About Virtual Reality sector in Canada
The Virtual Reality sector in Canada comprises 260 companies, including 62 funded companies having collectively raised $50.7M in venture capital money and private equity. Out of these, 13 are Series A+ funded.
Virtual Reality sector in Canada has seen 8 acquisitions.
This sector includes immersive multimedia that digitally simulates presence in real or imagined worlds, and allows the user to interact with that world. VR immerses the user into a computer-generated experience that artificially replaces the physical surroundings.
Virtual Reality sector is also known as Immersive Reality or Simulated Reality.
Includes companies which manufacture display devices (head mounted devices, smartphone-based headsets), studios making their own VR content, startups focusing on live streaming of events (like sports, concerts) in virtual reality. Consists of companies providing tools for creating VR content (like reality capture, VR modeling, end to end solutions, processing, developer tools). Contains platforms for delivery of VR content like videos, experiences, apps as well as platforms enabling distribution of VR content on various VR publishing platforms. Tools enabling interaction in virtual reality through peripherals and software through gesture detection, tracking are also included. Comprises of players applying VR technology in various fields like Healthcare, Education, Real Estate, Retail, Entertainment, Social, Tourism, etc. Also includes service companies which make custom VR applications. Excludes generic 3D and visualization tools. Generic software which can be used to make VR content e.g. game engines like Unity are not covered here. Excludes Gaming studios which are covered under VR Gaming feed. Does not include consulting firms for VR. Excludes Augmented Reality specific device manufacturers and technology solutions providers which are covered in Augmented Reality feed.
Top Virtual Reality Companies in Canada
There are 260 Virtual Reality startups in Canada which include Audiokinetic, MetaVRse, Keep Talking Game, Vrvana, JanusVR. Out of these, 62 startups are funded, with 13 having secured Series A+ funding.
Over the past 10 years, an average of 15 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Waterloo, University of Toronto and Harvard University.
Here is the list of top Virtual Reality startups in Canada
1. Audiokinetic
Audiokinetic is an interactive audio solution provider based in Canada. It has developed "Wwise" and "SoundSeed" that helps in the audio development process for games. Supports major game engines such as Unity, Unreal, Cry Engine, and Marmalade. Has also developed product "Wwise VR" for 3d sound in VR games developed for Oculus Rift and Playstation VR.
Key facts about Audiokinetic
- Founded Year: 2000
- Location: Montreal (Canada)
- Stage: Acquired
- Total Funding till date: $5M
- Investors: Bank of Canada, W investments and 1 Other
- Latest Funding Round: Series A, Sep 2007, $*****
- Tracxn Score: 51/100 What is this?
- Competitors Rank: 3 of 61 Competitors
2. MetaVRse
MetaVRse provides an augmented and virtual reality-based spatial computing solution. The rendering engine enables users to create and distribute VR experiences within the browser. The solution is OS & device agnostic and provides synchronous communication solutions. Has use case in education, retail, real estate, healthcare and other industries.
Key facts about MetaVRse
- Founded Year: 2016
- Location: Mississauga (Canada)
- Stage: Seed
- Investors: Founders Factory
- Latest Funding Round: Seed, 2020, $*****
- Tracxn Score: 43/100 What is this?
- Competitors Rank: 4 of 116 Competitors
Keep Talking Game is a VR game developed by the Canadian game developer Steel Crate Games. The company has developed "Keep talking and nobody explodes", which is a bomb-defusing virtual reality game. The game is available on the Google Play store, PlayStation Store, and Steam. The company has won multiple awards including "Most Innovative Proto Awards 2015" for the game "Keep Talking and Nobody Explodes". It generates revenue through the paid games.
Key facts about Keep Talking Game
- Founded Year: 2014
- Location: Ottawa (Canada)
- Stage: Unfunded
- Tracxn Score: 43/100 What is this?
- Competitors Rank: 136 of 1,454 Competitors
4. Vrvana
Vrvana designed a 3D immersive Virtual Reality headset called 'Totem' with onboard cameras with positional tracking for PS3/4, Xbox 360/One, PC, Mac and Linux. Differentiates itself from Oculus VR by featuring two forward-facing cameras that can be passed through to the display. True Player Gear got rebranded as Vrvana in 2005 & raised $137K in Kickstarter.
Key facts about Vrvana
- Founded Year: 2014
- Location: Montreal (Canada)
- Stage: Acquired
- Total Funding till date: $750K
- Investors: JANT Ventures, Canadian Technology Accelerator and 1 Other
- Latest Funding Round: Seed, $*****
- Tracxn Score: 42/100 What is this?
- Competitors Rank: 11 of 111 Competitors
5. JanusVR
JanusVR is a 3D browser, with enhanced 3D content, and users can perform interactive editing of this content from within Janus VR directly. Site translators arrange the user-created content in a meaningful way and generate an environment, taking cue from the existing sites' content and structure. Multiple people can navigate virtual spaces together, communicating via voice or text and sharing portals to new areas with each other. Started as a project for learning to program for Oculus Rift. Documents its progress as janusVR subreddit on Reddit. Joined Boost.vc accelerator in Aug'15.
Key facts about JanusVR
- Founded Year: 2014
- Location: Toronto (Canada)
- Stage: Seed
- Total Funding till date: $1.58M
- Investors: Lerer Hippeau, 7GC and 3 Others
- Latest Funding Round: Seed, Feb 08, 2016, $*****
- Tracxn Score: 41/100 What is this?
