About Innovation Factory
Innovation Factory, an accelerator and incubator program founded in 2010, is based in Hamilton, Canada. With a presence in 4 countries, it has supported around 68 startups in sectors like Enterprise Applications, Consumer. As of Oct 2026, Innovation Factory has witnessed 3 portfolio exits. Most notable companies in
its portfolio include Able Innovations, Altis Labs and Ackroo. The program is backed by a team of 36 people who primarily support Seed startups based in Canada. Its latest investment was a $100K Seed round in iUGO Health on Apr 01, 2018.
Key Metrics
Founded Year
2010
Location
Hamilton, Canada
Portfolio Companies
Sectors of Investment
Stages of Investment
Seed
Locations of Investment
Innovation Factory's List of Top Investments
Innovation Factory has a portfolio of 68 companies. Their most notable investmentis in iUGO HealthTheir portfolio spans across Canada, United States, Brazil and 1 more locations. They have invested in Enterprise Applications, Consumer, Life Sciences and 27 other sectors, across stages such as Seed stage. Here is the list of top investments by Innovation Factory:
Manufacturer of robotic systems for automated patient transfers in healthcare. These devices utilize motorized gears and sensors to move individuals between surfaces. The technology incorporates collision avoidance and algorithms to manage the transfer process. By automating the physical movement of patients, the equipment reduces the manual labor required by staff during routine care tasks. The system provides data regarding utilization and status to assist with operational monitoring.
Key facts about Able Innovations
- Founded Year: 2018
- Location: Toronto (Canada)
- Stage: Series A
- Total Funding till date: $9.57M
- Employee Count: 32 as on Sep 30, 2026
- Investors: Ontario Centre of Innovation, NorthSpring Capital Partners and 6 Others
- Latest Funding Round: Grant (prize money), Jun 14, 2022, $*****
2. Altis Labs
Online platform offering clinical imaging data insights. The platform uses deep learning technology to predict treatment outcomes in patients by analyzing the clinical data. The platform analyses computed tomography, magnetic resonance imaging, and positron emission tomography images along with patient history, records, treatment demographics, and lab test results to provide insights into the treatment pathways.
Key facts about Altis Labs
3. Ackroo
Provider of software for loyalty programs gift cards and payments. This platform enables businesses to manage customer engagement tools including digital and physical gift cards, reward programs, and promotional campaigns. The system integrates with point of sale hardware to process credit, debit, and mobile transactions. It provides reporting features to track sales activity and transaction data. The technology supports various retail, automotive, and service sectors by facilitating customer retention and transaction processing.
Key facts about Ackroo
- Founded Year: 2012
- Location: Ottawa (Canada)
- Stage: Acquired
- Employee Count: 6 as on Sep 30, 2026
- Investors: Export Development Canada, RBC Royal Bank and 2 Others
- Latest Funding Round: Post IPO, Oct 20, 2020, $*****
- Highlight: Acquired
4. VoxNeuro
Developer of brain injury and concussion assessment system. The company develops EEG-based brain performance software to objectively assess cognitive health and measure brain biomarkers.
Key facts about VoxNeuro
- Founded Year: 2017
- Location: Hamilton (Canada)
- Stage: Series A
- Total Funding till date: $519K
- Employee Count: 9 as on Aug 31, 2026
- Investors: DeltaCap, Canadian Space Agency and 4 Others
- Latest Funding Round: Series A, Mar 10, 2025, $*****
- Highlight: Editors' Pick
5. NixSensor
Manufacturer of portable color measurement devices for various industries. These devices facilitate accurate color matching and communication across diverse applications, including paint and interior design, print and packaging, and graphic arts. The company provides software and supporting databases to enhance the functionality of its hardware, enabling users to capture, analyze, and share color data efficiently. A software development kit is also offered for custom solutions. The devices are designed for durability and ease of use, eliminating the need for frequent calibration.
Key facts about NixSensor
- Founded Year: 2013
- Location: Hamilton (Canada)
- Stage: Seed
- Total Funding till date: $2M
- Employee Count: 10 as on Sep 30, 2026
- Investors: Graphite Ventures, Innovation Grade Ventures and 4 Others
- Latest Funding Round: Seed, Nov 12, 2019, $*****
Innovation Factory's Year-on-Year Investment Trends
Its most recent first time investment was in iUGO Health.Innovation Factory's Investments by Stage
Innovation Factory has made 1 investment in Seed stage with an average round size of $100K.Innovation Factory's Investments by Sector
Innovation Factory has a diverse portfolio, with companies operating in the Enterprise Applications, HealthTech and Vertical SaaS. Notably, it has invested in 50 Tech companies, 40 Enterprise (B2B) companies, 30 Software companies and at least 19 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 1 |
HealthTech | 1 |
Vertical SaaS | 1 |
Note: We have considered here, only first round of investments
Innovation Factory's Investments by Geography
Innovation Factory has made most investments in Canada (1).Innovation Factory's recent investments
Innovation Factory has not made any investment in 2026 so far.Here are the most recent investments by Innovation Factory:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 01, 2018 | Canada | Seed | 7102 | - |
Acquired companies in Innovation Factory's Portfolio
3 companies from Innovation Factory's portfolio have been acquired. The most recent acquisition was Ackroo in Dec 2024 by Paystone for $*****.Here are Innovation Factory's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 12, 2024 | - | - | 7717 | |
Dec 07, 2021 | - | - | 6100 | |
Jul 28, 2021 | - | - | 2631 |
Team profile of Innovation Factory
Innovation Factory has a team of 36 members including 12 Partners and 4 Principals located in Canada. Innovation Factory's team sits on the board of 1 company.Here is a list of top team members in Innovation Factory:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Toronto | - | ||
Partner | Toronto | - | ||
Partner | Hamilton | - | ||
Partner | Hamilton | - | ||
Partner | Toronto | - | ||
Partner | Mississauga | - | ||
Partner | Oakville | - | ||
Partner | Hamilton | - | ||
Partner | Hamilton | - | ||
Partner | Oakville | - | ||
Partner | Burlington | - | - |
Recent News related to Innovation Factory
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Hamilton's Innovation Factory and Haltech join forces to supercharge Southwestern Ontario innovationApr 02, 2024•Innovation Factory, Haltech, Techplace, Conestoga
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Innovation Factory partners with HaloHealth to bridge the gap between healthcare startups and clinical expertiseInnovation Factory•Sep 06, 2023•Innovation Factory, HaloHealth, SOPHIE
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Innovation Factory Launches Intellectual Property Program to Help Startups and Scaling Companies Protect Their InnovationsInnovation Factory•Apr 26, 2023•Innovation Factory, Ipic
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Innovation Factory, Haltech, and Movement51 announce partnership to support women founders and investors in technology and innovationInnovation Factory•Mar 08, 2023•Innovation Factory, Haltech, The51
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Innovation Guelph Awarded $10 Million From Federal Government For Cleantech ProgramBetaKit•May 03, 2022•Haltech, Innovate Niagara, Innovation Guelph, TechAlliance and 1 other
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Innovation Factory Partners with Innovation Guelph to Fund Green InitiativesInnovation Factory•May 02, 2022•Innovation Factory, Boundless, i.d.e.a. Fund
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Innovation Factory Receives $6M in FedDev Ontario Funding to Support Commercialization of High-Potential Life Science InnovatorsBusiness Insider•Mar 30, 2021•Innovation Factory, SYNAPSE LIFE SCIENCE CONSORTIUM, Government of Canada, SOPHIE
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Innovation Factory embracing the future of work with VirBELA virtual reality platformInnovation Factory•Apr 28, 2020•Innovation Factory, VirBELA
