The three-month accelerator offers funds, skills training and coaching to social enterprises.
The six companies that comprise University of New Brunswick's 2025 Summer Institute Cohort will present their work to the public this Friday, November 7.
Now in its 12th year, the Summer Institute program teaches sales, marketing, and customer validation skills to companies making positive social and environmental impacts.
The three-month accelerator offers founders more than $6,000 for living costs, $2,000 for prototyping, and skills training and coaching. Since it began in 2014, the program has graduated more than 60 ventures.
The presentation will occur this Friday, November 7 between 2pm and 4.30pm at the Wu Conference Centre at 6 Duffie Drive in Fredericton.
The 3D printing company is now working with Polyamyna, Fonemed and the Genesis AI Garage.
PolyUnity Co-Founder and CMO Stephen Ryan at the opening of the new HQ
As it opened its new headquarters in downtown St. John’s on Monday, PolyUnity Tech announced a series of partnerships aimed at advancing healthcare innovation across Canada.
The company said Monday that it will collaborate with Fonemed, Polyamyna Nanotech, and the Genesis AI Garage, all based in St. John’s, to combine expertise in virtual care, antimicrobial materials, and artificial intelligence.
PolyUnity designs and manufactures medical products through its digital i3D.Health platform, which allows hospitals to design, approve, and 3D print items locally through a regulatory-compliant process.
“These collaborations showcase what’s possible when local innovation addresses global healthcare challenges,” said Stephen Ryan, Co-Founder and Chief Marketing Officer of PolyUnity. “By working together, we can help make healthcare safer and more effective.”
Through the new partnership, Fonemed will work on PolyUnity’s Virtual Care Pod and Mobile Care Kit – technologies designed in Newfoundland and Labrador for use in global healthcare markets. The products use locally produced antimicrobial materials and allow remote biometric assessments, including cardiac and pulmonary monitoring and imaging, enabling clinicians to diagnose and treat patients at a distance, the company said.
Fonemed is a virtual care company that provides around-the-clock nurse advice lines and telehealth solutions to clients across North America.
Polyamyna – which is developing antimicrobial and antiviral materials – is collaborating with PolyUnity to develop PolyAura, a new antimicrobial 3D printing filament that reduces bacterial presence by 99.9 percent on printed medical components, said PolyUnity. The material is being integrated into products such as device handles and workstations to improve infection control in healthcare environments.
The Genesis AI Garage – a new division of the innovation hub Genesis – will support PolyUnity’s use of artificial intelligence to streamline product design, manufacturing, and logistics. The partnership will focus on predictive analytics and automation to enhance efficiency and compliance in the company’s operations.
PolyUnity’s new headquarters marks a milestone for Newfoundland and Labrador’s health technology sector, which continues to expand its presence in national and international markets.
Maple Acquires NB’s Beyond ADHD
Beyond ADHD will continue to operate from its Grafton, NB, base.
Toronto-based virtual care company Maple has acquired Beyond ADHD, a New Brunswick–based provider of virtual assessment and treatment for attention deficit hyperactivity disorder.
Maple announced the acquisition in a press release Tuesday, but did not disclose the price. It said the move expands Maple’s presence in the mental health space while keeping Beyond ADHD’s operations and team intact.
Beyond ADHD, headquartered in Grafton, NB, just west of Fredericton, was created to address what its founders saw as major gaps in ADHD care – fragmented services, long waits, and limited accessibility. The company offers a structured three-step virtual program covering assessment, diagnosis, and follow-up, while also supporting patients dealing with depression and anxiety. Care is delivered by licensed Canadian clinicians, the company says.
The company will continue operating as a subsidiary of Maple, with no interruption to patient services or staffing.
“Too many people struggle to receive ADHD assessment and support,” said Maple CEO and co-founder Dr. Brett Belchetz. “Adding Beyond ADHD to Maple improves access to timely, high-quality mental health care across Canada.”
Beyond ADHD founder and CEO Dr. Hanif Chatur said joining Maple will help the company reach more patients and strengthen the link between ADHD care and broader mental health and primary care systems. “We designed this platform with patients, not just for them,” he said. “With Maple’s scale, technology, and clinical leadership, we can accelerate our impact and continue delivering safe, consistent outcomes for patients.”
Beyond ADHD has built strong partnerships with health and student insurance providers and serves more than 20,000 patients across Canada. As part of Maple, it will have additional resources to expand responsibly and continue developing evidence-based ADHD treatment programs, the statement said.
ADHD affects an estimated 1.8 million Canadians, but diagnosis and treatment remain inconsistent across the country, said the statement from Maple. Research shows untreated ADHD can lead to significant productivity losses and related mental health challenges – gaps Beyond ADHD aims to close through its virtual model.
Bright Breaks Exits
Boston-based Wellable has bought the Halifax provider of wellness videos for an undisclosed price.
Bright Breaks Co-Founders Kiran Sachdev and David Howe
Halifax-based Bright Breaks, which streams wellness videos for its customers’ employees, has been acquired by Wellable of Boston for an undisclosed price.
The exit, announced Monday, will reward several local investors and is the latest chapter in the notable entrepreneurial journey of Bright Breaks Co-Founder and CEO David Howe.
Wellable, which provides employee wellness, rewards, and recognition solutions, has agreed to let Bright Breaks operate as an independent Halifax-based brand within the Wellable family. Howe said in an interview the acquisition will bring his team greater resources and experience as well as access to the Boston company’s customer base.
“The corporate wellness space is very competitive,” said Howe. “Wellable has been around for 14 years and they’re profitable. They grew by bootstrapping; they haven’t raised outside [equity] capital. Joining with them is very much a one plus one equals three scenario where we can tap into all their expertise.”
Bright Breaks sells corporations and organizations micro-breaks – videos of about seven minutes – that their employees can tune into for healthy breaks in their work day. These include such activities as meditation, stretching, dance, strength training, and mindfulness exercises. The platform also provides tips on finances, meal preparation, and other workplace wellness topics. A smart scheduler integrates with Outlook and Google calendars, automatically finding time for breaks without disrupting employees’ schedules.
The company said its approach is grounded in research showing that employees who take regular breaks for movement, stretching, or breathwork experience up to a 40 percent increase in productivity and lower rates of burnout.
With offices in Boston, San Diego, and Washington, Wellable serves organizations of all sizes with solutions designed to enhance workplace culture and employee health. The acquisition expands Wellable’s offerings by adding daily live breaks and a large on-demand library to its employee experience platform, the partners said.
Howe said that Wellable has been in business for 14 years while Bright Breaks has been in the wellness space for only five years. The Boston company has about 20 to 30 times as many customers, and thus the deal offers a huge re-selling opportunity for Bright Breaks.
Amanda Kuron, Wellable’s vice-president of content, said the acquisition aligns with her company’s goal of making wellness a seamless part of the workday. “By embedding micro-breaks throughout the workday, we empower employees to reset and recharge while fostering deeper motivation and connection,” Kuron said.
The Bright Breaks sale to Wellable is actually Howe’s fourth exit. He started and sold a landscaping business in university, then launched ToothbrushSubscriptions.com, which sold toothbrushes online. During this time, he met New Brunswick-born investor and startup specialist Dan Martell, who bet Howe $1,000 he couldn’t produce a profit of $15,000 in six months. Martell explained the stakes in the wager weren’t as important as the need for a young entrepreneur like Howe to learn accountability.
Howe lost the bet but the pressure taught him valuable lessons in marketing, pricing and growth strategies. He soon sold the toothbrush company to a competitor in New York.
After starting and selling a software company in California, Howe started a new venture based in Halifax that offered haircuts or hairstyling in people’s homes or places of business. Cribcuts gained traction until the pandemic hit and killed its business.
So Howe and co-founder Kiran Sachdev pivoted to offer online exercise and wellness videos, which evolved into the company they have now sold to Wellable.
“Startups are a long, hard, but rewarding journey,” said Howe on social media. “I could write a book on the last eight years about the highs and lows, lessons learned, and the hard-to-believe stories. But the book isn’t done yet, and I’m grateful to have the opportunity to continue all of our hard work as we start a new and exciting chapter with Wellable!”
Atlantic Fintech Growth Network Launched
The program uses a broad network to help the region's fintechs to access the U.S.
Atlantic Fintech has launched the Atlantic Fintech Growth Network, a new program aimed at helping Atlantic Canadian fintech companies to expand into the U.S. market.
The initiative aims to provide startups with mentorship, strategic guidance, and introductions to key players in banking, payments, and financial technology, the Moncton-based organization said in a press release.
The first edition of the program, running until March, will focus specifically on U.S. market entry. Participating companies will receive regulatory advice, market insights, and networking opportunities with U.S. fintech institutions and investors.
Charles Potts, advisor at the National Fintech Organization (NFO) and former executive at the Independent Community Bankers of America, said the program addresses the challenges of international growth. “Expanding fintech innovation internationally requires not only market knowledge but also strong strategic partnerships and regulatory insight,” he said..
Atlantic Fintech said the program is unique in its use of senior executives embedded in the U.S. financial industry, enabled through partnerships with NFO and The Exchange. The Exchange is a peer-to-peer advisory network connecting executives across financial services, while NFO provides education and access to industry leaders for fintech growth.
“A program like the Atlantic Fintech Growth Network is a great addition to our U.S. go-to-market [strategy],” said Lori Weir, CEO of Four Eyes Financial, which is participating in the program. “Providing another avenue to connect with regulatory leaders in wealth management as we spread the word about how Four Eyes Financial is helping change the way trade surveillance and compliance is done globally,” she said.
The Atlantic Fintech Growth Network is supported by the Atlantic Canada Opportunities Agency, Invest Nova Scotia, and Opportunities New Brunswick, reflecting a regional effort to position Atlantic Canadian fintechs on a global stage.
Atlantic Fintech leads initiatives to drive fintech innovation across the four Atlantic provinces, offering programs such as Fintech Concierge and Fintech Hub Atlantic Division, which focus on mentorship, market entry support, and ecosystem development.
Tenera Collaborates with ALIS
The partnership improves a product that blends location-based monitoring with care delivery.
Halifax-based Tenera Care, a provider of location-based monitoring solutions for senior living communities, has integrated its product with Chicago-based ALIS (Assisted Living's Intelligent Software).
Tenera’s system uses wearable devices to track the movements of seniors in residential care homes. The company’s Real Time Location Service, or RTLS, helps long term care homes keep track of their residents, staff and assets with the goal of improving safety and operations.
The company said the system, which is used by homes across North America, analyzes data to improve workflow, care, and business outcomes. Tenera has said that residents can use its system to call for assistance, and it identifies situations where they may need help and automatically calls for them. The system also identifies trends in resident mobility, socialization and other factors.
The new collaboration uses a mobile interface that's designed to create better health outcomes for residents while capturing all aspects of care delivery. The company said integrating its data with the ALIS platform improves:
* Health and Safety Outcomes: When an alert is triggered, caregivers can access the resident's health plan through the Tenera Care mobile app. Tenera also measures the time caregivers spend with the resident after responding to the alert. Location data provides resident health insights, including fall risk, depression risk and more.
* Real-Time Care Tracking: The location data reveals how much time caregivers spend with residents, allowing managers to better understand staffing needs while capturing billing data for care delivered.
* Improved Compliance: The mobile app and location tracking allow staff to document their work.
"This integration with ALIS solves a fundamental problem in senior living operations – the disconnect between care planning and care delivery," said Stephen Fitzgerald, CEO of Tenera.
"Communities can now see not just what care was scheduled, but what care actually occurred, when it happened, and how residents responded. This visibility eliminates guesswork in staffing decisions, ensures accurate service billing, and gives families confidence that their loved ones are receiving the care they need."
In March this year, Tenera announced it had closed a $7.4 million round that was led by Build Ventures and Export Development Canada. The round included $2.1 million in bridge funding to finalize product development and $5.3 million to support a Canadian and U.S. growth plan. The company previously announced a $750,000 raise in 2021.
Profitual Opens Second No-Pitch Competition
The contest offers a $10K first prize for the top business model.
Following on the success of its first No-Pitch Competition, Fredericton fintech company Profitual is once again hosting the contest that assesses founders’ business models rather than their public speaking skills.
Entries for the company’s second No-Pitch Competition are open until the end of the month, and the winner of the $10,000 first prize will be announced Dec. 9.
Profitual, a financial intelligence startup that specializes in working with other young companies, asks participants to merely upload an Excel file of their financial model. The contest is open to startups across Canada with less than $1 million in annual recuring revenue.
Profitual will use its AI-driven forecast evaluator to analyze every submission against investor-grade benchmarks. The goal of the competition is to reward “founders who can compete on substance, not spin.”
Applicants with the top 5 models will be invited for a 15-minute virtual call to confirm eligibility.