Companies founded year-on-year in the Virtual Reality sector in Canada
41 Virtual Reality startups in Canada were founded in 2016 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2025 | - |
2024 | - |
2023 | 1 |
2022 | 3 |
2021 | 9 |
2020 | 14 |
2019 | 23 |
2018 | 34 |
2017 | 25 |
2016 | 41 |
Stage-wise distribution of Virtual Reality sector companies in Canada
Out of the total 260 Virtual Reality companies in Canada, 62 have secured funding. Among them, 13 have reached Series A or higher, and 9 to Series B or beyond.
Founded - 260
Funded - 62
Series A+ - 13
Series B+ - 9
Series C+ - 9
Company Stage | No. of companies |
|---|---|
Founded | 260 |
Funded | 62 |
Series A+ | 13 |
Series B+ | 9 |
Series C+ | 9 |
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Funding Trends in the Virtual Reality sector in Canada
Total funding year-on-year in the Virtual Reality sector in Canada
The Virtual Reality sector in Canada saw a total funding of more than $41.4M in the last 10 years. The most amount of funding was in 2017 at more than $14M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $11.6K |
2024 | $2.43M |
2023 | $3.5M |
2022 | $3M |
2021 | $1M |
2020 | $366K |
2019 | $959K |
2018 | $4.33M |
2017 | $14M |
Recent Funding Rounds in Virtual Reality in Canada
In the year 2025, till April 2025, Virtual Reality companies in Canada have raised $11.6K in equity funding across 1 round.
In the same period last year (i.e. till January 2024), Virtual Reality companies in Canada had raised $2.24M across 1 round.
So, 2025 has seen a 99.48% drop in funding in Virtual Reality companies in Canada as compared to 2024.
Here are some recent, important funding rounds in Virtual Reality companies in Canada:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 1360 | Apr 04, 2025 | - | |
Seed | 1052 | Dec 27, 2024 | - | |
Seed | 3559 | Dec 05, 2024 | - | |
Seed | 5608 | Dec 03, 2024 | - | |
Seed | 5524 | Nov 22, 2024 | - |
Top Investors in Virtual Reality in Canada
Plug and Play Tech Center is the top investor in Virtual Reality companies in Canada based on number of companies invested.
Here are some top investors in Virtual Reality companies in Canada:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Sunnyvale (United States) | - | |
Toronto (Canada) | ||
Waterloo (Canada) | ||
Montreal (Canada) | ||
Ottawa (Canada) | - |
M&A activity in Virtual Reality sector in Canada
In the year 2019, till January 2019, 2 acquisitions happened in Virtual Reality sector in Canada. Last year, in 2018, a total of 2 acquisitions happened in Virtual Reality sector in Canada.
Here are some recent, important acquisitions in Virtual Reality sector in Canada:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Jan 29, 2019 | ||
Business Acquisition | Jan 08, 2019 | ||
Business Acquisition | Jun 19, 2018 | ||
Acqui-Hired | Apr 04, 2018 | ||
Business Acquisition | Nov 21, 2017 |
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Acquisition trends in Virtual Reality sector in Canada
Here are the acquisition trends in Virtual Reality sector in Canada:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2025 | - |
2024 | - |
2023 | - |
2022 | - |
2021 | - |
2020 | - |
2019 | 2 |
2018 | 2 |
2017 | 1 |
2016 | 1 |
Colleges which produce the most Virtual Reality companies in Canada
Companies founded by alumni from top colleges in the Virtual Reality in Canada
Most number of Virtual Reality startups in Canada have been founded by alumni from University of Waterloo, University of Toronto and Harvard University.
College | No. of companies |
|---|---|
University of Waterloo | 6 |
University of Toronto | 3 |
Harvard University | 1 |
IIT Delhi | 1 |
IIT Madras | 1 |
Queen's University | 1 |
University of California (Berkeley) | 1 |
Total funding in Virtual Reality companies founded by alumni from top colleges in Canada
In the last 10 years, Harvard University graduates' Virtual Reality companies in Canada have raised the most funding among top colleges. IIT Madras and University of Toronto alumni are second.
College | Total Funding |
|---|---|
Harvard University | $2.3M |
IIT Madras | $1.58M |
University of Toronto | $1.58M |
University of Waterloo | $30K |
IIT Delhi | - |
Queen's University | - |
University of California (Berkeley) | - |
Top News in Virtual Reality in Canada
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Fundamentalvr Announces Partnership with Leading Robotics Expert Haply RoboticsRoboticsTomorrow•Mar 30, 2023•Fundamental Surgery, Haply
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Serious Labs Announces First-Ever ANSI and ISO-Compliant VR MEWP TrainingRental Equipment Register RER•Jun 28, 2022•Serious Labs
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Siemens Healthineers adds VR training for mobile 3D X-ray system with PrecisionOS collabFierce Biotech•May 25, 2022•Siemens Healthineers, Precision OS
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Fantasy 360 Announces Name Change to XR Immersive Tech Inc.GlobeNewswire•Feb 01, 2022•Fantasy 360 Technologies, Immersive Tech
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Hoame is releasing a subscription-based mediation app for Quest 2TechiLive.in•Jan 07, 2022•Hoame, Oculus
