About Deep Tech sector in Toronto, Canada
The Deep Tech sector in Toronto, Canada comprises 766 companies, including 293 funded companies having collectively raised $11.9B in venture capital money and private equity. Out of these, 124 are Series A+ funded, and 8 have achieved unicorn status.
Deep Tech sector in Toronto, Canada has seen 46 acquisitions and 27 IPOs. This represents almost 9.5% 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 Toronto, Canada
There are 766 Deep Tech startups in Toronto, Canada which include Cohere, ChargeLab, Waabi, Ethereum, Xanadu. Out of these, 293 startups are funded, with 124 having secured Series A+ funding, and 8 achieving unicorn status.
2026 has seen the creation of 12 Deep Tech startups in Toronto, Canada. Over the past 10 years, an average of 40 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 Toronto, 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. ChargeLab
Provider of electric vehicle station management solution. It offers an OCPP-compliant software that manages, controls, and monetizes the EV charging stations. It also offers turnkey Level 2 and Level 3 EV charging infrastructures for offices, buildings, and homes.
Key facts about ChargeLab
- Founded Year: 2019
- Location: Toronto (Canada)
- Stage: Series A
- Total Funding till date: $30M
- Investors: Eaton, Root Ventures and 10 Others
- Latest Funding Round: Series A, Apr 14, 2023, $*****
- Tracxn Score: 71/100 What is this?
- Competitors Rank: 4 of 636 Competitors
3. Waabi
Developer of physical artificial intelligence platform for autonomous trucks and robotaxis. The platform enables scalability across various form factors, geographies, and environments. It utilizes a shared artificial intelligence model for both autonomous trucks and robotaxis. The company focuses on delivering safer and more efficient autonomous transportation solutions. It employs neural simulation and end-to-end artificial intelligence to set new standards for safety.
Key facts about Waabi
- Founded Year: 2021
- Location: Toronto (Canada)
- Stage: Series C
- Total Funding till date: $1.03B
- Investors: Khosla Ventures, Uber and 28 Others
- Latest Funding Round: Series C, Jan 28, 2026, $*****
- Tracxn Score: 71/100 What is this?
- Competitors Rank: 3 of 51 Competitors
4. Ethereum
Blockchain-based public network for decentralized applications. It is a blockchain-based distributed computing platform and operating system featuring smart contract functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. It enables developers to build and deploy decentralized applications.
Key facts about Ethereum
- Founded Year: 2013
- Location: Toronto (Canada)
- Stage: Series B
- Investors: KR1, HFRRF and 110 Others
- Latest Funding Round: Series B, Oct 21, 2021, $*****
- Tracxn Score: 70/100 What is this?
- Competitors Rank: 8 of 2,334 Competitors
5. Xanadu
Manufacturer of cloud and AI-based application-specific ICs for quantum computing applications. It develops a quantum photonic processor and an open-source software platform. Its photonic-powered quantum processor chips are developed using squeezed light (fluctuation in light behaviour at the quantum level) concept for better calculations and computing speeds. It has developed open-source software that also includes a new quantum computing language, which is a dedicated machine learning platform for quantum computers.
Key facts about Xanadu
Companies founded year-on-year in the Deep Tech sector in Toronto
12 new startups have been founded so far in 2026 in the Deep Tech sector in Toronto. 67 Deep Tech startups in Toronto were founded in 2017 - 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 | 12 |
2025 | 30 |
2024 | 28 |
2023 | 35 |
2022 | 35 |
2021 | 35 |
2020 | 41 |
2019 | 61 |
2018 | 65 |
2017 | 67 |
Stage-wise distribution of Deep Tech sector companies in Toronto
Out of the total 766 Deep Tech companies in Toronto, 293 have secured funding. Among them, 124 have reached Series A or higher, and 96 to Series B or beyond.
Founded - 766
Funded - 293
Series A+ - 124
Series B+ - 96
Series C+ - 87
Company Stage | No. of companies |
|---|---|
Founded | 766 |
Funded | 293 |
Series A+ | 124 |
Series B+ | 96 |
Series C+ | 87 |
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Funding Trends in the Deep Tech sector in Toronto
Total funding year-on-year in the Deep Tech sector in Toronto
The Deep Tech sector in Toronto saw a total funding of more than $11.2B in the last 10 years. The most amount of funding has been in 2026 at more than $2.95B till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $2.95B |
2025 | $1.88B |
2024 | $1.93B |
2023 | $860M |
2022 | $940M |
2021 | $1.75B |
2020 | $225M |
2019 | $321M |
2018 | $253M |
2017 | $92.4M |
Recent Funding Rounds in Deep Tech in Toronto
In the year 2026, till October 2026, Deep Tech companies in Toronto have raised $2.91B in equity funding across 18 rounds.
