Where is L-Spark's headquarters located?

L-Spark's headquarters is located in Ottawa (Canada).

How many companies has L-Spark invested in?

L-Spark has invested in 118 companies, including FluidAI & Acerta AI.

Which companies has L-Spark invested in lately?

Platoi & CIRA are the latest investments by L-Spark.

How many exits has L-Spark been involved in?

L-Spark's portfolio has seen 2 IPOs and 13 acquisitions.

L-Spark - 2026 Investor Profile, Portfolio, Team & Investment Trends

1. FluidAI

AI-powered postoperative monitoring device. It offers stream platform that consists of origin and delta for continuously and non-invasively analyzes postoperative wound drainage. It provides systems utilizing electronic health record information and data from proprietary hardware to predict the risk of postoperative complications. It offers real-time continuous monitoring of biochemical composition of fluid. The company delivers insights at critical points in patient care.

Key facts about FluidAI

Founded Year: 2014
Location: Kitchener (Canada)
Stage: Series A
Total Funding till date: $18.5M
Employee Count: 57 as on Jul 31, 2026
Investors: FedDev Ontario, SOSV and 17 Others
Latest Funding Round: Grant (prize money), Jul 09, 2025, $*****
Highlight: Editors' Pick

2. Acerta AI

AI and cloud-driven product failure indicator solution for automakers. It offers vehicle quality optimization, predictive analysis for automotive assemblies, maintenance management, and more. Products include LinePulse (identify anomalies in production data and catch defective assemblies before they reach the end of the line), and AutoPulse (enhance vehicle health and safety with real-time condition monitoring).

Key facts about Acerta AI

Location: Kitchener (Canada)
Stage: Series B
Total Funding till date: $17.1M
Employee Count: 30 as on Jul 31, 2026
Investors: EQT, S28 Capital and 18 Others
Latest Funding Round: Series B, Nov 22, 2022, $*****
Highlight: Editors' Pick

3. Martello Technologies

Cloud-based fault and performance management solutions provider. It offers Mitel Performance Analytics - a cloud-hosted or on-premise solution that provides fault and performance management software that monitors and manages the performance of the network, Martello Vantage - assesses the fitness of the network for a UC solution, prior to deployment, and UCScore - establishes a foundation for UC network from the start, preventing problems resulting from overcapacities, such as echo, delay or jitter.

Key facts about Martello Technologies

Founded Year: 2009
Location: Ottawa (Canada)
Stage: Public
Total Funding till date: $11.3M
Employee Count: 54 as on Jul 31, 2026
Investors: FedDev Ontario, Vistara Growth and 4 Others
Latest Funding Round: Post IPO, Mar 07, 2025, $*****
Highlight: Public

4. Flosonics Medical

Flosonics Medical is a developer of non-invasive sensors for the management of critically ill patients, performing continuous monitoring of arterial flow with automatic artery detection. The company develops products for fluid responsiveness detection in the ICU, E.D, and operating room. The company's smart-bandage product, FloPatch, is designed to address the clinical needs of critically ill patients and the physicians, nurses, and paramedics who care for them in the ambulance, emergency department, operating room, and intensive care unit. The patch is disposable and is enabled with ultrasound technology.

Key facts about Flosonics Medical

Founded Year: 2015
Location: Greater Sudbury (Canada)
Stage: Series C
Total Funding till date: $39M
Employee Count: 73 as on Jul 31, 2026
Investors: New Leaf Venture Partners, Graphite Ventures and 15 Others
Latest Funding Round: Venture Debt, Mar 03, 2025, $*****
Highlight: Editors' Pick

5. Cybeats

Provider of a cybersecurity platform for IoT devices. It provides solutions to identify security vulnerabilities in the development process of a device and protects it against abnormal device behaviour and allows immediate response without downtime. It also provides SOC integration and tools to manage the ongoing security of deployed devices, including secure firmware updates.

Key facts about Cybeats

Founded Year: 2016
Location: Toronto (Canada)
Stage: Public
Total Funding till date: $3M
Employee Count: 49 as on May 27, 2025
Investors: MaRS Discovery District, Graphite Ventures and 13 Others
Latest Funding Round: Post IPO, Nov 13, 2025, $*****
Highlight: Public

View the full list of portfolio companies

L-Spark has invested in 118 companies over the last 11 years, with an average of 1 new investment annually in the last 10 years. Its most recent first time investment was in Platoi.

