About Deep Tech sector in Canada
The Deep Tech sector in Canada comprises 3.72K companies, including 1.15K funded companies having collectively raised $33.2B in venture capital money and private equity. Out of these, 510 are Series A+ funded, and 14 have achieved unicorn status.
Deep Tech sector in Canada has seen 182 acquisitions and 134 IPOs. This represents almost 8.5% of all such companies - which is higher than the 3.8% exit rate of tech companies in general.
This sector includes companies that are developing products based on innovative technology and scientific developments such as blockchain, AI, advanced robotics, IoT , etc.
Deep Tech sector is also known as DeepTech, Deep-Tech, Digital Deep or Deep Technology Solutions.
Includes companies implementing technologies like blockchain, artificial intelligence, computer vision, robotics, nanotechnology, IoT into their products. Also includes companies providing infrastructure to develop blockchain, AI, IoT technology such as development tools, smart contracts, and sensor technology, among others. Excludes companies developing products of conventional technology (Shallow Tech) such as conventional digital platforms, conventional robotics in industrial automation, among others.
Top Deep Tech Companies in Canada
There are 3,723 Deep Tech startups in Canada which include Cohere, Blockstream, D-Wave, Vention, LayerZero Labs Canada Inc. Out of these, 1,148 startups are funded, with 510 having secured Series A+ funding, and 14 achieving unicorn status.
2026 has seen the creation of 105 Deep Tech startups in Canada. Over the past 10 years, an average of 184 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and McGill University.
Here is the list of top Deep Tech startups in Canada
1. Cohere
Developer of enterprise AI platform and multilingual language and retrieval models. The company provides tools for workplace productivity, intelligent search, and semantic text representation. It offers models for relevance-based result refinement and high-performance generative tasks. The platform supports customization and private deployments, catering to various industries. It also provides developer resources, including API access and technical documentation.
Key facts about Cohere
- Founded Year: 2019
- Location: Toronto (Canada)
- Stage: Series E
- Total Funding till date: $1.54B
- Investors: Inovia Capital, Sapphire Ventures and 39 Others
- Latest Funding Round: Series E, Oct 30, 2026, $*****
- Tracxn Score: 79/100 What is this?
- Competitors Rank: 4 of 192 Competitors
2. Blockstream
Developer of cryptocurrency infrastructure software and open source hardware wallets. Systems built for the bitcoin network include non custodial applications, security technology, and decentralized financial tools. These products facilitate peer to peer transactions and address scaling requirements through satellite transmissions and sidechain implementations. Hardware security devices assist individuals with self custody management. The architecture aims to reduce reliance on third party financial institutions by utilizing cryptographic proof and distributed systems protocols.
Key facts about Blockstream
- Founded Year: 2014
- Location: Montreal (Canada)
- Stage: Series C
- Total Funding till date: $651M
- Investors: Bitfinex, Baillie Gifford and 46 Others
- Latest Funding Round: Series C, Oct 15, 2024, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 2 of 318 Competitors
3. D-Wave
Developer and delivery of quantum computing systems, software, and services. It offers quantum computers a dual-platform quantum computing products and services, spanning both annealing and gate-model quantum computing technologies. It help customers realize the value of quantum today through enterprise-grade systems available on-premises and via its Leap quantum cloud service.
Key facts about D-Wave
- Founded Year: 1999
- Location: Burnaby (Canada)
- Stage: Public
- Total Funding till date: $256M
- Investors: Goldman Sachs, PSP Investments and 27 Others
- Latest Funding Round: Grant (prize money), Sep 09, 2026, $*****
- Tracxn Score: 74/100 What is this?
- Competitors Rank: 1 of 5 Competitors
4. Vention
Developer of an AI-powered automation platform for manufacturing operations. The platform unifies hardware, software, motion control, and cloud connectivity to streamline factory floor processes. It enables the design, programming, and deployment of automated systems, including robotic cells, conveyors, and workstations, to support various industrial applications.
Key facts about Vention
- Founded Year: 2016
- Location: Montreal (Canada)
- Stage: Series D
- Total Funding till date: $263M
- Investors: Georgian, Bain Capital Ventures and 17 Others
- Latest Funding Round: Series D, Jan 27, 2026, $*****
- Tracxn Score: 73/100 What is this?
- Competitors Rank: 4 of 1,332 Competitors
Omnichain interoperability protocol that unites decentralized applications. It enables the secure movement of messages and fungible tokens between several blockchains without the need for asset wrapping, middle chains, or liquidity pools.
Key facts about LayerZero Labs Canada Inc
- Founded Year: 2021
- Location: Vancouver (Canada)
- Stage: Series B
- Total Funding till date: $318M
- Investors: Andreessen Horowitz, Sequoia Capital and 54 Others
- Latest Funding Round: Series B, Feb 11, 2026, $*****
- Tracxn Score: 71/100 What is this?
- Competitors Rank: 1 of 44 Competitors
Companies founded year-on-year in the Deep Tech sector in Canada
105 new startups have been founded so far in 2026 in the Deep Tech sector in Canada. 278 Deep Tech startups in Canada were founded in 2018 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | 105 |
2025 | 140 |
2024 | 114 |
2023 | 149 |
2022 | 127 |
2021 | 198 |
2020 | 223 |
2019 | 251 |
2018 | 278 |
2017 | 261 |
Stage-wise distribution of Deep Tech sector companies in Canada
Out of the total 3,723 Deep Tech companies in Canada, 1,148 have secured funding. Among them, 510 have reached Series A or higher, and 396 to Series B or beyond.
