The StarttuoCanada as a country, from Ottawa to Montreal, to Toronto, and Calgary has been a tech hub since the mid-2010s. With the global focus usually being on Silicon Valley, many tech investors have spread their wings to Canada. Tech-savvy individuals and startups are getting recognized for their talent and investors have been interested. The growing tech ecosystem contributes to many aspects like AI, Cybersecurity, Virtual reality, Data analytics, business growth, and many more. Let’s have a look at the Calgary tech ecosystem and the top startups that are on track to global success.
Tech Startup Ecosystem and Growth in Calgary
In the years between 2019 and 2023, Calgary’s tech company scene grew and made a lot of money. New companies have opened in the city in these years in areas like hacking, machine learning, and artificial intelligence (AI). There are a lot of talented IT people in the city, and the University of Calgary and other nearby schools have helped them grow.
A study by CB Insights found that over 45 deals in the city in 2019 raised $1.5 billion for tech startups. Even with the problems caused by the COVID-19 pandemic, this growth continued with $1.2 billion invested in 43 deals by tech startups in 2020. Even more, growth happened in the city in 2021 when 76 deals were made to give digital startups a total of $2.5 billion in capital.
A more open and diverse environment is being shown by the rise of women-led businesses and minority leaders in Calgary’s tech industry, along with the money that is being put into it. Calgary has become a major hub for the tech industry around the world because its digital companies have been able to successfully expand into new areas like Asia and the Middle East.
The city’s tech industry has moved into new markets, attracted a lot of talented people, and trained the next generation of tech leaders. Here are the eight best new businesses in Calgary that are already trying to become famous all over the world.
1. Fillip
Fillip, a digital fuel app, can help you track your company’s gas and transportation expenses. Reimer, a former CDL-Rockies site lead, launched the startup in 2018, claiming to be the first digital payment network tailored specifically for business fleets. They facilitate cost and time management for a wide range of businesses.
By using the digital fuel app to create specific rules, you can keep track of your expenditures and avoid excessive expenses. In addition to supervising drivers remotely and tracking earnings at the pump, you can set transaction limits and expenditure strategies.
Staircase Ventures of Toronto led the $5 million seed round for Fillip, a financing startup based in Calgary. Following their $250K win at the first Calgary Fintech Awards in 2022, It was named one of the ten homegrown Calgary startups to watch in 2023. Fillip is quickly gaining a foothold in digital payments for Canada’s on-the-road businesses.
2. IronSight
Shawn Marten and Adam Jessome, who had previously driven vacuum trucks in Alberta’s oil fields, saw a void in the market and decided to fill it in 2017. The entrepreneurs built a software-as-a-service platform for energy producers and utilities. IronSight aims to close the energy supply and demand gap through effective service scheduling, resource coordination, and a digital field data documentation platform.
IronSight received funding from ARC Financial through several investment rounds, including one in late 2022. Considered a well-known business for its product optimization technologies.
The operator interest, overall market traction, and activity from the intelligence platform Darcy Connect selected the firm. Also, initiated scaling up to enter the American market in 2023, and currently, every major North American basin utilizes their technology.
3. Tetra Trust
Established in 2019, Tetra is Canada’s pioneering licensed digital asset custodian. Tetra Trust is a licensed trust company that specializes in the custody of digital assets. They offer top-tier custody services for institutional clients, ensuring the secure storage of digital assets. Additionally, they offer a solution to one of the few remaining obstacles that hinder the widespread adoption of custody services within the digital asset industry.
Tetra offers a solution to a crucial obstacle that has hindered the institutional adoption of the digital asset industry: custody. Coinsquare, Coinbase Ventures, Mogo, and prominent figures in traditional financial services actively support Tetra, positioning it well to address this challenge.
4. Digital Carbon Bank
The Digital Carbon Bank specializes in developing blockchain-based offsets specifically designed for the voluntary market. It connects cryptocurrency to projects that reduce emissions and employs measurement technologies and greenhouse gas (GHG) accounting to verify actual reductions in emissions. The company was established in 2021 and is headquartered in Calgary, Canada.
They offer a solution that efficiently combines your operational data into one centralized system. Their approach streamlines processes and boosts economic outcomes with advanced scenario modeling. They offer clear, measurable digital monitoring and reporting, ensuring transparency and compliance for all stakeholders.
5. Hempalta
Darren Bondar founded this agricultural technology firm in 2021. HEMPALTATM, a Calgary-based agricultural technology firm, focuses primarily on innovative hemp processing and product development. The company focuses on creating new hemp products and processing procedures. It is one of the few industrial hemp processors that can produce high-quality hemp products.
HEMPALTA’S is on track to lead the way in the next phase of agricultural growth by leveraging the huge potential of industrial hemp by 2023. They want to do this by leading the global hemp carbon credit market and processing hemp on a massive scale with cutting-edge agricultural methods. Also, for a more sustainable and healthy future, the firm develops and manufactures a wide range of consumer and commercial hemp-based products.
6. Propra
Propra enhances resident happiness and asset value for property owners and managers, catering to various sizes. The firm offers complete, world-class property management software that improves the operational needs and resident experience for Canadians. Al-Karim Khimji and Craig Adam founded the company in 2021.
Their Service Accounting System optimizes accounting procedures by combining responsibilities including chart of accounts, billing, and GST/HST monitoring. Propra improves resident happiness by automating communication channels and providing real-time information on maintenance appointments. They have headquarters in Calgary and have worked with clients from around the world, particularly in the United States.