In the same period last year (i.e. till October 2025), Deep Tech companies in Toronto had raised $1.02B across 18 rounds.
So, 2026 has seen a 184.62% rise in funding in Deep Tech companies in Toronto as compared to 2025.
Here are some recent, important funding rounds in Deep Tech companies in Toronto:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series E | 9831 | Oct 30, 2026 | ||
Series B | 2967 | Oct 08, 2026 | ||
Series A | 2818 | Sep 28, 2026 | ||
Series A | 3622 | Sep 28, 2026 | ||
Series D | 3488 | Sep 17, 2026 | - |
Top Investors in Deep Tech in Toronto
Plug and Play Tech Center is the top investor in Deep Tech companies in Toronto based on number of companies invested.
Here are some top investors in Deep Tech companies in Toronto:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | ||
Toronto (Canada) | ||
Toronto (Canada) | ||
Basel (Switzerland) | - | |
Zurich (Switzerland) | - |
M&A activity in Deep Tech sector in Toronto
In the year 2026, till October 2026, 3 acquisitions happened in Deep Tech sector in Toronto. Last year, in 2025, a total of 8 acquisitions happened in Deep Tech sector in Toronto.
Here are some recent, important acquisitions in Deep Tech sector in Toronto:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Oct 08, 2026 | ||
Business Acquisition | Oct 05, 2026 | ||
Business Acquisition | Jun 2026 | ||
Business Acquisition | Dec 01, 2025 | ||
Business Acquisition | Nov 10, 2025 |
Acquisition trends in Deep Tech sector in Toronto
Here are the acquisition trends in Deep Tech sector in Toronto:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | 3 |
2025 | 8 |
2024 | 4 |
2023 | 5 |
2022 | 3 |
2021 | 6 |
2020 | 2 |
2019 | 1 |
2018 | 6 |
2017 | 2 |
IPOs in Deep Tech in Toronto
In the year 2026, till March 2026, 1 IPO happened in Deep Tech sector in Toronto.
Here are some recent, important IPOs in Deep Tech sector in Toronto:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Mar 26, 2026 | Toronto Stock Exchange (TSX) | |
Dec 16, 2024 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
Jul 07, 2023 | Frankfurt Stock Exchange (FRA) | |
Jul 05, 2023 | OTC Markets (OTCMKTS) | |
Nov 21, 2022 | Canadian Securities Exchange (CSE) |
Colleges which produce the most Deep Tech companies in Toronto
Companies founded by alumni from top colleges in the Deep Tech in Toronto
Most number of Deep Tech startups in Toronto have been founded by alumni from University of Toronto, University of Waterloo and McGill University.
College | No. of companies |
|---|---|
University of Toronto | 69 |
University of Waterloo | 27 |
McGill University | 7 |
McMaster University | 5 |
Queen's University | 5 |
York University | 5 |
Carnegie Mellon University | 4 |
Ivey School of Business | 3 |
Massachusetts Institute of Technology | 3 |
University of Chicago | 3 |
Total funding in Deep Tech companies founded by alumni from top colleges in Toronto
In the last 10 years, University of Toronto graduates' Deep Tech companies in Toronto have raised the most funding among top colleges. University of Oxford alumni are second, and Ivey School of Business alumni are third.
College | Total Funding |
|---|---|
University of Toronto | $6.24B |
University of Oxford | $1.7B |
Ivey School of Business | $239M |
Queen's University | $227M |
University of Waterloo | $195M |
McMaster University | $187M |
Massachusetts Institute of Technology | $157M |
The University of British Columbia | $155M |
Imperial College London | $154M |
Carnegie Mellon University | $135M |
Top News in Deep Tech in Toronto
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Neo Performance Materials Raises Full-Year 2026 Adjusted EBITDA GuidanceMiningstockeducation•Jul 09, 2026•Neo Material Technologies
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Neo Performance Materials offers exposure to the rare-earth magnet supply chainSeeking Alpha•Jul 07, 2026•Neo Material Technologies