The first No-Pitch Competition early this year attracted about 120 applicants and was won by Calgary-based Cashew Research, a startup offering AI-driven market research.
You can find more information and enter the competition here.
Hadamard AI Bags $31,500 at Genesis Pitch
The St. John's AI venture won top prize as well as the Community Choice Award.
Genesis CEO Ed Martin, left, with Hadamard AI Founders Nathaniel and Thomas Roberts
Hadamard AI, founded by brothers Nathaniel and Thomas Roberts, was named the Genesis Pitch Champion last week, earning $30,000 and a place on the Pitcher Plant trophy.
Hadamard AI develops artificial intelligence-driven legal research tools, which allow users to conduct faster, smarter research with reliable, cited results. The audience at the sold-out event also awarded Hadamard the Community Choice Award, adding $1,500 to its winnings.
The company earlier this year was one of the Atlantic Canadian ventures pitching at the Web Summit Vancouver.
Organized by the Newfoundland and Labrador innovation hub Genesis, the 2025 Genesis Pitch drew a full house as five Newfoundland and Labrador startups competed for $45,000 in prizes at the grand finale of techNL’s Innovation Week. Innovation Week is a province-wide celebration of entrepreneurship and technological growth.
MedTemp, founded by Bradley Russell and Jamie Heath, took second place and a $10,000 prize. The company has developed a pharmaceutical logistics platform that ensures safe, reliable, temperature-controlled delivery of high-value biologic drugs.
Two additional awards recognized leadership and inclusion in the province’s innovation sector. The True Blue Award, sponsored by Bluedrop ISM, went to Adilya Dragan of Starluv Inc., which has developed an AI-powered resale marketplace that helps people to sell their clothes. The prize recognizes a woman founder working to challenge the status quo in technology.
The Genesis Belonging Award, sponsored by the Fry Family Foundation, was presented to Ramy Abdulzaher of Bonocle, a company developing assistive technology to make digital content accessible to people who are blind or have low vision. The award honours startups fostering inclusivity and equity in their workplaces and communities.
The other finalists at the Genesis Pitch were: Data Farms, which uses AI, sensor analytics, and soil science to provide farmers with real-time insights to maximize yields and minimize their environmental impact; and the edtech startup Lunisity, which aims to use AI to transform Assessment, Evaluation and Research workflows for student affairs teams in higher education. Its AI-powered tools integrate with existing campus systems to deliver real-time insights on student involvement and co-curricular engagement.
Judges for the event were Michele Romanow, Adam Keating, Holly Hill, Niraj Shukla, and Nick Warren.
Tribe Impact Report Highlights Further Growth
The organization's members created 138 jobs on $1.2M in sales in 2024.
Tribe Network, the Halifax-based hub that supports Black, Indigenous, and People of Colour (BIPOC) entrepreneurs, has released its 2024–2025 Impact Report which highlights another year of expanding influence in the country’s innovation economy.
The report says Tribe’s programs helped more than 500 BIPOC founders to develop and scale their ventures in 2024, bringing the total number to 1,300 since 2020. The organization also deployed over $290,000 in non-dilutive capital last year, helping companies in its network create 138 jobs and generate $1.2 million in revenue. Since 2020, these enterprises have created more than 400 jobs.
Tribe Network, founded to build an inclusive innovation ecosystem, provides business training, mentorship, and access to investors for underrepresented entrepreneurs. Its latest report emphasizes that diversity in entrepreneurship drives both social progress and economic growth.
“Tribe Network exists to build new systems where everyone belongs and no one is left behind,” said Tribe Founder and CEO Alfred Burgesson in the report. “Through coaching, capital, and community, we’re not just creating opportunities, we’re redesigning the landscape of entrepreneurship in Canada and beyond.”
Another key highlight of 2024 was Tribe’s investment in education, says the report. The organization awarded $120,000 in scholarships for Black and Indigenous students, part of its commitment to building long-term opportunities for underrepresented communities.
“The data in this year’s report shows that inclusion isn’t just a value – it’s an engine for innovation,” the report states. “When BIPOC founders are given access to networks, capital, and coaching, the results strengthen the economy for everyone.”
Over the past year, Tribe Network expanded its national reach through partnerships with organizations in other provinces, broadening its programming beyond Atlantic Canada. Its initiatives now include accelerator programs for early-stage founders, networking events, and investor-readiness training tailored to the unique barriers BIPOC entrepreneurs face.
The organization also underscored its focus on measuring social as well as economic outcomes — such as community impact, leadership development, and representation in the startup ecosystem — to ensure equitable participation in Canada’s innovation landscape.
Highlights of the report include:
The organization held 58 events or workshops in 2024, bringing the total since 2020 to more than 130;
The number of members in the Tribe Network grew by 700 in 2024, standing at 2,000 at the end of the year;
The number of mentors engaged increased by 50 percent to 150;
Tribe spent $560,000 on programming and support for entrepreneurs in 2024, bringing the total to almost $1 million since 2020;
And the startups supported by Tribe raised $1.6 million in 2024, and have raised a total of $4.5 million since 2020.
The organization concludes it has had an economic impact of $25 million since its inception five years ago.
Tribe Network’s annual Impact Report serves both as a performance review and as a call to action for continued investment in inclusive entrepreneurship, the group says. By connecting racialized founders to opportunity and resources, the organization aims to build a more diverse and resilient innovation economy across Canada.
“Our horizon is clear: By 2030, Tribe Network aims to unlock C$1 billion in economic impact through the success of our members, partners, and communities,” said Burgesson. “Our ambition is to build pathways that multiply opportunity and create lasting change.”
NBIF’s Breakthru Returns
The revitalized startup contest was formerly the foundation’s highest-profile event.
Organizers are offering $200,000 in equity investment and in-kind support to help entrepreneurs turn ideas into ventures. The Grand Prize will provide $100,000 in equity investment and two runners-up will receive $50,000 in equity investment.
The three companies will enter due diligence with NBIF. Each investment provides the startup with the critical funding and support needed to execute on its business objectives, organizers said on LinkedIn.
To qualify, proposed ventures must be in the early or pre-seed stage of development, meaning the business is still in concept, prototype, or market validation phase and has not yet raised significant external capital or achieved meaningful commercial revenue.
Organizers said business ideas must have a strong business case, real market demand, financial and commercial potential, a clear innovative and competitive edge, a capable team and economic impact for New Brunswick.
Before the pandemic, Breakthru was big news and a passion project of then-CEO Calvin Milbury. It was held every second year and awarded hundreds of thousands of dollars to the top three startups, which had all gone through months of preparation and mentorship. Since 2019, there have been several smaller-scale events with the Breakthru name.
In March this year, NBIF awarded a $50,000 investment at the Breakthru Accelerating Cleantech pitching event. The pitching competition winner, which received a $50,000 investment from NBIF, was AgroGene Solutions, which was founded by four researchers at Universite de Moncton and provides monitoring services for beekeepers.
Applications for Breakthru close Friday, November 28.
Apply here.
LeBrun Named to InnovateNB Hall of Fame
The Radian6 Co-Founder will be inducted at the InnovateNB gala Nov. 27 in Saint John.
Entrepreneur and social innovator Marcel LeBrun has been named the 2025 inductee to the InnovateNB Hall of Fame in recognition of his decades-long impact on New Brunswick’s technology and innovation sectors.
The honour will be presented during the InnovateNB Awards ceremony on Nov. 27 at the Saint John Trade and Convention Centre, where innovators from the province’s private, public, and post-secondary sectors will also be recognized.
LeBrun’s career spans more than 30 years and includes leadership roles that helped shape New Brunswick’s digital economy. He began at NBTel, the provincial telecommunications utility that later merged with regional peers to become Bell Aliant, where he contributed to the province’s early digital technology strategy.
In 1998, LeBrun co-founded iMagicTV, one of the first companies to commercialize Internet Protocol television (IPTV) technology. The company was among the earliest to demonstrate how broadband networks could deliver television content—a concept that would later become standard in the telecommunications industry.
LeBrun went on to co-found Radian6 in 2006 with technologist Chris Newton and former NBTel colleague Chris Ramsey. Within three years, Radian6 had become a leading global provider of social media analytics, serving half of the Fortune 500, including Dell, GE and Procter & Gamble. The platform played a key role in Procter & Gamble’s 2010 “Old Spice” campaign, which became a landmark in real-time social media engagement.
In 2011, Salesforce acquired Radian6 for nearly $350 million, marking one of the largest technology exits in Atlantic Canadian history.
Since the sale, LeBrun has dedicated much of his time to mentoring emerging entrepreneurs and strengthening the region’s startup ecosystem. Through his work with Propel ICT and other innovation hubs, he has supported dozens of founders in building and scaling new ventures.
LeBrun has also turned his focus to social innovation as the founder of 12 Neighbours, a Fredericton-based initiative that builds tiny homes and provides supports such as entrepreneurship training and counselling for people experiencing homelessness. A related effort, Neighbourly Homes, expands on that model by developing transitional housing that emphasizes dignity and autonomy.
The InnovateNB Hall of Fame recognizes individuals whose achievements have significantly advanced innovation in New Brunswick. Previous winners of the honour were entrepreneur and investor Gerry Pond and the founders of Q1 Labs.
To learn more about InnovateNB and to buy tickets to the gala, please visit this website.
Laberge’s New Company Closes US$10.5M Round
Omen uses sensors and AI to help maintain heavy machinery.
Zach Laberge with the Omen pickup truck in San Francisco
Fifteen months after exiting his first Halifax-based company, Zach Laberge has closed a US$10.5 million (C$14.7 million) seed funding round for his new startup Omen, which uses AI in the maintenance of heavy machinery.
The surprising thing about this raise is not just that Laberge, the founder and CEO of Omen, just turned 20 this month. It’s that he closed the round in only four days.
Now based in San Francisco, Laberge launched Omen to install specially designed sensors in heavy machinery and use artificial intelligence to tell whether the machines are about to encounter problems If so, the machines themselves can take action to ensure there’s no downtime.
For example, if a component is wearing out, Omen will not only notify the human operator; it will also order the part itself.
“Last summer, I was thinking there is automation for machines that can drive them, but wouldn’t it be great if machines could think for themselves, order their own parts, tell you when they’re about to break down?” said Laberge in an interview in Omen’s new office.
Says the company’s messaging: “This isn't just better maintenance; it's a fundamental shift in how industrial equipment operates . . . Every machine is different. Every failure is preventable.”
Laberge started his first company Frenter in Halifax in 2020, while he was still a high school student. He soon attracted investors and non-dilutive financing. After a pivot, the company developed technology that let heavy equipment operators and rental companies track and manage their fleets in real time with the help of GPS and telematics data, remotely monitoring the security and general utilization of heavy equipment.
In early 2024, Laberge moved to the Bay Area, and as he went through the process of selling Frenter he began to work on the new company, talking to both investors and prospective clients. They liked the idea. Not only did he gain customers right out of the door, but he was able to raise a US$3.2 million pre-seed round “immediately.” He said one of the investors presented him with a term sheet and others came in within a couple of days.
It was a similar story with the seed round in the past month, he said. San Francisco-based venture capital firm CRV led the round, which was joined by about 10 other VCs as well as angel investors from the C-suites of General Motors and Bridgestone.
There were several reasons for Omen’s ability to raise so much money so fast. Laberge and his five team members have shown an ability to move quickly. (They had their first product out within a month of conception.) He established good relationships with funders – both those who backed him previously and others in his network. And the company had early traction.
But he can’t ignore the fact that it’s easier for good companies to raise capital in the Bay Area than in most other markets in the world.
“I love Nova Scotia for getting started,” he said, adding that he would have been lost among all the other entrepreneurs if he had started out in a place like Toronto. “But I think in Canada – and I would include Nova Scotia – the fundraising environment is terrible.”
Now he has a few years of runway, Laberge said Omen is focusing on growing the business and increasing revenues. The company has six customers so far, none of which have annual revenues of less than US$2 billion. Its market now comprises general contractors, rental companies, manufacturers, and military operators, and it has customers as far afield as Japan, he said.
Recently, Omen moved into new, airy headquarters south of Market Street in San Francisco, and just refurbished an R&D lab a few doors down. The small team includes an engineer who is leading the development of the next generation of sensors. The company’s assets include a new pickup truck that serves as a mobile office and workshop when servicing customers in California.
While Omen’s growth plans include aggressive selling, Laberge has no immediate plans to increase the size of the team. He noted that talent is more expensive in San Francisco than in Canada, and you have to hire good people who work efficiently.
EDC Backs Growth of Maritime Launch
The company lands a $10M credit facility from the export development agency.
Maritime Launch Services has secured a $10 million senior credit facility from Export Development Canada to support the continued development of Spaceport Nova Scotia in Canso and advance toward its first orbital launch.
