• Wed. Nov 29th, 2023

    Critical Thought

    Critical thoughts on quantum technologies

    Welcome to the Weekly Startup Roundup!

    ByThemba Hadebe

    Nov 18, 2023
    Welcome to the Weekly Startup Roundup!

    Each week, we bring you the most fascinating stories, updates, and insights from the world of startups. If you’re interested in staying up-to-date, don’t forget to subscribe to the Weekly Startup Roundup newsletter.

    Federal Government Supports Inclusive Growth Stream VC Funds

    The Government of Canada has announced its investment of up to $25 million CAD in five Canadian venture capital (VC) funds through the inclusive growth stream of the Venture Capital Catalyst Initiative (VCCI). Recipients of this funding include District Ventures Capital, The51’s Food and AgTech Fund, BKR Capital, Ripple Ventures, and Sandpiper Ventures.

    Healthtech Merger: Haemonetics to Acquire Opsens

    Boston-based Haemonetics has revealed its intent to acquire Quebec City-based Opsens in a deal worth approximately $345 million CAD ($253 million USD). This merger aims to leverage Opsens’ fiber optic sensor technology in the healthcare sector, with an estimated addressable market of $1 billion.

    Vendasta Secures $20 Million for Acquisitions

    Saskatoon-based Vendasta has raised $20 million CAD in equity Series E funding to fuel its ongoing acquisition strategy. Vendasta has recently acquired four companies and aims to continue expanding its portfolio. This funding comes after Vendasta’s efforts to reach profitability by the end of 2023.

    Unblocked Launches Code-Assist Platform

    Vancouver-based startup Unblocked has emerged from stealth mode with its coding workflow platform. The company recently announced an $8.3 million USD ($11.3 million CAD) seed round. Founded by Dennis Pilarinos, who previously founded Buddybuild (acquired by Apple), Unblocked aims to simplify the coding process and enhance developer productivity.

    Quantum Industry Canada Appoints First CEO

    Quantum Industry Canada (QIC), a non-profit organization supporting the quantum technology sector in Canada, has appointed Lisa Lambert as its first-ever CEO. This move follows QIC’s receipt of $1.4 million in funding as part of the federal government’s National Quantum Strategy.

    Frequently Asked Questions:

    What is the Venture Capital Catalyst Initiative?

    The Venture Capital Catalyst Initiative (VCCI) is an initiative by the Government of Canada to support the growth and development of the country’s venture capital ecosystem. Through various funding streams, VCCI aims to boost innovation, create jobs, and drive economic growth.

    What is fiber optic sensor technology?

    Fiber optic sensor technology utilizes highly sensitive fibers to detect changes in physical variables such as temperature, strain, or pressure. It offers numerous advantages, including high accuracy, immunity to electromagnetic interference, and the ability to measure in harsh environments.

    What is the purpose of the National Quantum Strategy?

    The National Quantum Strategy is a federal government initiative aimed at advancing quantum technologies in Canada. It seeks to drive research and development, foster industry collaboration, and position Canada as a global leader in the quantum sector. The strategy supports the growth of the quantum industry and its potential applications across various sectors.