June 'richest month' for region's tech industry as $1.1B invested in local companies
Communitech is calling June the "richest month" when it comes to investments in the local tech industry.
A combined $1.1 billion in private and public investment was made between fewer than 10 companies in Waterloo Region.
“We’re starting to get a lot of global attention. A lot of global bigger fund investments that are interested in putting capital in our region,” said Amber French, Communitech's director of strategic capital.
Satellite imagery company SkyWatch raised $21 million in investments in June.
Skywatch said that money will help with their plans to expand.
“We’re looking to get to about 60 people by the end of the year and about 120 by the end of next year,” said James Slifierz, the chief executive and co-founder of SkyWatch.
Another company looking to expand is Magnet Forensics from Waterloo. The digital investigation company is branching out to Halifax and Calgary.
“We’re growing across the company in almost every department. So a lot of investment in people and talent,” Adam Belsher, the CEO of Magnet Forensics said.
Magnet Forensics went public in May, leading to a $115 million investment through its IPO on the Toronto Stock Exchange.
Communitech said the local economy will benefit greatly from the investments in the local tech industry.
“We have over 500 companies that are growing in the region with over 5,000 job postings,” French said.
Communitech predicts this will continue to be a trend.
“It’s a place where people want to be in a place where people want to build their business,” said French.
Waterloo Region remains the second-largest tech hub in North America, Communitech says.
CTVNews.ca Top Stories
Harvey Weinstein's 2020 rape conviction overturned by N.Y. appeals court
New York's highest court on Thursday overturned Harvey Weinstein's 2020 rape conviction, reversing a landmark ruling of the #MeToo era in determining the trial judge improperly allowed women to testify about allegations against the ex-movie mogul that weren't part of the case.
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
CTE: Researchers believe widespread brain injury may contribute to veteran suicide rate
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
1 arrested in northern Alberta during public shelter order
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
New deep-water channel allows first ship to pass Key bridge wreckage in Baltimore
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
First in Canada procedure performed at London, Ont. hospital
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.