2018’s Periodic Table of Tech in Canada

In honour of Canada Day, CB Insights and PwC Canada have released the annual Periodic Table of Tech in Canada, displaying 150 successful Canadian tech companies, investors, and exits to celebrate the compounding activity and achievement in our national tech sector.  

The elements of the Table

108 Canadian tech companies, 22 investors, and 20 exits make up the Table. Here is how CB Insights chose which to include:

• Companies are private, venture-backed tech companies with headquarters in Canada. Each has disclosed at least one million US dollars in equity funding since 2015. Those that made the Table in each category have a blend of equity funding, solid health signals, and strong commercial traction.
• Investors include the most active 15 venture capital and 7 corporate venture capital investors, each having invested in over ten deals.
• Exits include venture-backed companies with disclosed valuations that IPO’d or were acquired between 2013 and early June 2018.

A metaphor for a maturing Canadian economy and tech sector

The Periodic Table is more than an exhibit of impressive Canadian organizations and accomplishments. Each tech sector ‘element’ is also an element of an important ongoing story about the increasing maturity of Canada’s tech sector and tech economy.  For instance:

• On technology: Artificial intelligence as a technology has begun presenting immense commercial opportunity, and Canada has a prominent seat at the global table. The Periodic Table reflects Canada’s AI story with the inclusion of twelve Canadian AI companies, seven of which are making their inaugural appearance on the Table.
• On the tech sector: The sector is strong. For example, quantum computing companies and AR/VR companies listed on the Table convey how Canadian entrepreneurs and investors are creating and funding the next waves of technology with massive commercial potential.
• On investors: Canadian investors are increasingly funding our tech companies. Last year saw $2.7 billion USD invested into Canadian venture-backed companies, up 7% from the year before, with corporate venture capital investors involved in 28% of all deals, up from 16% the year before, according to our PwC MoneyTree Canada Report 2017.   

The Periodic Table of Tech can also be interpreted as the overlaying of the knowledge economy upon the fundamental physical elements, a fitting metaphor for the economic transformation occurring in Canada.

Canadian companies are developing products and services that sit at the intersection of technology and Canada’s traditional sectors of strength. The nine digital health companies, four agtech companies, and four robotics startups on the Table map to the health, agricultural, and industrial pillars of our economy.  Canadian tech ventures are benefiting from Canada’s expertise in these sectors and developing technology that, when adopted by traditional sector enterprises, will further contribute to our global competitiveness.

The July 1st release of the Table is also a good reminder of the importance of the technology sector within the Canadian economy when compared to our traditional resource industries. Look at employment: according to the latest figures, the Canadian tech sector employs 595,000 Canadians, outpacing mining, energy, and forestry taken individually.  Tech teams, companies, investors, and the pace they keep continue to create positive impact throughout our economy.

Looking forward

Canada Day is an opportunity to celebrate our country’s achievements, values, and heritage. When it comes to the tech sector, the holiday also provides a moment to be grateful for the abundance of elements in Canada that create the conditions for success: outstanding talent, world class education, accessible government programs, and friendly legal, IP, and commercial environments.  

The Periodic Table of Tech in Canada also inspires a look to the horizon, to another year of compounding tech sector growth, and ideally, of more Canadian tech scale ups, investment, and cooperation between Canadian anchor companies in industries of strength and leading edge Canadian technology companies.