The financing agreement includes an initial $5 million advance, with the remainder available through drawdowns tied to ongoing construction and development milestones. The funds will be used for the next phase of the spaceport’s buildout, including launch pad and infrastructure work.
Maritime Launch President and CEO Stephen Matier said EDC’s commitment represents a key milestone in establishing Canada’s capability to conduct orbital launches. “EDC's support helps us advance the buildout of Spaceport Nova Scotia as we prepare for orbital launch operations,” he said. “Together, we’re demonstrating that Canada can achieve sovereign launch capability.”
In August, Maritime Launch agreed to sell a stake to Montreal-based Reaction Dynamics Lab and collaborate on an all-Canadian orbital launch set for the summer of 2028. The Reaction Dynamics deal has a total value of $1.7 million, and the companies said it will lead to a rocket designed and built in Canada being fired into orbit from Canada for the first time. The two companies began collaborating with each other last year.
Located near Canso, N.S., Spaceport Nova Scotia is being developed to provide satellite launch services for both Canadian and international clients. The project is expected to generate economic benefits in rural Nova Scotia through job creation, investment attraction, and the growth of a local supply chain.
EDC President and CEO Alison Nankivell said the financing reflects the agency’s focus on projects of strategic national importance.
She said: “This critical infrastructure will help Canada achieve sovereign launch capability for satellites, which will support needs such as defence and security, telecommunications, and weather monitoring.”
Five Startups Compete at The Genesis Pitch
The winner will receive $30,000 and the Pitcher Plant trophy.
Five Newfoundland and Labrador startups will compete for more than $45,000 in prizes at The Genesis Pitch, taking place Oct. 29 at the St. John’s Convention Centre.
Organized by Genesis, the province’s technology incubator, the event marks the largest prize pool in its history, including a $30,000 top prize and the Pitcher Plant trophy. The competition is part of techNL’s annual Innovation Week, which highlights innovation and entrepreneurship across the province.
The five finalists represent a cross-section of emerging technologies being developed in Newfoundland and Labrador:
Data Farms– Founded by Heather Zurel, Data Farms is developing tools to improve agricultural productivity and sustainability through data-driven insights. The company aims to help farmers make more informed decisions using analytics and precision technology.
Hadamard– Led by brothers Nathaniel and Thomas Roberts, Hadamard is focused on computational solutions for complex analytical problems. The startup’s work applies advanced mathematics and computing to support fields such as engineering, research, and industrial design.
Lunisity– Co-founded by Girish Verma and Nico Heinken, Lunisity is working on an education technology platform designed to enhance student learning experiences through personalized and interactive tools. The company is targeting both institutional and independent learning environments.
MedTemp– Founded by Bradley Russell and Jamie Heath, MedTemp is developing technology to support healthcare staffing and workforce management. The company’s platform aims to match medical professionals with temporary placements efficiently and securely.
Starluv– Founded by Adilya Dragan, Starluv is creating a digital platform that connects users through shared experiences and interests. The company is focused on building a community-centered network with tools for discovery and connection.
The Genesis Pitch provides founders with the opportunity to present their ventures to investors, industry leaders, and members of the public. In addition to cash prizes, the competition offers exposure to potential partners and supporters within the province’s tech sector.
Genesis, based at Memorial University in St. John’s, supports early-stage technology startups through funding, mentorship, and business development programs. The organization said the competition reflects its role in helping entrepreneurs move from concept to commercialization.
The Genesis Pitch begins at 1 p.m. on Oct. 29 at the St. John’s Convention Centre. You can find more information here.
NACO Calls for National Investment Strategy
The organization has released its study ahead of next month's federal budget.
NACO Chief Executive Claudio Rojas
NACO Canada has released a new report urging a coordinated national approach to mobilize up to $15 billion in private investment and strengthen Canada’s innovation economy.
Titled A Unified Capital Strategy for a Sovereign Innovation Economy, the report outlines a four-part policy framework aimed at improving access to early-stage financing and reducing barriers faced by entrepreneurs. NACO – the umbrella group for angel investors in Canada – argues that fragmented provincial programs and gaps in early-stage capital continue to limit the ability of Canadian startups to scale and compete internationally.
“When founders spend less time raising, they have more time building,” said NACO Chief Executive Claudio Rojas in a statement. “A unified capital strategy is about empowering our nation’s innovators with the capital they need to compete globally.”
The report calls for four interconnected measures that together would form what NACO describes as a “unified engine for national prosperity.” These include:
A National Investment Tax Credit, which would increase the supply of early-stage risk capital by encouraging more investors to make initial investments in startups.
A Sovereign Capital Catalyst Initiative, intended to align capital deployment and ensure companies can access funding at all stages of growth.
A Strategic Capital Gains Deferral, to encourage successful entrepreneurs and investors to reinvest their proceeds into the next generation of startups.
An Entrepreneurial Capital Investment Program, designed to strengthen national infrastructure and connect founders with capital more efficiently.
Together, these measures could generate between $10 billion and $15 billion in private investment and create up to 72,000 high-value jobs over five years, according to the report.
The report draws on evidence from British Columbia’s investment tax credit program, which delivered nearly $3 in tax revenue for every $1 in credits issued. It also points to international models in the U.S., U.K., and Israel, which invest a larger share of GDP in venture capital compared to Canada.
Despite recent growth in venture funding, NACO says systemic weaknesses in early-stage financing continue to undermine productivity and global competitiveness. Achieving venture capital intensity on a par with countries like Estonia or Israel, it says, would “radically transform the structure of Canada’s economy.”
The organization is urging federal policymakers to use the upcoming 2025 budget as an opportunity to implement a unified capital strategy. “As global competition for innovation capital and talent accelerates, Canada must act decisively,” the report concludes. “To maintain economic independence and remain a magnet for talent and investment, we must move beyond fragmented provincial programs toward a coordinated national approach.”
NBIF said on LinkedIn last week that it had invested $200,000 in the company, which uses agentic artificial intelligence to automate patient interactions and reduce administrative workloads in healthcare settings. The NBIF announcement follows a similar post by TLT, which said the two investment groups are co-leading the funding round. TLT did not specify the size of its investment.
ClinicGlide was co-founded by Scott MacIntosh, an entrepreneur and healthcare technology architect with more than 25 years of experience in digital transformation, and Dr. Hanif Chatur, an emergency physician and digital health innovator with more than two decades of experience building new models of care. The company’s AI platform automates multi-channel patient communications, streamlines appointment scheduling, and reduces repetitive administrative tasks for hospitals and clinics.
NBIF said the investment will support ClinicGlide’s continued AI development, integration with healthcare platforms, and company growth. The company’s technology is already being used to automate front-end workflows, resulting in as much as a 50 percent reduction in administrative load for healthcare providers.
“The ClinicGlide team’s vision for a smarter, more connected healthcare system makes this an exciting investment for NBIF,” said NBIF Chief Executive Jeff White in the post. “With Scott’s experience as a founder in digital transformation and Hanif’s recognized sector expertise, they’re building a valuable solution with global potential and strong roots in New Brunswick innovation.”
TLT East Ventures said the investment aligns with its mission to support entrepreneurs who drive job creation and economic growth in Atlantic Canada. Led by former investment banker Michael Brown, TLT launched earlier this year and has already invested in Eigen Innovations, SnapTrade and Profitual, all of Fredericton.
MacIntosh said in an email the company’s early traction reflects growing demand for automation tools that can improve efficiency in healthcare operations.
“We are incredibly excited by the early validation from partners like NBIF and TLT as we continue to finalize the remaining commitments for this pre-seed round,” he said. “There is a relentless need to improve healthcare operations, and we are happy to be a part of the solution. This round enables us to connect to more healthcare operational systems sooner, and accelerate the build of our sovereign healthcare AI solutions.”
MacIntosh said ClinicGlide is first to market with its Clara AI Booking Agent, which automatically books appointments within the popular Jane.app electronic medical records (EMR) system. The company is now developing similar tools for hospitals, medical offices, and health authorities.
He added that the new capital is being directed primarily toward two priorities: expanding integrations with additional EMR and scheduling systems, and accelerating development of the company’s sovereign AI capabilities tailored for healthcare environments.
Site 20/20 No. 6 in Deloitte’s Fast 50
CoLab Software and SpryPoint also made the prestigious list.
The global accounting firm announced its 2025 list of fast-growing Canadian companies (based on revenue records over a four-year period) on Tuesday, and it included two Atlantic Canadian companies making the roster for the first time: St. John’s-based CoLab Software and Charlottetown-based SpryPoint.
Site 20/20 placed sixth on the list of meteoric Canadian startups in 2025, with revenue growth of 6,721 percent in the past four years. CoLab claimed the 19th position with revenue growth of 1,730 percent, while SpryPoint recorded four-year revenue growth of 616 percent to capture 40th place.
What’s most impressive about Site 20/20’s performance is it produced its best growth results ever even though it’s operating off a much higher base. In 2024, the company was 31st on the list with revenue growth of 686 percent. In 2023, it captured sixth place on the back of 2,392 percent revenue growth over four years.
The company received a shot in the arm in August 2024 when it closed an investment deal with New Mountain Capital and Energy Impact Partners, both based in New York. The amount of funding was never revealed. A statement on the site of New Mountain Capital last year said Site 20/20 since its inception has had revenues of more than $250 million.
Led by CEO Mitch Hollohan, Site 20/20’s flagship product is the Guardian SmartFlagger, a piece of equipment designed to replace the human “flaggers” who direct traffic at construction sites. It includes a portable stoplight and a barrier that can be lowered to block traffic flow.
Hollohan founded the business in 2015 and launched the Guardian in 2017, under a revenue model whereby Site 20/20 leased the equipment to customers on an hourly basis. A single worker can control up to four of the machines using an iPad and video-monitoring software.
Founded by CEO Adam Keating and CTO Jeremy Andrew in 2017, CoLab makes collaboration software for 3D modelling and has recently offered customers new, AI-based tools. A graduate of the Y Combinator accelerator in Silicon Valley, CoLab closed a US$21 million, or C$28.6 million, Series B funding round led by New York’s Insight Partners in May 2024. That followed up on its previous US$17 million Series A a few years earlier.
SpryPoint was founded in 2011 and sells cloud-based enterprise software for utility companies. The company’s website says it focuses on “delivering innovative and efficient technologies to enable exceptional customer service and to optimize operations.”
In March of this year, SpryPoint CEO Kyle Strang announced the company had received a growth-focused credit facility from CIBC Innovation Banking.
Along with its Fast 50, Deloitte each year names 15 startups to its Companies-to-Watch list. No Atlantic Canadian companies made this list in 2025.
The participants in the Technology Fast 50 are required to give Deloitte access to audited financial statements and must already have revenue at the beginning of the four years. The 2025 winner was Neo Financial of Calgary, which also won in 2024. Its four-year revenue growth in the 2025 competition came in at 1,279 percent.
Ashored Wins $200K in TELUS Competition
Three other Atlantic Canadian business owners also walked away with prizes.
Ashored Innovation CEO Aaron Stevenson
Ocean technology company Ashored Innovation has been named one of five grand prize winners in the national TELUS #StandWithOwners competition, receiving a $200,000 prize package in cash and in-kind services.
The Debert, NS-based company was recognized for its development of a “rope-on-demand” fishing system designed to reduce the risk of marine animal entanglement in traditional trap gear. The system allows ropes used to retrieve crab or lobster traps to remain coiled around a device on the ocean floor until an acoustic signal triggers their release. This approach helps protect whales and other marine life from becoming ensnared in vertical fishing lines.
Ashored was founded by Aaron Stevenson, who began developing the technology following a 2017 North Atlantic right whale mortality event linked to fishing gear entanglements. The company’s acoustic-release buoy system retrofits existing traps and is now used across three continents for both commercial fishing and scientific research related to underwater noise and environmental change.
“This incredible recognition celebrates Canadian businesses driving innovation and positive change – and we’re proud to represent the ocean technology sector and sustainable fishing community on this stage,” Stevenson said in a social media post announcing the award.
Each of the five grand prize winners receives $75,000 in direct funding, $80,000 in advertising and business exposure, $35,000 in technology from TELUS and Samsung, and $10,000 in TELUS Health wellbeing support.
In addition to the five grand prize recipients, TELUS recognized 15 other small businesses with $20,000 each in funding and technology support. Three of those winners are based in Atlantic Canada:
Newbornlander, a St. John’s social enterprise founded by Constanza Safatle Ferrari, employs newcomer women to produce ethically made baby products.
Pollen Nation Farm, owned by Chef Nathan Hornidge and Amanda Oake in Little Rapids, NL, operates an Indigenous-owned honey farm and culinary destination promoting food security and sustainability.
And SudDrop Laundry Services, founded by Jayrell Diggs in East Preston, NS, provides a tech-enabled laundry service that partners with local laundromats and emphasizes community impact.
