC’s best marijuana delivered to your door, with a wide selection of medical cannabis products including oils.
7D Surgical, a Toronto, Ontario, advanced optical technologies and machine vision company , completed an undisclosed financing round .
7D Surgical is a privately-owned Toronto based company that develops advanced optical technologies and machine vision-based registration algorithms to improve surgical workflow and patient care.
Loopio, a Toronto, Ontario RFP software product provider, raised around $11m Canadian in funding.
Loopio is a proposal and knowledge management software service that simplifies the process of responding to Requests for Proposals (RFPs) and Request for Information (RFIs), as well as Due Diligence Questionnaires (DDQs) and Security Questionnaires.
Frank and Oak, a Montréal, Quebec, clothing and accessories retailer, raised $16m in funding .
Clothing company. Designed in Canada. Made for good living.
Hack Capital, a Vancouver, Canada-based provider of an ops platform built for startup founders, raised a $750k in seed funding.
At Hack Capital, we work with seed-stage, high growth companies that rely on their ability to scale their operations and make data driven decisions in real time to be successful.
GoFetch, a Vancouver, British Columbia, mobile app to find and book dog sitters and walkers, raised $3.4m in funding. This is on to of $1.4m GoFetch raised last year.
Find trusted dog boarders, sitters, walkers, and daycare providers near you in Vancouver, Toronto, Calgary, Montreal, and all across Canada.
Unsplash, a Montréal, Quebec, photo platform, raised C$7.25min funding
Beautiful high quality free images and photos you can download and use for any project.
Dojo Technology Corp., a a Vancouver, BC, financial software company, secured an undisclosed amount of seed funding
How We’re Raising Money-Smart Kids. Dojo makes Financial institutions active partners in financial education.
Wealthsimple, a Toronto, Ontario, fintech, raised a $65m.
Wealthsimple is the smartest and easiest way for everyone to invest their savings.
LegUp Computing, Inc., a Toronto, Ontario, FPGA device software, closed a seed funding round of undisclosed amount.
Our long-term vision is to make FPGA programming easier for software developers.
Dialogue, a Montreal, Quebec, health service services, closed a $12m Series A.
Dialogue provides progressive, premium and affordable healthcare, accessible on mobile, for Canadian companies who care.
D-Wave Systems Inc., a Vancouver, BC, quantum computing company, raised $20m in funding
D-Wave Systems, Inc. is a quantum computing company, based in Burnaby, British Columbia, Canada. D-Wave is the world’s first company to sell quantum computers.
Greencopper, a Montreal, Quebec company, provider of mobile and web technologies for live events was acquired by New York based Patron Technology for undisclosed amount.
Greencopper, a global provider of mobile and web technologies for live events.
Jiffy on Demand, a Toronto, Ontaro, mobile platform that connects home maintenance and repair professionals to homeowners, raised $3m in funding
Jiffy is a web and mobile platform that connects homeowners with service providers in real time, based on proximity and availability.
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