Founded - 3,723
Funded - 1,148
Series A+ - 510
Series B+ - 396
Series C+ - 359
Company Stage | No. of companies |
|---|---|
Founded | 3,723 |
Funded | 1,148 |
Series A+ | 510 |
Series B+ | 396 |
Series C+ | 359 |
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Funding Trends in the Deep Tech sector in Canada
Total funding year-on-year in the Deep Tech sector in Canada
The Deep Tech sector in Canada saw a total funding of more than $29.7B in the last 10 years. The most amount of funding was in 2021 at more than $7.18B. There has been a total funding of $3.7B in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $3.7B |
2025 | $3.05B |
2024 | $3.39B |
2023 | $2.34B |
2022 | $2.72B |
2021 | $7.18B |
2020 | $1.13B |
2019 | $3.58B |
2018 | $1.63B |
2017 | $962M |
Recent Funding Rounds in Deep Tech in Canada
In the year 2026, till October 2026, Deep Tech companies in Canada have raised $3.42B in equity funding across 61 rounds.
In the same period last year (i.e. till October 2025), Deep Tech companies in Canada had raised $1.62B across 71 rounds.
So, 2026 has seen a 110.72% rise in funding in Deep Tech companies in Canada as compared to 2025.
Here are some recent, important funding rounds in Deep Tech companies in Canada:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series E | 4066 | Oct 30, 2026 | ||
Series A | 7559 | Oct 27, 2026 | ||
Series B | 9987 | Oct 08, 2026 | ||
Series A | 6467 | Sep 28, 2026 | ||
Series A | 4130 | Sep 28, 2026 |
Top Investors in Deep Tech in Canada
Plug and Play Tech Center is the top investor in Deep Tech companies in Canada based on number of companies invested.
Here are some top investors in Deep Tech companies in Canada:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
Montreal (Canada) | ||
Menlo Park (United States) | ||
Ottawa (Canada) | ||
Toronto (Canada) |
M&A activity in Deep Tech sector in Canada
In the year 2026, till October 2026, 17 acquisitions happened in Deep Tech sector in Canada. Last year, in 2025, a total of 19 acquisitions happened in Deep Tech sector in Canada.
Here are some recent, important acquisitions in Deep Tech sector in Canada:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Oct 21, 2026 | ||
Business Acquisition | Oct 08, 2026 | ||
Business Acquisition | Oct 05, 2026 | ||
Business Acquisition | Sep 16, 2026 | ||
Business Acquisition | Jul 30, 2026 |
Acquisition trends in Deep Tech sector in Canada
Here are the acquisition trends in Deep Tech sector in Canada:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 17 |
2025 | 19 |
2024 | 9 |
2023 | 19 |
2022 | 14 |
2021 | 29 |
2020 | 11 |
2019 | 18 |
2018 | 9 |
2017 | 11 |
IPOs in Deep Tech in Canada
In the year 2026, till October 2026, 6 IPOs happened in Deep Tech sector in Canada.
Here are some recent, important IPOs in Deep Tech sector in Canada:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Oct 02, 2026 | New York Stock Exchange (NYSE) | |
Jul 13, 2026 | National Association of Securities Dealers Automated Quotations (NASDAQ) | |
Jul 09, 2026 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
May 27, 2026 | Toronto Stock Exchange (TSX) | |
Mar 26, 2026 | Toronto Stock Exchange (TSX) |
Colleges which produce the most Deep Tech companies in Canada
Companies founded by alumni from top colleges in the Deep Tech in Canada
Most number of Deep Tech startups in Canada have been founded by alumni from University of Toronto, University of Waterloo and McGill University.
College | No. of companies |
|---|---|
University of Toronto | 97 |
University of Waterloo | 94 |
McGill University | 24 |
The University of British Columbia | 24 |
McMaster University | 18 |
Massachusetts Institute of Technology | 12 |
Queen's University | 12 |
Stanford University | 12 |
York University | 12 |
University of Cambridge | 10 |
Total funding in Deep Tech companies founded by alumni from top colleges in Canada
In the last 10 years, University of Toronto graduates' Deep Tech companies in Canada have raised the most funding among top colleges. University of Oxford alumni are second, and University of Waterloo alumni are third.
College | Total Funding |
|---|---|
University of Toronto | $6.64B |
University of Oxford | $2.03B |
University of Waterloo | $1.07B |
The University of British Columbia | $1B |
Stanford University | $748M |
McMaster University | $667M |
University of California (Los Angeles) | $375M |
McGill University | $352M |
Columbia Business School | $350M |
Harvard University | $272M |
Top News in Deep Tech in Canada
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Telesat Addresses C$2.4B GEO Debt Due in December Amidst Financial ConcernsPayload•Oct 30, 2026•Telesat
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H2O Innovation's EkoFiber Filter Wins Technical Evolution Award at EIMA International 2026Financial Post•Sep 30, 2026•H2O Innovation
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SunOpta, Now Part of Refresco, Expands Production in Midlothian to Meet Beverage DemandFinancial Post•Sep 22, 2026•SunOpta
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MDA Space Unveils Integrated Earth Observation Portfolio Ahead of Next-Gen Constellation LaunchStockhouse Publishing•Sep 17, 2026•MDA Space