Since its launch in 2020, TELUS’s #StandWithOwners program has distributed more than $6 million in funding, technology, and promotional support to Canadian small businesses, the company said.
“Businesses like these embody the spirit of Canadian entrepreneurship while making a meaningful difference in their communities,” said Katherine Emberly, Senior Vice-President and President, Small and Medium Business at TELUS.
Further Acclaim for Infusd Nutrition
Recognition includes the Innovator of the Year Award from Food and Beverage Atlantic.
Infusd Nutrition co-founders David Giffin, left, and Jack MacDonald
Halifax-based supplement startup Infusd Nutrition has capped off a busy stretch with a series of national and international recognitions highlighting its role in the food technology sector.
Over the past 10 days, the company has participated in the MISTA Growth Hack in San Francisco, where it showcased products co-developed with multinational partners Givaudan and Danone. The collaboration focused on demonstrating new approaches to functional food and beverage formulation – emphasizing nutrient density, improved taste, and clean labeling, the company said.
Soon after returning from California, Infusd was in Moncton to receive the Innovator of the Year Award from Food and Beverage Atlantic, an organization that supports the region’s food and drink producers. The award recognizes companies advancing innovation and growth within Atlantic Canada’s food sector.
The company’s run of achievements continued this week in Halifax, where it was named to the Canadian Food Innovation Network’s Foodtech Frontier 25, a list recognizing the country’s most innovative emerging food technology companies.
Founded in 2023 by lawyer Jack MacDonald and chemical engineer David Giffin, Infusd Nutrition is developing technology that makes fat-soluble nutrients, such as omega-3 fatty acids and certain vitamins, water soluble – a process that could improve the absorption and usability of nutrients in foods and beverages, the company said. The company’s technology is based on intellectual property developed over five years through research at institutions including Dalhousie University.
In June, Infusd announced it had closed an oversubscribed funding round of more than US$2 million (C$2.8 million). The investment was led by NextGen Nutrition Investment Partners of France, with participation from Nourish Ventures, a unit of Griffith Foods of Toronto, and Agthia Ventures of Abu Dhabi. The company said the funding would support sales growth and continued product development.
MacDonald and Giffin have said their goal is to make nutrients more accessible and functional across a range of products – from beverages to supplements – as consumers and manufacturers seek more effective and transparent nutrition solutions.
The recent awards and partnerships, the company said, reflect growing recognition of both its technology and its role in Canada’s expanding food innovation ecosystem.
Axis Accelerator Seeks Applicants
The program focuses on generating sales in preparation for raising capital.
The Axis Accelerator at University of New Brunswick Saint John is seeking applicants for its six-month program for business-to-business startups from across Atlantic Canada looking to grow their revenues and prepare to raise capital.
The program will begin in the spring and requires three to five hours per week from participants. It is aimed at positioning the founder of a company as its lead salesperson, as well as bolstering lead conversion and developing a scalable sales strategy. For 12 months after the end of the accelerator, participants will continue to have access to coaching, mentorship and office space.
Launched as a pilot through the Faculty of Business in Saint John in early 2023, the accelerator currently has places for 10 founders. This year alone, 29 founders from 19 companies have gone through the Axis Sales Accelerator, said the organizers.
Anyone interested in the program can complete a form here to sign up for a 30-minute, virtual discovery call.
NBIF Names Armali VP of Investments
The new exec has deep experience in venture capital and finance.
Armali joins NBIF after relocating from Montreal and brings more than 15 years of experience in venture capital, fund investment, and multi-asset portfolio management. He will lead NBIF’s investment team and work with startups, portfolio companies, and limited partners to advance the organization’s mandate of supporting the growth of New Brunswick’s innovation economy.
“This is an important new role for NBIF and Daniel’s reputation and character make him a tremendous addition to our leadership team,” said NBIF Chief Executive Jeff White in a statement. “He brings extensive experience across public and private markets, including direct and limited partner investment, as well as the creation and raising of private venture capital funds. His insight and collaborative approach will bring real value to our founders and investors and take our NBIF investment strategy to the next level.”
A CFA charterholder with an MBA, Armali has held senior roles in both public and private markets. He previously served as a partner at a venture capital impact firm, at BDC Capital where he managed $850 million in fund investments and oversaw a portfolio of 22 venture funds, and at the Bank of Canada where he worked on its internal pension fund’s multi-asset portfolio.
“NBIF has built a strong engine for translating innovation into growth,” said Armali. “I’m excited to work with founders, investors, and the NBIF team to build on that energy and shape a future economy defined by innovation and strong returns for the province.”
NBIF is an independent, pre-seed and seed-stage venture capital organization that invests in the creation and growth of New Brunswick technology companies, funds complementary venture capital firms, and supports local accelerators and incubators.
Grant Named Managing Partner of Cuna del Mar
The impact fund is dedicated to championing regenerative aquaculture.
Cuna Del Mar Managing Partner Donald Grant
Cuna del Mar, an impact investment fund focused on regenerative aquaculture, has appointed Halifax lawyer and entrepreneur Donald Grant as its new Managing Partner.
The appointment of Grant, who previously served as the fund’s Vice President, marks a strategic shift for Cuna del Mar as it aims to take a more active role in promoting regenerative aquaculture globally. Regenerative aquaculture is a system of marine farming that cultivates food while restoring and enhancing ecosystems by such means as growing diverse species and restoring natural habitats.
Grant is best known in the Atlantic Canadian startup community through his previous positions as the first Executive Director of the Ocean Startup Project and an executive with Dartmouth-based Leeway Marine.
“Under Don’s leadership, Cuna del Mar seeks to transition from a pioneer to a global catalyst, ready to democratize this knowledge and accelerate technology, practices and models to support coastal economies,” said Cuna del Mar Founder Christy Walton in a statement.
For the past 15 years, Cuna del Mar has invested in developing open ocean aquaculture technologies and farming models that balance economic viability with environmental responsibility.
In his new role, Grant will oversee Cuna del Mar’s portfolio of companies, which includes The Center for Aquaculture Technologies, a Prince Edward Island research organization that the fund bought in 2019. Other portfolio companies include Onda, SalmoGen, Innovasea, Open Blue, Blue Ocean Mariculture, and Santomar. These companies collaborate on initiatives such as the revitalization of the Totoaba species in Mexico’s Gulf of California.
Grant said he plans to strengthen collaboration among policymakers, investors, and industry leaders to advance regenerative aquaculture. “Our food and ocean systems are under strain,” he said. “We believe regenerative aquaculture can revitalize species, rebuild ecosystems, and feed communities while creating economic opportunities.”
Lockhart Leaving Propel for McKenna Institute
The Mckenna Institute focuses on digital progress in New Brunswick.
Kathryn Lockhart
Kathryn Lockhart, CEO of Propel, the regional virtual accelerator for tech-enabled companies, has announced she is joining the McKenna Institute at the University of New Brunswick as Executive Director, effective Nov. 10.
Lockhart has headed up Propel for more than five years and seen significant change in that time. Now, she is joining the McKenna Institute, an entrepreneurial centre based at UNB, which is working to promote digital progress in New Brunswick.
“Over the past few years, I’ve witnessed the remarkable transformation of Atlantic Canada’s tech sector. From early-stage founders with big ideas to thriving companies leading in sectors like AI, digital health, clean technology, and advanced manufacturing, the energy and talent in this region are undeniable,” Lockhart wrote on LinkedIn.
“For us at Propel, the root of all this progress has been one constant: supporting founders in their earliest days and helping them validate customers, refine their sales strategy, and build the confidence to scale … I’ve been fortunate to work alongside an extraordinary team at Propel- smart people who care deeply about founders, communities, and impact. It's a team that has become family.
“As I begin this new chapter with the McKenna Institute, I’m particularly excited to help advance New Brunswick’s innovation agenda. By making bold decisions and investing in digital transformation, we can create an unfair advantage right here in New Brunswick and much of that work can start now, building on the great foundation that has been laid.”
In a statement, the McKenna Institute said that Lockhart, a UNB alum, has a proven record of helping technology companies grow and thrive. “Her passion for collaboration and inclusive innovation will help shape the next chapter of the Institute’s impact across New Brunswick and beyond.”
The institute also thanked Adrienne Oldford, who has led the McKenna Institute since its founding in 2021. She will continue to support the institute as an advisor and member of the Legacy Board.
The Chapman Group will be leading the search for Propel’s new CEO. The job posting is here.
GIT Opens New Facility and Lands EDC Funds
The maker of green anti-fouling paint for ships’ hulls is expanding to serve its global market.
The opening of GIT's new facility
Dartmouth-based GIT Coatings, which creates biocide-free, graphene-based marine coatings, has opened a new facility and received an additional $5 million in funding from Export Development Canada. The money was presented during the opening of the company’s new global headquarters on Wilkinson Avenue last week.
The new premises will help the company, officially called Graphite Innovation & Technologies, deliver advanced nanomaterial marine coatings by boosting its capacity to 1 million litres. The venture’s coatings are currently applied to about 500 vessels across 20 countries, enabling shipowners to reduce fuel consumption, cut CO₂ emissions, and eliminate toxic copper and silicon oil release into oceans. The company said its products have so far prevented the release of around 250,000 tonnes of CO₂ and copper pollution.
“Today is a proud milestone for our entire team and for Canada’s ocean and clean-tech communities,” said GIT Chief Executive Mo AlGermozi in a statement.
“This world-class site lets us manufacture at scale, accelerate R&D, and serve customers in every major shipping market … With 95 percent of our revenue coming from exports, we’re proving that Canadian clean technology can compete globally while creating high-quality jobs at home.”
GIT manufactures a suite of graphene coatings designed to prevent corrosion and prevent the buildup of organisms like barnacles and algae, called biofouling in the industry, which shipping lines have historically prevented with poisons called biocides.
Graphene, in contrast, is a carbon-based material that is 200 times stronger than steel and efficiently conducts heat and electricity, while being safer for the environment than conventional solutions. It also serves to reduce friction, indirectly cutting ships’ fuel consumption and greenhouse gas emissions, the company has said.
GIT Coatings was founded nine years ago. It has teams in global shipping hubs in Singapore, Germany and Greece. Its deals include coating the fleets of Hong Kong shipping giant Pacific Basin and Helsinki-based Finnlines.
The $5 million funding from Export Development Canada is designed to further expand GIT’s global market presence and export capabilities.
The company previously worked out of 1 Research Drive in Dartmouth, where economic development organization, Invest Nova Scotia, houses a production incubation centre for local companies. The Atlantic Canada Opportunities Agency also helped fund GIT’s expansion.
Business Hall of Fame Recognizes Young Entrepreneurs
The Nova Scotia group honoured Adalay, Upshaw, Russell and Hadhad.
Cat Adalay (left) with Aurea co-founder Rachel Carr.
Aurea is the cleantech company behind the Shine and RISE turbines, portable wind energy systems designed for outdoor recreation, emergency preparedness, and defense applications. Lightweight, collapsible, and powerful, these systems enable clean energy access wherever the grid doesn’t reach, the company said.
“We’re not just catching the wind - we’re turning it into power, freedom, and possibility. That’s what innovation means to me: taking something invisible and making it useful,” Adalay said.
Since founding Aurea in 2017, Adalay has raised over $5 million, launched award-winning products, and built a growing team based in Atlantic Canada.
Held at Halifax’s Nova Centre on Wednesday, the annual fundraising event hosted by Junior Achievement Nova Scotia, honoured individuals who have inspired current and future business leaders.
In keeping with Entrevestor’s focus on innovation-driven companies, we have featured Adalay first, but three other emerging entrepreneurs were also recognized Wednesday evening. They are:
An award-winning entrepreneur, speaker, and community advocate, Upshaw has built a nationally recognized organization dedicated to empowering Black and Brown women through entrepreneurship. The platform provides free training, coaching, mentorship, and access to business tools for women across Canada. Upshaw is also the host of Tuesdays with Tia on CTV Morning Live, a segment that highlights the power of diverse entrepreneurs and community voices in Atlantic Canada.
Made with Local began with Russell hiring a table at a farmers’ market in 2012, selling bars made with Canadian family-farm ingredients. Since then, the company has experienced rapid growth, and now sells in over 3,000 retailers across Canada. Russell aims for Made with Local to become one of the world’s most sustainable food companies with the help of her team of 20.
Hadhad came to Canada in 2015 as a Syrian refugee. The multi-award-winning entrepreneur and his family relaunched the family chocolate business in Nova Scotia to recreate the chocolates they once exported across the Middle East. Now that their chocolates are distributed across Canada, they look to offer more employment opportunities as their business grows. Author Jon Tattrie wrote a book about the family’s story. A feature film, Peace by Chocolate, also based on the family’s story, was shown in theaters in 2022.
