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
There's actually no such thing as vegetables. Here's why you should eat them anyway
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
The Met Gala was in full bloom with Zendaya, Jennifer Lopez, Mindy Kaling among the standout stars
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
Israeli forces seize Rafah border crossing in Gaza, putting ceasefire talks on knife's edge
Israeli tanks seized control of Gaza's vital Rafah border crossing on Tuesday as Israel brushed off urgent warnings from close allies and moved into the southern city even as cease-fire negotiations with Hamas remained on a knife's edge.
Canadian cadets rock mullets and place second at U.S. military competition
Sporting mullets, Canadian Armed Forces officer cadets placed second in an annual military skills competition in the U.S.
Highlights from the 2024 Met Gala exhibit: Sleeping Beauty would wake up for these gowns
Sure, she was a royal princess and all. But there’s no way Sleeping Beauty — either before or after her nap — ever had quite the fabulous wardrobe that’s been assembled at the Metropolitan Museum of Art.
Noelia Voigt resigns as Miss USA, citing her mental health
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.
Putin begins his fifth term as president, more in control of Russia than ever
Vladimir Putin began his fifth term Tuesday as Russian leader at a glittering Kremlin inauguration, setting out on another six years in office after destroying his political opponents, launching a devastating war in Ukraine and concentrating all power in his hands.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.