As the seasons change and vibrant colours emerge, Waterloo is proving it’s a region to see, with another month’s worth of impressive advancements in tech and research.
This September, the Waterloo ecosystem showcased its strengths through major investments, groundbreaking research and new accolades – setting the stage for even more growth as we head into the final months of 2024.
Here’s a look at some of the key highlights from the past month.
Waterloo is the #1 small tech talent market
Waterloo kicked off the month with exciting news – ranking as the #1 small tech talent market in North America for the fourth consecutive year, according to CBRE’s 2024 Scoring Tech Talent report.
The region saw a 46% tech job growth over the past five years, positioning it 3rd in North America for tech job growth and surpassing major cities like New York and Los Angeles.
With 9.6% of its workforce in tech-related fields, Waterloo holds the 4th highest concentration of tech talent. The region has also seen a remarkable 29.2% increase in residents in their 20s, the highest in North America.
Waterloo named top investment region
Adding to the autumn momentum, the region was named as one of Canada’s top regions for investment in Site Selection Magazine’s “Canada’s Best Locations 2024” report.
Our strong talent pool, innovation ecosystem and strategic location have made it a prime destination for international business expansion.
Major projects from companies like BWXT Canada, Dana Canada and Westinghouse show Waterloo’s strength in sectors such as nuclear energy and advanced manufacturing.
PathPresenter expands to Waterloo
AI-driven pathology startup PathPresenter made headlines this month by announcing plans to establish a subsidiary in the region following its $7.5M USD Series A round.
Specializing in AI-powered pathology platforms for hospitals, labs and pharmaceutical companies, PathPresenter streamlines workflows and improves diagnostic accuracy.
The new subsidiary will focus on sales, marketing and R&D, with plans to grow its local team to six employees by the end of the year.
CEO Patrick Myles, originally from the region, emphasized Waterloo’s strong legacy in medical imaging and healthtech as a key reason for the expansion, stating, “Waterloo has a long history in medical imaging, software in particular.”
ApplyBoard secures $100M for global growth
September was also a big month for Waterloo-based edtech company ApplyBoard, which secured $100M CAD in financing from RBCx, the innovation arm of the Royal Bank of Canada.
This funding will accelerate ApplyBoard’s global expansion and enhance its AI-powered technology, helping the company expand its offerings to 20 new study destinations, including Germany.
Co-founder and CEO Meti Basiri stated, “With the support from RBCx, we can enable our investment in technology and increase market expansion opportunities.”
Scribenote raises $8.2M to ease burnout for vets
Last month, Scribenote, a Waterloo-based startup, secured $8.2M in seed funding to expand its AI-powered platform that helps veterinarians streamline their workflow by automating medical record-keeping.
Led by Andreessen Horowitz (a16z) and backed by investors like Inovia Capital, the Velocity Fund and angel investors, Scribenote’s platform has already generated over 1.5M notes, saving veterinarians up to two hours per day.
Waterloo leads for founders, female entrepreneurs
The University of Waterloo (UWaterloo) has once again proved its prowess, ranking first in Canada and 21st globally for producing successful entrepreneurs with undergraduate degrees, according to the 2024 PitchBook rankings.
The university has produced 562 founders, 478 companies and raised $20B USD in capital.
Additionally, Waterloo ranks second in Canada for female founders and remains in the top 100 globally for graduate-degree entrepreneurs, with 184 founders collectively raising $4.1B USD.
New research tackles global challenges
Researchers at the University of Waterloo continue to sow the seeds of innovation, making groundbreaking advancements in healthcare, environmental sustainability and climate resilience.
Key developments last month included:
- UWaterloo co-op students are helping advance treatments at SickKids by developing neurovascular models, building surgical robot simulators and creating algorithms to improve medical image processing.
- UWaterloo researchers achieved a global first by using 3D imaging technology to observe how microplastics degrade, marking a major advancement in environmental sustainability efforts.
- The Intact Centre on Climate Adaptation earned international recognition for its “Heat Protection Infographics,” which provide practical solutions to help Canadians stay safe during heat waves.
- Master’s student Nicholas Levinski was awarded the Ontario Women’s Health Scholars Award for developing a wearable sleeve to treat lymphedema, improving post-cancer treatment outcomes.
New labs target workplace injury prevention
Conestoga College unveiled two new research labs – Skilled Trades Applied Research and Training (START) and Skilled Trades Research in Inclusivity, Diversity and Equity (STRIDE) – focused on reducing workplace injuries and creating safer, more inclusive environments.
These state-of-the-art labs, housed within the Canadian Institute for Safety, Wellness & Performance (CISWP), will enable researchers to gather data on worker performance and injury risks using cutting-edge technology.
Dr. Amin Yazdani, executive director of CISWP, emphasized that “these labs represent an unprecedented opportunity to transform work and health research and innovation in Canada by enabling applied research and utilizing a field-to-lab-to-field research approach.”
Communitech drives innovation across sectors
Finally, Communitech continues to lead the charge this fall, driving innovation across healthcare, municipal services and long-term care.
Recent highlights include:
- Communitech Fast Track Cities launched a call for Canadian tech companies to propose solutions to improve municipal service delivery, including addressing challenges in tourism management and AI for administrative efficiency.
- Communitech’s MedTech Accelerator Program selected eight early-stage Canadian startups, including AiimSense and Hera Fertility, to participate in a program designed to support healthcare innovation.
- At the Communitech Fast Track Health showcase, nine founders pitched tech solutions to improve quality of life in long-term care facilities, tackling issues like staffing shortages and dementia care.
Harvesting innovation
As the colours outside change, one thing stays the same: Waterloo’s drive for innovation.
From new investments to exciting research and support for growing businesses, September has been full of progress. As the region continues to grow, Waterloo remains a leader in tech and research, driving the ideas that will shape the future.
Stay tuned as we continue to watch our ecosystem grow and evolve in the months ahead.
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