Four lifetime business achievers were also honoured Wednesday night. The inductees were: Mike Brien, President and CEO of Rockland Capital, Jim Mills, CEO of Office Interiors and Thane Stevens, President of the Stevens Group of Companies. Posthumous recognition went to George E.M. Lewis, who was born in Economy N.S. of Scottish immigrant parents, and who went on to be involved in multiple businesses. He was recognized in the Who's Who of Canada in 1924.
Full Disclosure: Cat Adalay is the daughter of Entrevestor’s founders.
Elle, MD Lands $100K from Invest NS
The funding matches an investment from NBIF earlier this year.
Dr. Jennifer Johnston and Jeff White of NBIF in June
Invest Nova Scotia, the provincial economic development and venture capital agency, announced the investment in a press release on Tuesday.
Based in New Minas, NS, and headed by Dr. Jennifer Johnston, the company focuses on enhancing reproductive autonomy by developing a safe, user-controlled contraceptive that’s free from pain, procedures, and hormones. Johnston, who founded the company in 2022, is a family physician and assistant professor at Dalhousie University School of Medicine.
“This investment will support Elle, MD Biotechnologies as it completes proof-of-concept preclinical safety and efficacy studies as well as biocompatibility and chemical testing,” said the Invest NS statement.
In June, NBIF invested $100,000 in Elle, MD after Johnston won the 2025 Fueling Female Founders Pitch Competition. First prize in the competition was a $100,000 investment from NBIF with a chance for a matching investment from Invest Nova Scotia.
Invest NS also said it has supported Elle, MD through its Accelerate Program and Early-Stage Commercialization Fund.
ImmigrateAI Global Wins at G20 YEA Summit
The company aims to simplify the immigration process and cut costs for applicants.
The company has won a package of $5,000. What’s more valuable, founder and CEO Max Medyk told Entrevestor, is the recognition and partnership requests the company has since received.
“This was the first time a Nova Scotia company did this on the G20 stage,” he said. “It's about validation of our business model and networking opportunities with global leaders. It also provides a strong talking point for future business development and potential investment.”
The venture has launched an AI platform designed to simplify immigration paperwork for healthcare professionals, skilled tradespeople, and international talent. The lawyer-designed platform is said to streamline visa applications, provide cost competitiveness, and cut refusal rates.
In an interview with Invest Nova Scotia, Medyk previously said he has navigated immigration systems in Ukraine, the U.S., Canada and New Zealand and saw the challenges for himself.
“Only a small fraction of applicants use lawyers or consultants,” Medyk said. “Not because they don’t want help, but because it's either unaffordable or they don’t realize how risky it is to go it alone.”
Medyk began his venture in 2020 through content creation, accruing 400,000 followers across YouTube, Instagram and TikTok. He then built a platform explaining complex policies and procedures.
“There’s a disconnect between the support people need and what’s realistically available to them,” he said. “That’s where we saw an opportunity to bring in AI.”
The company’s software helps users prepare applications by checking their profiles against immigration regulations, noting red flags, and creating a list of supporting documents, he said.
The innovation is particularly useful in the post-secondary education sector, he said, as universities lose millions of dollars because of student visa refusals.
The company said its product is now in use in 140 countries.
“Instead of paying $2,000 for a lawyer, an immigrant can pay $100 for this AI software,” Medyk said.
The venture recently launched PR Compass, a platform geared toward immigrants already in Canada – particularly those in healthcare, construction, and other high-demand sectors – who are attempting to gain permanent residency.
“If you’re a nurse, your time is better spent caring for patients,” Medyk said at the time in a press release.
Spellbook Closes US$50M Series B Round
The maker of AI-driven contract-review software is now valued at US$350M.
Spellbook CEO Scott Stevenson, left. and Keith Rabois of Khosla Ventures
Spellbook, which makes AI products for law firms, has closed a US$50 million (C$70 million) Series B round led by Khosla Ventures, one of the top venture capital firms in Silicon Valley.
Based in St. John’s and Toronto, Spellbook announced the funding Thursday, saying the deal values the company post-money at US$350 million, or C$490 million.
Khosla Ventures and Palo Alto-based Threshold Ventures are investing in the company for the first time. The other investors are returning backers iNovia Capital, Bling Capital, Moxxie Ventures, Path Ventures and Jean-Michel Lemieux.
"Spellbook is using technology to make law faster, better, and more transparent," said Keith Rabois, Managing Director of Khosla Ventures, who will join Spellbook's board of directors. "It’s the Shopify and Square democratization story for lawyers.”
In an interview from the company’s headquarters in St. John’s, Co-Founder and CEO Scott Stevenson said the company has recently been more than tripling revenues at an annual rate, and the funding sets the company up for further growth. Spellbook is now used by nearly 4,000 law firms and in-house legal teams across 80 countries, which the company says is more than any comparable AI contract-review product. Its customers include such blue-chip companies as Nestlé and eBay, as well as the British-American law firm Kennedys Law.
About 115 people now work at Spellbook, and Stevenson believes that number will double in the next year or two. He also said he is devoting a lot of time to enhancing the top level of management, both by upskilling existing staff and hiring top talent.
“It’s a huge moment of validation,” he said of the latest funding round. “When we started as Rally seven years ago, almost no investor would talk to us … and now one of the most successful investors in the entire world has looked at our metrics and seen what we’re doing.”
Spellbook said it will use the new capital to expand beyond contract review into the full scope of transactional work and scale its go-to-market teams to capture more of the $1 trillion transactional legal services market. It also aims to enhance AI capabilities with deeper contract intelligence grounded in real-time market data.
The company attributes its rapid growth in large part to the speed with which customers can roll out Spellbook. It says its competitors require multi-month enterprise rollouts whereas Spellbook works instantly within existing workflows and right in Microsoft Word.
Stevenson said Spellbook is now moving beyond its basic contract-review product with new features. It is beta-testing Market Comparison and Preference Learning features, and intends to release them to all clients in the coming months.
The company also said it is continuing to invest in Spellbook Associate, which it calls the first AI agent that can handle multi-document transactional drafting.
Throughout the interview, Stevenson emphasized that large language model AI is having the same impact on the legal profession that spreadsheets had on accounting a few decades ago. The main beneficiaries so far have been the large firms, he said, and Spellbook helps to spread the benefits to smaller firms.
"We're at the spreadsheet moment for lawyers," said Stevenson in the statement. “With $30 trillion running through contracts annually in the U.S. alone, even small efficiency gains create massive value. This funding accelerates our mission to make contracts move at the speed of commerce."
The companies will each receive $187.5K in funding.
Two Atlantic Canadian companies have been recognized for developing advanced technologies to improve naval operations through the 2025 Naval Technology Innovation Challenge.
Supported by the Dartmouth-based COVE, Thales Canada, and the Atlantic Canada Opportunities Agency, the annual program funds and supports small and medium-sized enterprises creating new technologies for the Royal Canadian Navy.
MarineNav of Panmure Island, PEI, and Dartmouth-based Precise Design Engineering Solutions were selected for projects that enhance fleet readiness, safety, and efficiency, said ACOA in a press release. Each of the companies will receive $187,500.
“COVE is helping SMEs turn innovative ideas into operational capability,” said COVE Chief Executive Melanie Nadeau in a statement. “These collaborations deliver practical solutions that enhance fleet readiness, reduce risk, and position Canada at the forefront of maritime innovation.”
MarineNav partnered with Ontario-based Voyis to advance automated hull inspections using its autonomous remotely operated vehicle, Mobula. The system replaces traditional inertial navigation with visual reference markers, allowing precise flight paths along ship hulls while maintaining safe distances from sensitive areas such as propellers, the release said. The approach produces highly detailed, millimetre-accurate 3D hull models. All positioning technology development is taking place on Prince Edward Island.
Precise Design, working with Tronos and the Nova Scotia Community College’s SEATAC facility, is introducing aerospace-grade additive manufacturing techniques to naval applications. The project focuses on reducing long lead times and supply chain bottlenecks by integrating computer-aided design, material traceability, workflow optimization, and quality inspection. The result is a process for rapidly producing certified, high-precision parts to support ships operating in remote or time-sensitive conditions.
The Naval Technology Innovation Challenge is part of a broader effort to foster collaboration between Canada’s naval sector and its innovation community, ensuring the country’s fleet remains ready for future challenges.
“Our work, along with our partners who we are collaborating with on this project, will demonstrate how additive manufacturing can address some of the Navy’s most pressing sustainment challenges,” said Precise Design President and CEO Bruce Stover. “Our intention is to create a framework that includes and establishes a system of processes and procedures, which eliminates the uncertainty associated with replacing critical components.”
Alaagi Focuses on Getting to Market
The young company has had an amazing year. Now, it's time to build the business.
Sheheryar Khan in the lab.
Sheheryar Khan speaks very fast in a voice full of excitement and a fair bit of incredulity. Less than a year after the Saint Mary’s University student founded Alaagi to make biodegradable, seaweed-based food packaging, the company is celebrating important milestones and working on new products
The company has secured over $12 million in commercial letters of intent, including pilots with Sobeys and High Liner Foods, received four purchase orders and won $165,000 in non-dilutive funding, the Halifax-based cleantech company recently disclosed.
Alaagi has also been named among the top 100 global startups by the Nestlé and UNESCO Youth Impact: Because You Matter program, meaning the nascent venture will head to Paris next year to learn about regenerative agriculture, climate change mitigation, and sustainable packaging. Alaagi, along with Square Roots, was also part of the SMU-based winning team at the Enactus World Cup in Bangkok.
“It’s exciting and also a lot of pressure …. People have high expectations,” said Khan, who is also CEO and who has just graduated from SMU with a BSc and DipENG.
To date, Khan has been working in a SMU lab with volunteer team members Tyler MacLean and Vaishali Sachdeva. He’s now looking to hire SMU students and professors who have expertise in chemical engineering to help develop more products. His current bioplastic film is soft and pliable and great for food packaging. He needs harder and more rigid bioplastics in order to exploit other markets.
“This (making compostable packaging from seaweed) is a relatively new technology. Everyone (the competing startups) is in the R&D phase and in a race to be first in the market,” he told Entrevestor.
Khan said there are companies in the U.S., U.K. and India that are also using seaweed to create bioplastics. He began trying to develop his own seaweed-based plastic after realizing that plastic pollution is a major health issue for the planet. He said many bioplastics are made of foodstuffs such as sugar cane. Growing and harvesting such crops on land is costly and can end up diverting food to bioplastic production. So, he turned his attention to seaweed, which is plentiful in the oceans and is often seen as an invasive species, with governments even paying for its removal.
“I was prototyping in the kitchen in Halifax I share with my brother and annoying him,” he recalled. “This went on for months.”
Finally, he came up with a soft, flexible bioplastic that has a shelf life of two years and biodegrades into sugar molecules in sunlight within six months. He figured it would be good for food packaging.
His mentor Jason Turner, manager of the student engagement team at SMU's Arthur L. Irving Entrepreneurship Centre, advised Khan to start a company to commercialize his research. He did so, naming the new company Alaagi, which means Change in Greek, and establishing the new venture at SMU.
Then it was time to start entering pitch contests. This proved challenging for Khan. He is from Dubai where people tend to be reticent. Learning to pitch his technology and business has been a steep learning curve, he said.
He lost his first pitch contest because “No one understood what I said. On stage, I used macaroni packaged in our plastic as a prop. After I lost, I asked the judge what I did wrong. He said everyone thought I was selling macaroni, not packaging.
“But I kept entering pitch contests and I got better. Obtaining this experience in Canada has been huge for me. It has exposed me to so many opportunities. Eventually, I got comfortable on stage. The losses have been painful, the wins, joyful.”
Khan said that during the past year he has been focused on sustaining his business. Now, he must build it.
He is hiring people, and seeking co-founders who can help him pursue his B2B model with grocery chains and other corporations.
The new graduate and entrepreneur had expected to become a chemical engineer working in research. Now, he wants to encourage other scientists to consider entrepreneurship.
“Science students tend to run away from pitches and business but I’d like to persuade science and engineering students to combine their knowledge with entrepreneurship,” he said.
“Many do amazing work in the lab and write amazing reports, but being a bridge between entrepreneurship and science can make real change in the world. The archives are full of amazing solutions that no one has ever worked on.”
Tribe and GEN Launch Startup Huddle Halifax
Startup Huddles are held around the world.
Halifax-based Tribe Network, a support organization for Atlantic Canadian entrepreneurs who identify as Black, Indigenous or People of Colour, has got together with the Global Entrepreneurship Network to launch Startup Huddle Halifax.
A global program created by GEN, Startup Huddle allows founders to present their ventures, share their challenges, and receive constructive feedback from peers, mentors, investors, and community members, Tribe said in its newsletter.
Founders will get six minutes to present their biggest challenge, followed by 20 minutes of feedback from the room.
