Canada global innovation ranking has been steadily increasing. It is home to numerous revolutionary companies as well as thriving ecosystems in Toronto, Vancouver, and Montreal. All of these companies are advancing the economy while addressing real-world issues in renewable energy, artificial intelligence, and green technology.
In this article, we will discuss the top 10 innovative companies in Canada based on their societal impact, growth, and innovation.
How We Picked the Top 10 Companies
Modern technologies and new ideas attract a lot of attention, but innovation is more than that. Many innovative firms in Canada have received awards in the technology category, based on three criteria:
• Innovation – How effective and imaginative is the company in solving uniquely challenging problems and engineering products?
• Growth – What are the revenue, market, and manpower expansion forecasts for the company?
• Impact – How well does this firm invest in the industry, technology, citizens’ welfare, or in offering solutions to global problems?
With these criteria, we can guarantee that every firm on our list truly deserves the attention.
Here’s the List of Top 10 Innovative Tech Companies In Canada
1. Shopify
(Founded in 2006, headquartered in Ottawa, Ontario)
Overview
Globally, Shopify has become an e-commerce hub, with millions of merchants relying on its platforms to build online stores and sell their products.
Innovations
• In Person sales can now be integrated with online operations by means of POS (Point-of-Sale) Technology.
• Shopify Flow automates complicated and repetitive business processes.
Achievements
• More than 175 countries are connected on its platform.
• One of Canadas leading publicly traded tecnological companies.
2. Clearco
(Founded in 2019, headquartered in Toronto, Ontario)
Overview
Clearco offer unique ways of revenue sharing for startups as a non-venture capital agreement, revolutionizing the funding territory.
Innovation
• AI is now used in funding evaluations, to broaden the world of non-dilutive capital.
• ClearInsights dashboard provides useful and required data to easier the process for businesses.
Achievements
• Globally invested over 2 billion $ around 5,000 companies
• Nomination by Fast Company for featured most innovative companies.
3. Lightspeed
(Founded in 2005, headquartered in Montreal, Quebec)
Overview
With the heart of catering and retailing small and medium sized businesses, Lightspeed provides them with the cloud based tools they’re looking for.
Innovations
• Point-Of-Sale and inventory systems become one.
• Enhanced user experience with eCommerce tools helps in reducing the distance between physical and online shopping.
• Available on NASDAQ and the Toronto Stock Exchange.
4. BenchSci (Toronto, Ontario)
Overview
BenchSci’s purpose is to use machine learning alongside life sciences in order to help researchers discover new drugs as quickly as possible.
Innovations
• AI models that rapidly scan millions of scientific publications.
• The BenchSci platform identifies the correct reagents needed for experiments well ahead of time to save time and advances processes.
Achievements
• BenchSci has partnered with seven of the top 10 Global pharma companies.
• It has raised more than $50 million in funding for research.
5. Dialogue (Montreal, Quebec)
Overview
With its telehealth platform, Dialgoue makes remote access to healthcare professionals possible, aiming to enhance digital wellness.
Innovations
• “Integrated Health Platform,” unites doctors, therapists, and other specialists enabling patients to interact with them remotely.
• AI powered triage assistant provides patient interactions and aids in providing necessary information to clinicians.
Achievements
• More than 2 million Canadians have been served.
• Corporation has been able to establish itself as a leader in the virtual healthcare world.
6. Geotab (Oakville, Ontario)
Overview
Geotab IoT solutions provide fleet management and offer businesses with tools required to track and enhance vehicle operations.
Innovations
• Remote fleet safety, fuel and eco targets IT solutions.
• With the Geotab EV model fleets increase their electric vehicles mobility.
Achievements
• Over 3.2 Million connected vehicles are being tracked globally.
• Awarded multiple times Azure Global Cloud 100 by Forbes.
7. Ecobee (Toronto, Ontario)
Overview
Ecobee is helping homeowners to reduce energy usage without sacrificing comfort by developing smart home solutions.
Innovations
• Development of smart thermostats that save energy over time according to the users’ preferences.
• Vocie command integration powered by Amazon Alexa.
Achievements
• Ecobee customers have saved billions of kilowatt-hours of electricity worldwide.
• Acqured by Generac and integrated into its clean energy division.
8. Wealthsimple (Toronto, Ontario)
Overview
Wealthsimple has made investing accessible for everyday Canadians with its user-friendly platform.
Innovations
• Automated portfolio management with options for socially responsible investing.
• Ability to trade cryptocurrencies with Wealthsimple Crypto.
Achievements
• Wealthsimple surpassed $15 billion in assets under management.
• Named one of LinkedIn’s Top Startups multiple years in a row.
9. Loop Energy (Burnaby, British Columbia)
Overview
Loop Energy specializes in innovating clean technologies, focusing on fuel cells that seek to decrease emissions from every transportation.
Innovations
• Competition surpassing eFlowTM fueled technology.
• Hydrogen powered solutions for commercial and industrial fleet transportations.
Achievements
• Works with manufacturers to integrate fueled cells worldwide.
• Supported significant projects helping achieve net-zero goals globally.
10. Element AI (Montreal, Quebec)
Overview
Now part of ServiceNow, Element AI was a Canadian darling for creating state-of-the-art solutions that helped businesses leverage A.I. technology.
Innovations
– Augmented A.I. business functions such as predictive modeling and natural language processing.
– Developed vertically agnostic enterprise-grade A.I. technologies.
Achievements
– Helped Montreal further solidify its reputation as an A.I. city.
– Secured multi-million dollar deals with Established Global Partners, Mitsubishi and GIC before being acquired.
Canada’s Emerging Giants in Tech
Our country’s technology ecosystem is an ever-growing one filled with innovation, collaboration, and audacious vision. Shopify and Wealthsimple are transforming the business landscape, while BenchSci and Loop Energy are making strides in scientific research and sustainability. Not only is each company listed above raising the bar within their industry, they are also fortifying Canada’s position on the global tech map.
Why Canada is the Future of Tech Innovation
A world-leading education system, governmental support, and access to an abundance of top-notch talent makes Canada a rare gem for tech companies. Be it A.I., clean energy, or advanced IoT, the nation’s tech innovators are addressing issues that matter globally.
Explore the Tech Canadian Ecosystem as a Business Professional
As a business professional, now is the time to connect with these Canadian innovators. These companies are leading the way in shaping the changing future of technology.
