May Wrap-up: Waterloo’s Growth Shines On

We’re witnessing a flourishing of significant investments, revolutionary technologies and strategic partnerships.

As the season transitions, so does our ecosystem, embracing the warmth of innovation and the promise of collaboration. Explore with us as we navigate through the blooming ecosystem of opportunities, where every venture finds fertile ground to thrive and flourish.

Here’s a look at the top stories from May 2024:

Waterloo is Canada’s fastest-growing community

Waterloo is Canada’s fastest-growing community according to the latest population estimates from Statistics Canada in May. With a 6.15% growth rate and an increase of 38,519 people over the past year, this surge highlights Waterloo’s appeal as a prime destination for international business expansion.

Key drivers behind this growth include our dense tech talent market, robust manufacturing sector and world-renowned educational institutions such as the University of Waterloo and Conestoga College. Additionally, the region offers a high quality of life and rich cultural diversity, making it an attractive place to live and work.

Nfinite Nanotech closes $6.5M seed funding

Nfinite Nanotech, based in Waterloo, secured $6.5M USD in seed funding to advance its plastic-alternative nanocoatings for sustainable packaging last month. Led by Collateral Good, the funding round included contributions from Suzano Ventures, FTW Ventures, MaRS IAF and others, alongside non-dilutive funding from Next Generation Manufacturing Canada.

Nfinite’s nanocoatings provide ultrathin, high-performance barriers that maintain the recyclability and compostability of sustainable packaging while preserving product freshness. CEO Chee Hau Teoh emphasized that this funding will enhance their operations, R&D and market position.

With the sustainable packaging market expected to reach $737.6B USD by 2030, Nfinite is well-positioned to lead in eco-friendly packaging solutions, addressing the global issue of plastic waste.

New health innovation partnership announced

Grand River Hospital, St. Mary’s General Hospital and the University of Waterloo launched the Care Next Coalition. The partnership aims to enhance the local healthcare system’s readiness for research and innovation by uniting clinicians, researchers and entrepreneurs. The coalition will develop educational programs, test new technologies and create integrated care systems to improve patient outcomes and experiences.

“It’s an exciting time to be in healthcare in our region,” said Mark Fam, President of St. Mary’s General Hospital. “There are so many opportunities in how we show up to provide hospital healthcare services for our communities, and our hospitals, together with the University of Waterloo, are ready to respond. The coalition will equip our region to emerge as a health-innovation centre, ensuring the best-possible experience for the communities we serve and the healthcare professionals who choose to work here.”

UWaterloo researchers receive $1.57M for wastewater surveillance

Last month, University of Waterloo (UWaterloo) scientists Dr. Trevor Charles and Dr. Andrew Doxey were awarded $1.57M to enhance wastewater surveillance through the INSPIRE project. This initiative, part of the HI3 Hub at the University of Toronto, aims to create a rapid early warning system for detecting pathogens at border crossings and airports, integrating data with health systems.

Using high-throughput metagenomic sequencing, Dr. Charles and his team will detect a wide range of pathogens and antimicrobial resistance. Dr. Charles highlighted the broader applications: “This same technology also has potential for application in agriculture and food production, with implications for human, animal and crop health.”

Dr. Doxey’s lab developed AlignDx, a computational platform to analyze vast amounts of sequencing data, advancing pathogen detection and supporting public health preparedness in Canada.

TD, ApplyBoard partner to support international students

TD Bank and Waterloo-based edtech company ApplyBoard joined forces to streamline the journey for international students heading to Canada. ApplyBoard, a leading student mobility platform, is collaborating with TD, Canada’s second-largest bank, to offer financial tools and resources aimed at easing the transition for students.

Through the TD International Student Guaranteed Investment Certificate (GIC) Program, students can enhance their study permit applications with verifiable financial support. This initiative provides a digital, fee-free application process, allowing students to open GIC accounts and start earning interest even before arriving in Canada. Once here, students can benefit from TD’s extensive branch network and multilingual advisors.

UWaterloo releases latest Innovation Insider

The University of Waterloo released the latest edition of its Innovation Insider in May, highlighting the university’s latest groundbreaking research and developments. This edition features a new mathematical model by UWaterloo researchers that addresses inconsistencies in Einstein’s theory of general relativity, enhancing our understanding of the universe.

Other stories include Dr. Melanie Campbell’s non-invasive Alzheimer’s detection technology, which identifies early signs of the disease through retinal scans, and Laura Zizzo’s company, Manifest Climate, which uses AI to enhance climate risk planning for businesses. These innovations underscore Waterloo’s commitment to advancing knowledge and solving real-world problems.

A look inside Waterloo EDC’s Annual Report

Waterloo EDC’s 2023 Annual Report, published in May, showcases our success in attracting investment and preparing for future growth. In 2023, we closed 11 deals worth $224M, created 286 new jobs and held 157 investment meetings with international companies. Our efforts increased brand awareness, evidenced by a 28.5% growth in LinkedIn followers.

The report highlights our achievements and strategic plans, demonstrating our commitment to making Waterloo a prime destination for business investments. With 47 potential deals valued at $521M in the pipeline, we are set for continued growth and prosperity. Download the full report for more details.

Grow with us in Waterloo

As May comes to an end, Waterloo’s growth continues to be a rewarding journey. From significant investments to strategic partnerships, each development moves our region further along the path of prosperity.

Thinking about expansion? Reach out to our team to discover the support and resources awaiting you.