Startup Huddle Halifax runs on a rolling basis. If applicants are not selected for the October 30th session, applications will be considered for upcoming sessions, Tribe said.
The first huddle will be held on October 30, between 6:00 and 8:30 PM at Tribe Network at 1717 Barrington Street, Halifax.
Lauren Ledwell is also the new CEO of PEI BioAlliance.
Lauren Ledwell
Lauren Ledwell has been named CDL-Atlantic’s Mentor of the Year in the group’s Prime Stream.
A CDL-Quantum alumna from the first cohort in 2017 to 2018, Ledwell returned as a mentor in 2022 and has since contributed across CDL-Atlantic and CDL-Vancouver, the group said on LinkedIn. Last year, she helped founders in three different streams, mentoring nine companies, including five female-founded ventures in CDL-Atlantic Prime.
She is passionate about cleantech and medtech. She was recently named CEO of PEI BioAlliance, replacing long-term CEO Rory Francis. She is also Investment Principal at the women-focused Sandpiper Ventures, and a board member with the PEI IT Alliance and Venture for Canada.
Ledwell previously held senior roles at Manulife, RBC, and Maple Leaf Foods, and served as CEO of discoverygarden.
She co-founded the Atlantic chapter of Women’s Equity Lab. Ledwell holds an MBA from the Rotman School of Management and has completed executive education at Ivey Business School and BI Norwegian Business School.
Voltai Closes $1.83M Pre-Seed Round
Invest Nova Scotia led the over-subscribed round.
Voltai, a Dartmouth-based cleantech company developing ocean and renewable energy technologies, has closed an oversubscribed pre-seed financing round of $1.83 million.
The round was led by Invest Nova Scotia. Other participants included an angel investor group headed by Mahir Sahin, a former advisor to Alphabet’s Moonshot Factory X (formerly Google X) and founder of Cloudberry Ventures.
Voltai is developing electrostatic generators designed to capture kinetic energy from ocean waves and vessel movement. The company says its technology converts that energy into electricity without creating drag, making it suitable for use on moving vessels. The generators are intended to help the shipping and offshore industries reduce fossil fuel use, lower emissions, and cut operating costs.
“Harnessing the energy potential of waves has long posed significant challenges,” said Invest Nova Scotia Investment Principal Jen Fuccillo in a statement. “Voltai’s electrostatic generator, with its unique energy conversion mechanism, addresses these challenges head-on to make wave energy conversion efficient and cost-effective.”
Founder and CEO Maja Maher said the financing will allow the company to advance product development and prepare for commercialization. “This funding allows us to fast-track our development and bring scalable solutions to a sector that urgently needs them,” she said.
The company said the angel group led by Sahin will also provide strategic support, connecting Voltai with international technology networks and contributing expertise to its growth strategy.
With the new capital, Voltai plans to move quickly toward scaling its technology. The company is also laying the groundwork for a seed round aimed at expanding its presence in the global maritime energy market.
Voltai focuses on developing renewable energy solutions for the maritime sector. The company’s work aligns with broader efforts to decarbonize shipping and offshore industries, which face pressure to meet net-zero emissions targets.
10 Deeptech Startups Join ideaBUILD Cohort
The program includes $10,000 in non-dilutive funding.
The Emera ideaHUB has announced the launch of its Fall 2025 ideaBUILD cohort, welcoming 10 deeptech startups focused on creating physical solutions for a healthier world.
The ideaBUILD program is designed to support companies as they journey from prototype concept through to a functional, operational prototype, the group said in a statement.
For the following 10 months, participants will engage in a program that features:
A 12-week bootcamp focusing on product desirability, feasibility and viability;
Technical feasibility assessments;
Engineering support from lead engineer Danielle Maltais and co-op students;
Access to state-of-the-art prototyping facilities;
And $10,000 in non-dilutive funding towards prototyping efforts.
"These companies are building physical solutions in the health, oceans and agriculture sectors that will tangibly improve human health and environmental sustainability. It’s a privilege to be a part of their journey and see their ideas come to life," said TalisApud−Martinez, Associate Director at ideaHUB.
The Fall 2025 ideaBUILD cohort includes:
Able Mama: Able Mama designs smart, body-conscious parenting tools that support moms with disabilities and postpartum recovery needs.
Blue Frontiers: Blue Frontiers innovates modular underwater camera and buoy systems enabling reliable, affordable marine monitoring for research, security, and citizen science applications, advancing coastal conservation worldwide.
LimbRise Recovery Solutions: A hands-free, spring-loaded mobility aid offering a safer, more comfortable alternative to crutches.
medNOVA DIAGNOSTICS: Based in Antigonish, NS, Mednova is transforming medical diagnostics through innovative AI-powered at-home testing solutions that address Canada's growing healthcare access crisis by combining advanced microbiome analysis with artificial intelligence to deliver accurate, affordable health insights directly to consumers.
Nimbus: Customizable, high-performance earplugs that protect hearing without compromising comfort or situational awareness.
Nova Rescue Tech: Nova Rescue Tech Inc. is an ocean technology startup developing a next-generation enhancement to traditional Emergency Position Indicating Radio Beacons (EPIRBs). The company is focused on improving maritime safety through a novel technology designed to strengthen beacon reliability in life-threatening situations, ensuring faster and more dependable distress signalling when it matters most.
Ranchflow AI: Halifax-based Ranchflow AI gives ranchers and dairies real-time visibility into animal health, feed efficiency, and emissions using smart collars and an easy dashboard. V1 collars are already live in Nova Scotia with pilots expanding across Canada. The result is earlier treatment, better feed decisions, and a measurable return per head.
SEEYA: SEEYA designs toys dedicated to vision health, inspiring children to play and explore through creative, eye-healthy games and activities.
SURF Robotics: SURF Robotics is developing affordable, long-range subsea robots that bridge the gap between expensive open-ocean gliders and limited-range AUVs, giving researchers and scientists an accessible way to collect high-quality ocean data. By leveraging modern manufacturing methods, they make ocean science easier to start and scale.
Techleft Solutions: Techleft of St. John's is using technology to prevent blister packaged medication non-adherence for seniors living in their homes and at the same time, providing peace of mind to the care team.
Applications for GreenShoots and ESCF are due Monday.
Two Invest Nova Scotia programs for startups – GreenShoots and the Early-Stage Commercialization Fund – have deadlines for applications on Monday, Oct. 6.
Offered by Invest Nova Scotia and the Greenspring Bioinnovation Hub, GreenShoots offers instruction and funding to early-stage companies in the agriculture, agri-food, bioeconomy, cleantech, and related sectors. Successful applicants receive grants of up to $40,000. You can find more information and applications here.
The ESCF provides financial support of up to $50,000 to projects with ready or near-ready prototypes, approaching market deployment. The fund is intended for Nova Scotia researchers in IT, life sciences, or other areas of technology development whose research has market potential. Further information and applications are available here.
O’Keefe Graham Joins Imaginal Ventures
Imaginal helps purpose-led companies to scale.
Erin O'Keefe Graham
Erin O’Keefe Graham, formerly Director of Dalhousie University’s Emera IdeaHUB has joined Halifax-based Imaginal Ventures as joint Managing Partner alongside Founder Dorothy Spence. The partnership arose from their shared commitment to helping purpose-led ventures scale and thrive.
Following more than 20 years in Toronto and New York, O'Keefe Graham relocated to Halifax in 2021, hoping to apply her skills in building B2B brands honed while consulting to Toronto tech startups and global enterprises like John Deere and Astra Zeneca.
Begun in 2017, Imaginal has helped more than 300 ventures in diverse sectors. The group said its clients have included well-known regional names such as Marc St-Onge, founder of Ascenta Health; Julia Rivard Dexter, who designed Shoelace Learning, and Karen Cross, of MIMOSA Diagnostics.
Like many service groups and businesses, Imaginal is currently focusing on AI. It is launching a new AI-driven platform, the Conscious Business Operating System, supported by an AI Implementation Coach.
But O’Keefe Graham said advisory work will remain in-person.
“We know most organizations remain unprepared to navigate AI on their own; even those who are experimenting are doing it in pockets,” she told Entrevestor. “Most crucially though, people thrive on human connection. It’s how we derive meaning from our work …That's why teams need in-person coaching that fosters trust, innovation, and growth.”
Writing on LinkedIn, the two managing partners said: “Like any venture, these (purpose-led) founders will face the challenge of progressing beyond seed – after all, nine out of ten startups fail to progress to Series A, and the percent who transition from seed to A has dropped in the past five years from more than 50 percent to 20 percent or less.
“Like any venture, they’re targeting product-market fit and results that matter for customers, partners and investors. Unique to purpose-led founders, they want to attract investors and customers who share their values, so they need to build with greater intention: products and relationships built on purpose.”
Having also been an angel investor for the last ten years, O'Keefe Graham is bullish about the region: "while we remain severely undercapitalized, we also have a lot of bootstrapping and seedstrapping founders who want to build a sustainable business,” she said. “We need founders who can grow efficiently and effectively without filling up the cap table."
Boeing Invests $1.4M in Bluedrop
The money will be used to advance simulation technology.
Boeing said Monday it is investing $1.4 million in Bluedrop Training and Simulation to support the Halifax-based company’s CV-22 Osprey program.
The funding is being made under Canada’s Industrial and Technological Benefits (ITB) program and is tied to the federal government’s purchase of Boeing’s P-8A Poseidon aircraft. It will allow Bluedrop to advance its simulation technology for the CV-22 Special Mission Aviator Ramp Trainer (SMART).
Bluedrop Training develops training programs, mainly for the defense and aerospace industries. It employs virtual, augmented, and mixed reality training solutions to improve safety and efficiency for complex, high-risk scenarios.
Bluedrop will integrate the CV-22 SMART into the global Distributed Mission Operations network. The system provides full-mission simulation training for front and rear crew members, enabling them to carry out joint missions with both flight simulators and the SMART trainer. It will also allow crews to rehearse procedures and complex scenarios without the expense of live flights.
All development and integration work will take place at Bluedrop’s Halifax facility, with field testing scheduled at Kirtland Air Force Base in New Mexico.
Boeing Canada President Al Meinzinger said the investment demonstrates the company’s commitment to Canadian industry. “This investment in Bluedrop achieves these goals,” he said in a statement.
Bluedrop has supplied Boeing programs for more than a decade, including work on the C-17 Globemaster and CH-47F Chinook aircraft. CEO Derrick Rowe said the partnership has supported the company’s growth and expansion of its workforce.
The investment follows Ottawa’s decision in 2023 to acquire the P-8A Poseidon to replace the CP-140 Aurora patrol aircraft. A study by Doyletech estimated the purchase will generate more than 340 jobs and about $34 million in annual economic benefits in Atlantic Canada. Boeing says more than $237 million in ITB credits have already flowed to 16 Atlantic companies through past programs.
Oliver Technow Wins 2025 Bloom Burton Award
Technow is former CEO of pharmaceutical manufacturer BIOVECTRA
Oliver Technow, winner of the Bloom Burton Award
Toronto-based Bloom Burton, a healthcare services company, has named Oliver Technow, former CEO of Charlottetown-based BIOVECTRA, the winner of the 2025 Bloom Burton Award, which recognizes a remarkable contribution to the healthcare sector.
“We are privileged to celebrate Oliver Technow and the success of BIOVECTRA, a crown jewel for Prince Edward Island and all of Canada,” said Brian Bloom, Chairman and CEO of Bloom Burton in a statement.
“During Oliver’s tenure from 2015 to 2024, he secured investment from H.I.G. Capital, attracted top international talent, and expanded the company to nearly 700 employees, across eight facilities, in two maritime provinces. In 2024, BIOVECTRA was acquired by Agilent for US$925 million, a partnership that continues to champion the company’s Canadian roots and capabilities.”
Every year, the Bloom Burton Award honours a scientist, inventor, executive, entrepreneur, industry leader, or policy maker who contributed to Canada’s innovative healthcare industry. Nominees were accepted from any of the biotechnology, pharmaceutical, medical device, diagnostic/imaging, research instrumentation, consumer health, services or digital health sectors. Equal consideration was given to contributions across any stage of development, from discovery to commercial-end markets, the group said.
All finalists --Technow, Mark Nawacki of Searchlight Pharma, and Ali Tehrani, formerly of Zymeworks -- were celebrated at the 2025 Bloom Burton Award Gala in Toronto this week. Each finalist also received a $25,000 cash prize.
Kraken Robotics Is Now a Unicorn
The recent surge in its share price has pushed its value above $1B.
The term “narwhal” was probably never more appropriate than when it’s applied to St. John’s-based Kraken Robotics, given its work with undersea technologies.
The publicly listed company’s shares have been on a roll lately, and its market capitalization this month rose above $1 billion. That means the company can now be considered a unicorn, or, as some people call Canadian companies with a 10-figure valuation, a narwhal.