Here are L-Spark's Year-on-Year Investment Trends:

Year	No. of Investments
Year	1^st Round	Follow-on	Total
2026 (YTD)	0	0	0
2025	0	0	0
2024	0	0	0
2023	0	0	0
2022	0	0	0
2021	0	0	0
2020	0	0	0
2019	2	0	2
2018	2	0	2
2017	4	0	4

View all investments by L-Spark

L-Spark has made 13 investments in Seed stage with an average round size of $1.3M and 1 investment in Unattributed stage.

Here are L-Spark's investments by stage:

Stage of entry	No. of Investments
Seed	13
Unattributed	1

Note: We have considered here, only first round of investments

View all investments by L-Spark

L-Spark has a diverse portfolio, with companies operating in the Enterprise Applications, Vertical SaaS, HealthTech, Energy Tech and Environment Tech. Notably, it has invested in 96 Tech companies, 88 Enterprise (B2B) companies, 79 Software companies and at least 43 companies focusing on Saas.

Here are L-Spark's investments by sector:

Sector	No. of Investments
Enterprise Applications	11
Vertical SaaS	4
HealthTech	3
Energy Tech	2
Environment Tech	2
Others	11

Note: We have considered here, only first round of investments

View all investments by L-Spark

L-Spark has made most investments in Canada (14).

View all investments by L-Spark

L-Spark has not made any investment in 2026 so far.

Here are the most recent investments by L-Spark:

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Date	Company	Location	Round Details	Round Amount	Co-Investors
Jul 24, 2019	Platoi	Canada	Seed	4812	-
Jul 22, 2019	CIRA	Canada	Unattributed	1892	-
Oct 01, 2018	AideXpress	Canada	Seed	3985	-
Sep 05, 2018	energyX Solutions	Canada	Seed	1208	Globalive Capital [+3]
Oct 24, 2017	Patient Access Initiatives	Canada	Seed	6183	-

See more recent investments made by L-Spark

2 of L-Spark's portfolio companies have become public. Cybeats got listed on the Canadian Securities Exchange (CSE), in Nov 2022 at marketcap of $764M and Martello Technologies got listed on the Toronto Stock Exchange - Venture Exchange (TSX-V).

Here are L-Spark's portfolio companies that went public:

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Company	IPO Date	First Invested on	First Round of Investment	Round Size
Cybeats	Nov 21, 2022	-	-	4040
Martello Technologies	Sep 12, 2018	-	-	4363

View more details about public companies in L-Spark's portfolio

13 companies from L-Spark's portfolio have been acquired. The most recent acquisition was Mutuo Health Solutions in Nov 2025 by Wellstar for $*****.

Here are L-Spark's portfolio companies that got acquired most recently:

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Company	Acquisition Date	First Invested on	First Round of Investment	Round Size
Mutuo Health Solutions	Nov 02, 2025	-	-	9855
Deeplite	Apr 23, 2025	-	-	5124
Shippie	Mar 24, 2025	-	-	1872
Preteckt	Feb 10, 2025	-	-	3838
Mydoma Studio	Jul 25, 2024	-	-	6161

View all acquired companies in L-Spark's portfolio

L-Spark has a team of 8 members including 2 Partners and 2 Principals located in Canada. L-Spark's team does not sit on the board of any company as of now.

Here is a list of all team members in L-Spark:

Name	Designation	Location	Board Memberships	Contact Details
Patrick White	Partner	Ottawa	-	1 Email
Jeremy Bernard	Partner	Ottawa	-	-
Elza Seregelyi	Principal	Ottawa	-	1 Email
Natasha Tardioli	Principal	Ottawa	-	1 Email

View team details of L-Spark

Over the past 11 years, 13 investors have co-invested in L-Spark's portfolio companies. This includes funds and angels.

Top Co-investors of L-Spark: 4 investors entered a company along with L-Spark. These include investors like Globalive Capital (1 company).
Invested after L-Spark: A total of 9 investors have invested in L-Spark's portfolio after their investments. Top Investors include Wesley Clover (2 companies) and MaRS IAF (1 company).