According to Google data, Kraken now has a market cap (the total value of all its shares) of C$1.4 billion. At current exchange rates, the company is worth US$1.01 billion, which means it is a unicorn in both Canadian and U.S. dollars. (If you really wanted to split hairs, you could argue that only private companies can be unicorns, but the important thing is that we have another Atlantic Canadian tech company worth $1 billion or more.)
Kraken Robotics develops advanced subsea sensors, batteries, and robotic systems for underwater exploration, surveying, and security. Its primary technology includes high-resolution synthetic aperture sonar (SAS), which provides detailed imagery and mapping of the seabed.
Its stock surged 18 percent on Sept. 10 after the company announced a new US$13 million order for its SAS and SeaPower subsea battery systems from international defense clients in the United States, Norway, and Turkey. That boost to the share price lifted the company into unicorn territory.
That piece of good news came after Kraken in July sold $115 million of shares to investors on the TSX Venture Exchange in an oversubscribed funding round. The expanded pool of shares, and demand from investors has driven the company’s value higher this year.
At Entrevestor, we don’t report on the stock market or make recommendations on buying or selling shares. But we do monitor the innovation community and Kraken’s success is important on several levels.
Just as Verafin energized the Newfoundland and Labrador tech community when it exited in 2020 in a US$2.75 billion sale to Nasdaq, Kraken’s status sets an example to other entrepreneurs in its orbit. It builds talent within the economy, and it sparks ideas for other startups.
What’s exceptional about Kraken is that it is a unicorn in a cornerstone industry for Atlantic Canada. The region – especially Nova Scotia and Newfoundland and Labrador – has decided that ocean industries will be a central pillar in its economic development. Being able to state that we have a home-grown unicorn in this sector is another sign that the region produces great oceantech companies.
Enactus Saint Mary’s University Wins Globally
Enactus Encourages Social and Environmental Innovation.
Enactus Canada is a charity that focuses on inspiring post-secondary students to initiate and operate socially and environmentally positive enterprises. Currently, more than 2,000 students at over 76 campuses across Canada are engaged in Enactus projects, the group has said.
Enactus Canada's winning projects Square Roots and Alaagi address two major Canadian challenges, Enactus said on LinkedIn. Square Roots runs a franchise that uses surplus produce from farms and Alaagi is developing seaweed-based bioplastic alternatives.
Second place went to Enactus Zimbabwe, followed by Enactus Germany and Enactus Tunisia. This year’s contest saw 1,800 people, including over 750 students from 29 countries, come together, organizers said. This year’s event was special as it marked Enactus' 50th anniversary and 25 years of Enactus World Cup.
It is the second year in a row that students from Saint Mary’s University have taken the national title and then gone on to the international contest.
BrainGym Aids Healthcare Workers
A collaboration with Shannex has produced promising results for AIR’s resilience-boosting technology.
AIR CEO Jackie Kinley
Halifax-based mental health technology company AIR (the Atlantic Institute for Resilience) has received encouraging feedback from a digital pilot with Shannex, a provider of living options and care for older adults.
Supported by a CAN Health Network commercialization project aimed at improving workforce mental health, the initiative helped employees strengthen their emotional well-being, CAN Health said in a statement. Participants reported a 22 percent average increase in overall resilience, and 95 percent said they learned skills helpful for managing stressful situations.
“The medical system isn’t built to identify mental health risks early and too many employees slip through the cracks. AIR is a non-clinical, evidence-based solution that identifies employees at risk, builds real skills for resilience, and keeps people well and working,” said Jackie Kinley, company founder and CEO.
AIR’s skill-building software, known as the BrainGym, allows frontline workers to take a proactive approach to mental health. The aim is to allow individuals to manage their well-being before challenges become complex mental health concerns.
Participants use the BrainGym in their own time with the support of a resilience coach. Employees in the Shannex test spent almost 1,000 hours in AIR’s BrainGym, with each person spending an average of 9.2 hours on the platform.
AIR first partnered with the CAN Health Network a year ago, forming an agreement that allows AIR to collaborate with health organizations across Canada.
AIR was founded in 2014 by Kinley, a psychiatrist. She aimed to develop programs to boost resilience among workers.
Resilience is the capacity to not only endure but to grow through challenge and adversity, Kinley told Entrevestor in an earlier interview.
“Resilience can be developed. It has several aspects, including mental, emotional and social. Emotional resilience enables us to respond, not react. It helps us know our limits and when we need to slow down and relax.
“Low resilience puts people at risk of illness and injury. And we know the immense costs this assumes in human, social and economic terms.”
The company said statistics show that one in four employees report being highly stressed, with almost two-thirds saying their work is their primary source of stress. Post-pandemic, high levels of stress, burnout, turnover, and disability costs are impacting many sectors.
Kinley said resilience training can return people to their earlier, healthier selves.
“We are born well. We’re born wired a certain way, but we pick up habits of mind and behaviour that don’t serve us; they hinder our performance.”
AIR’s beachhead market is long-term care facilities and health care organizations in Eastern Canada and the United States.
The company has completed Propel’s Traction and Growth program for scaling companies and Invest Nova Scotia’s Accelerate program.
Check Out My New Startup-Focused Novel
Presidio Biotech Begins with the murder of a San Francisco bioprinting CTO.
Some big news for me personally: my next novel, Presidio Biotech, is on the way. It’s a thriller set inside a San Francisco startup — and this time, the plot pulls in a couple of Atlantic Canadian companies we’ve covered at Entrevestor.
The story follows EdenTouch, a young bioprinting company led by British biologist Emily Fairfield. When her co-founder turns up murdered, suspicion falls squarely on Emily and her lead programmer, Jake Spracklin. What follows is one wild night through San Francisco and Marin County, as cops and hired muscle close in. The two must clear their names while piecing together the truth — before it’s too late.
Early readers tell me the book hits the mark. “It was fun and fast-paced. Congrats on another great book!” wrote one. Another called it “a page-turner.” And one message landed in my inbox simply saying: “Just finished your book. What a thriller!”
For those unfamiliar with our side hustle: Carol and I moonlight as novelists. My previous books form The Haight Mystery Series, set in San Francisco’s 1960s counterculture. Those novels follow SFPD homicide detective Jimmy Spracklin, a hard-drinking cop juggling murder cases and the disappearance of his daughter into the Haight-Ashbury scene. Click on this image (which features a review from one U.S. reader this month) to learn more about the series:
This new book jumps to present-day San Francisco. To get the science right, I turned to a few Halifax startups. Corey Yantha at Dispension Industries, and Kevin Sullivan and Karan Chowdry at 3DBioFiBr, were generous with their time as I dug into bioprinting and biometrics. Their companies even earned a place in the novel, alongside some fictional startups I created for the story.
That kind of generosity is part of what makes the East Coast startup community stand out, and I’m grateful to them for lending their expertise.
The Kindle edition of Presidio Biotech is now available for pre-order on Amazon, with the print version coming Oct. 27.
If you’re in Halifax on Oct. 8, Carol and I will be at the Central Library as part of the Booked for Murder panel, a showcase of local crime writers. Carol will talk about her latest psychological thriller, The Pet-Sit, and I’ll be discussing Presidio Biotech and the Haight series. Admission is free.
GSTS Lands Contract with National Defence
The contract will support further development of the Halifax company's OCIANA platform.
GSTS Chief Executive Richard Kolacz
Global Spatial Technology Solutions (GSTS), a Halifax-based maritime artificial intelligence company, has secured a contract with the Department of National Defence under the Innovation for Defence Excellence and Security program.
The funding will support further development of GSTS’s OCIANA Predictive Maintenance (OPM) platform, which is designed to anticipate equipment and system failures on naval and other vessels. The system uses artificial intelligence to process real-time operational, environmental, and vessel data, enabling maintenance to be scheduled before breakdowns occur.
GSTS said OPM aims to reduce unexpected downtime, improve equipment reliability, and lower lifecycle costs, ultimately boosting the readiness of military assets.
“This test drive moves OPM from the lab to the water and is a key step toward operational use,” GSTS Chief Executive Richard Kolacz said in a statement. “By supporting DND’s evaluation in real-world conditions, we aim to show that earlier detection and faster planning can cut unplanned downtime.”
The company said the solution has applications beyond naval platforms, with potential use for coast guard and merchant fleets. It could also be adapted for air and land systems.
According to Wissen Market Research, the global maritime predictive maintenance market is projected to reach US$3 billion by 2034, growing at a compound annual rate of 21.8 percent.
OCIANA integrates vessel sensors with ocean and weather data to deliver predictive insights. For naval ships and submarines, which have thousands of interconnected systems, GSTS said the technology could generate substantial savings while raising operational availability.
GSTS develops AI solutions for maritime and logistics industries, providing decision-making tools for shipping companies, ports, commodity owners, and security organizations.
The value of the contract was not disclosed.
Adopt AI Series Planned for NB
TechImpact, McKenna Institute will host the series of six events.
TechImpact and the McKenna Institute at the University of New Brunswick are launching a new conference series aimed at accelerating artificial intelligence adoption in New Brunswick.
The inaugural session, Adopt AI: Manufacturing & ICT, will run from 8:30 a.m. to 3:30 p.m. at the Saint John Trade & Convention Centre in Saint John on Oct. 28. It is the first in a six-part series that will take place in cities across New Brunswick over the next six months.
Each conference will focus on a key industry sector, including manufacturing and ICT, tourism, agriculture, fisheries, food and beverage, and health and life sciences. Organizers said the goal is to help businesses move from general awareness of AI to practical applications.
The program for each session includes keynote presentations, panel discussions, and case studies, as well as workshops that provide participants with sector-specific tools and action steps. Attendance at each event will be limited to fewer than 100 participants.
Tickets for the Saint John event are priced at $100 and include a full day of sessions, networking opportunities, and lunch. Organizers are also inviting AI solution providers, sponsors, and speakers to participate. Exhibitor booths are available for $500, with expressions of interest due by October 1.
More information and ticket sales are available here.
Volta Creates AI-Focused Network
The aim is to focus on using AI in real-world challenges.
Halifax AI innovation hub Volta has launched Builders Network to foster regional AI potential.
The initiative is designed to connect AI specialists, entrepreneurs, and innovators with opportunities to apply their skills to real-world challenges that will shape the region’s economic future, Volta said in a statement.
“In Atlantic Canada, we don’t lack for talent — we produce it,” said Matt Cooper, Volta CEO.
“The opportunity is to organize that talent intentionally, so builders have a way to learn from each other and apply their expertise to challenges that matter."
Builders, including technical specialists, entrepreneurs, and innovators within organizations, are invited to share their solutions and ideas as case studies that highlight the challenge, the AI-driven approach, and the outcomes achieved, the group said.
Those interested in contributing can learn more here.
Alaagi, Nimbus, Qalam Win at Dal Demo Day
The centre piece of Dal Innovation Week featured pitches by 14 teams.
Dal's Jennifer Bain, centre, with Nimbus CEO Melina Markotjohn and Alaagi CEO Sheher Yar Khan
Halifax startups Alaagi Inc. and Nimbus along with Montreal-based Qalam Health Solutions captured the top prizes at the Dal Innovates Demo Day on Wednesday.
The highlight of Dal Innovation Week, the event featured live presentations by 14 startups that went through Dalhousie University’s Collide Launch or Lab2Market Launch accelerators. These programs are for teams of researchers or students from a range of universities who need to assess the market for their ideas and move toward the early stages of commercialization.
Alaagi and Nimbus were the co-winners from the Collide Launch program, while Qalam was the sole winner from Lab2Market.
Led by Sheher Yar Khan of Saint Mary's University, Alaagi is working on replacing single-use plastics with compostable, seaweed-based packaging that is engineered for the meat and seafood industries. With pilot commitments from such companies as Acadian Seaplants and Cascadia Seaweed, Alaagi is now advancing toward scaled manufacturing and regulatory certification.
Nimbus, founded by Dal’s Melina Markotjohn, is developing customizable, high-performance earplugs that protect hearing without compromising comfort or situational awareness. It is now working on a proof-of-concept prototype and running initial user tests to guide design improvements.
Qalam Health is empowering surgeons to detect bone cancer tissue on bone margins during surgery to prevent bone cancer relapse. The company’s founder and CEO is Haitham Shoman of McGill University.
In the Lab2Market competition, the second prize went to Tangify from Concordia University while SWIM Alert from Dal captured third place. (Details below)
Shell Tech from Dal took home the third-place prize in the Collide competition.
The Demo Day event allotted a prize pot of $9,000 for each of the Collide and Lab2Market competitions, for a total prize pot of $18,000.
The celebration also featured displays by companies in programs offered by the Emera IdeaHUB, which specializes in deeptech and hardware. Attendees at the Demo Day voted on the People’s Choice award and the winners were Equlantic and SpectrAlign, which both won $2,000 in in-kind services.
The following are descriptions of the teams (other than the three big winners) participating in the event:
Collide Launch
Clarify Student Resources
Jeremiah Philips, Kavin Kadam
Dalhousie University
Clarify is bridging learning gaps with an AI education platform, offering personalized learning for students. It aims to develop a prototype of its platform to pilot over the next year, and to be fully integrated into educator workflow in the next school year.
EZ Breathe Heat Pump Cleaning provides subscription-based heat pump and air system cleaning for better air quality, lower energy bills, and longer system life.
The company has secured the PEI market with 800+ customers and will be expanding into New Brunswick in Q4 2025 and Nova Scotia in Q2 2026.
LimbRise Recovery Solutions
Richard Hetherington
University of Prince Edward Island
LimbRise is working on a hands-free, spring-loaded mobility aid offering a safer, more comfortable alternative to crutches. The team has completed its first prototype.
This team is developing a smart case to be installed on a cellphone that enhances its capabilities for dementia care, helping individuals communicate with their family caregivers early in the disease and supporting patients with daily challenges in their living space.
Mector is preparing to build 100 prototypes and test them with families affected by dementia in the early stages of the disease.
NovaBrew is boosting craft brewery efficiency with an enterprise-level platform that streamlines forecasting, scheduling and inventory. This fall, four breweries will pilot NovaBrew as it completes its first-generation product and prepares for a 2026 launch. The team has been accepted into Invest Nova Scotia’s Accelerate program, which includes a grant of $40,000.
SEEYA
Jewell Tan
NSCAD University
SEEYA is combating childhood myopia with educational toys that promote healthier screen habits and outdoor play. The company is gaining traction through winning design awards and validating its potential as a health-focused toy innovation. Next, the company is looking towards partnerships to scale SEEYA from prototype to production.
Shell Tech
Shawn Ray, Jake Young
Dalhousie University
Shell Tech aims to protect shellfish hatcheries from losses with AI-powered larvae monitoring. Shell Tech is currently piloting its larvae monitoring platform with two of the largest hatcheries in North America.
This company is connecting people who need storage with those who have it – an online marketplace for extra space. Storelx relaunched in January 2025 as Canada’s first peer-to-peer storage marketplace, already live with more than 20 listings and first paying customers in St. John’s and the Toronto area.
Outport aims to boost customer acquisition for law firms using AI to automate five-star reviews and build brand visibility. It has retained one client and built a pipeline of prospects that is growing Outport's broader suite of business tools.
SWIM Alert
Catherine Evans
Dalhousie University
This company’s mission is to help communities efficiently manage algae blooms and invasive species using a proprietary detection platform and satellite imagery. The company is partnering with organizations and will be piloting its product across Atlantic Canada in 2026.
Tangify Farming Solutions
Mariana Toro Ramirez, Manuel Sandoval
Concordia University
Tangify is transforming beef production with an AI-powered, image-based weight monitoring solution that provides real-time growth data to help cattle farmers optimize resources and drive sustainable results.
Video Presentations
The following companies’ founders were unable to attend Demo Day, but their founders provided videos that were aired for the audience:
CM Marine is building a lifejacket for fishermen by fishermen, with added safety features and comfort in mind.
CM Marine is manufacturing a test batch of lifejackets and beginning the safety certification process with UL solutions. It has received a provisional patent.
Beta Carbon
Japhet Machipisa
University of PEI
Beta Carbon aims to transform wastepaper biomass into high-value carbon-based products like biochar. It will be launching a six-month pilot with wastewater treatment partners to prove product quality, performance, and setting a path to scale the company.
Malus Ecolife Inc.
Ghazaleh Afrahi
Dalhousie University
This team is developing a scalable solution that transforms bio-waste into high-value products: soil-enhancing bio-char and renewable bio-oil. Malus Ecolife received Productivity and Innovation Voucher Program funding and will be presenting its research at the Canadian Chemical Engineering Conference in Montreal.
Emera IdeaHUB
The following companies are participating in IdeaHUB programs and hosted displays at the Demo Day:
OROSeng Design & Fabrication Ltd.
Jules Jager
OROSeng designs and builds custom products for small-scale utilization of renewable energy. The systems incorporate a range of energy harvesting technologies, such as electric generators and solar panels to redirect energy into operating IoT devices, autonomous vehicles, lighting systems, etc.
Cavlom is building the future of clean transportation and energy access in underserved communities. It converts gasoline rickshaws into electric vehicles and equips them with battery-swapping and vehicle-to-home (V2H) systems—turning everyday transport into mobile power solutions.
Equlantic
Isaac Bahler, Dylan Moore, Gregor Deveau, Rowan Norrad, Will Myrer
Equlantic is developing a modular, autonomous sensor system that delivers real-time, high-precision carbonate system data to support accurate, cost-effective measurement, reporting, and verification for marine carbon dioxide removal and other ocean-based industries. The company’s integrated platform is being designed to unify multiple standalone sensors and enable one‑step data offload.
SpectrAlign
Antony Shruti Predhep, Christian Moya-Garcia, Jacqueline DeJarnette
SpectrAlign is creating a no-radiation imaging solution that improves spinal assessments and streamlines triage for back pain, aiming to make precision spinal care more accessible.
EcoMarine Technologies is a Nova Scotia-based ocean technology startup developing advanced electric propulsion and robotic systems for marine applications. The core innovation—a high-thrust, compact axial flux motor—is designed to enable more efficient, autonomous, and low-emission underwater operations.
Utility meters are often hard to reach and harder to understand. iFormit is reimagining that with i-MeterMirror, an AI/ML-powered, multi-protocol device that brings meter data to fingertips or in-home displays, enabling smarter usage, cutting utility costs by over 30%, and helping stabilize the grid automatically.
Nifty Vector develops hardware and software for 3D motion tracking in critical domains, including medical devices, medical research, healthcare training, and aerospace training. The company's founders have 20 person-years of experience as consultants in these domains. Solutions are designed to deliver a unique combination of accuracy, robustness, compactness, and configurability.
Sensor Globe Closes Pre-Seed Round
Invest NS and Tall Grass Ventures led the funding round.
The company, which did not specify the size of the round, said that Cork, Ireland-based Hatch Blue and other strategic investors also participated in the round.
The funding will allow the company to accelerate development of its monitoring platform, expand its analytics capabilities, and grow its presence in key aquaculture regions, it said in a statement.
“For us, this is about more than funding,” said CEO Sheamus MacDonald in a LinkedIn post. “It’s about validating the work our team has been doing to help farmers improve fish welfare, reduce risk, and bring new technology into everyday operations.”
Founded in 2023, Sensor Globe has developed sensor-based technology that provides real-time insights into fish welfare during high-risk operations such as crowding, transfers, and handling. The system measures environmental and welfare indicators, giving farmers information intended to reduce deaths, improve operational efficiency, and help meet welfare compliance standards.
The technology is already in use in commercial aquaculture operations in Norway and other major salmon-producing regions. Sensor Globe says the platform generates data that can support decision-making and improve transparency across the aquaculture value chain.
“Aquaculture is the world’s fastest-growing food production sector, but farmers face pressure from regulators, consumers, and insurers to improve fish welfare and reduce environmental impacts,” the company said in announcing the deal. Traditional monitoring tools, it added, are limited in capturing data during the most stressful points in fish farming.
MacDonald said the investment will be used for continued R&D on its analytics offering as well as commercialization growth in Norway. “With this backing, we’re positioned to accelerate product development, strengthen our analytics, and expand both our team and footprint across key aquaculture regions,” he said in the statement.
The company’s founding team combines backgrounds in fisheries, aquaculture operations, seafood sustainability, sensor engineering, and artificial intelligence-driven analytics. The company now employs seven people in Halifax and Norway.
Aquaculture has become a critical source of protein worldwide, with salmon among the most valuable farmed species. As the industry grows, companies are under increasing scrutiny to demonstrate higher welfare standards and minimize losses. Sensor Globe said its technology is intended to allow farmers to act proactively by providing continuous, real-time data rather than relying on post-event observations.
Gia Closes $1.1M Pre-Seed Round
All the investors previously backed Gia CEO Tukan Das's former company.
Gia Co-Founder and CEO Tukan Das
Gia, a Halifax startup that provides AI-driven growth tools for consultants and boutique professional service firms, has raised $1.1 million in an oversubscribed pre-seed financing round.
The round was led by Panache Ventures, with participation from Success Venture Partners, OMERS Ventures, East Valley Ventures, and a group of Atlantic Canadian angel investors, the partners said. All the investors had previously invested in LeadSift, the first company headed by Gia Co-Founder and CEO Tukan Das. Das and his partners exited LeadSift in 2021 by selling it to IDG.
The financing coincides with Gia’s public launch. The company has developed an artificial intelligence–based platform aimed at easing the business development and administrative burdens that often challenge independent consultants and small agencies.
“What Shopify did for e-commerce and Jobber did for home services, Gia is building for knowledge entrepreneurs,” said OMERS Ventures Partner Brian Kobus in a statement. (OMERS was an early investor in both Shopify and Jobber.) “Consultants deserve the same access to enterprise-level tooling that has historically been out of reach because of pricing and complicated onboarding.”
In an interview, Das said his former investors were interested in backing his new company because they remembered how he and LeadSift Co-Founder Sreejata Chatterjee rescued their startup when things looked bleak.
“One of the things I’ve heard is that we were written off and left for dead [at LeadSift]," said Das. “To go from there and to turn it around and give a positive return to our teammates and investors, I think that said a lot to our investors – that earned us some street credibility.”
It also helped that Gia got immediate buy-in from customers during its soft launch, he said. Das said the product is now being used by about 50 customers, and 30 percent of them were referred by existing customers. He added they so far have secured customers through “founder-led sales”, and about 40 percent of the deals are closed in one call.
“The global freelance consulting market is valued at $647 billion in 2025 and projected to more than triple to $2.1 trillion by 2033,” said Success Venture General Partner John Gleeson. (Now living in San Francisco, Gleeson studied at Dalhousie University and worked previously for the Halifax startup Affinio.) “Yet even the most successful freelancers struggle with the growth and admin tasks that come with building their business. Gia is building the backbone that supports them.”
With a pre-seed round in the bank, Das said his six-member team now aims to build on their “small but very engaged group of customers” and ensure Gia is helping them grow. They want to move beyond founder-led sales, and will begin marketing through intermediaries. They also hope to add some enhancements to the product based on customer feedback.
In time, he hopes to add a lot more clients.
“The goal is to empower a million people to start their own professional services business,” said Das. “We are swinging for the fences.”
H2A Canada Seeks Students Focused on Social Innovation
The program is open to teams of UNB student entrepreneurs.
The program, which runs from October to April, provides opportunities for students who are keen to drive social impact by offering a platform for them to turn their ideas into meaningful ventures, organizers said in a statement.
The J. Herbert Smith Centre is the Fredericton university's entrepreneurship hub. There, participants will gain access to:
Tailored mentorship & skill-building workshops
Connections with student entrepreneurs worldwide + networking events
A chance to pitch before Harvard Venture Board
Potential funding support of up to $1000 for prototyping
H2A in the U.S. is known for small, tight-knit cohorts, which include students from across Harvard University’s undergraduate and graduate schools. H2A Canada marks an expansion of the program internationally, following similar initiatives in Brazil and Africa, the group said..
This is the program’s second year in Canada. In its first year, H2A Canada supported 10 teams working on ventures such as reducing food waste, improving sleep quality, and making smart home devices more accessible through gesture recognition, the university said.
An info session is being held this Thursday, Sept. 25 between 12 and 12:45 pm at H224, Old Head Hall, UNB Fredericton Campus.
Discovery Garden Acquires U.S. Competitor
The merger with Born-Digital will help the company serve its GLAM clients.
Charlottetown-based Discovery Garden, which specializes in the digital preservation of cultural artifacts, has acquired its U.S. competitor Born-Digital for an undisclosed price.
The two parties are treating the transaction as a merger, with both parties retaining their employees and culture, but the combined entity will continue to be called Discovery Garden, headquartered on P.E.I., and led by Discovery Garden CEO Gerry Lawless. Born-Digital Founder Noah Smith will become CTO of the merged company. The deal closed Sept. 5.
Discovery Garden was created to help GLAM (galleries, libraries, archives, and museums) clients use the open source Islandora system to digitally preserve artifacts, such as old newspapers, photographs and films. Mark Leggott, the librarian at the University of Prince Edward Island, developed Islandora with help from the community and $2.5 million in financing from the Atlantic Canada Opportunities Agency’s Atlantic Innovation Fund.
"This merger is a strong commitment to the future of digital repositories purposely built for organizations in the GLAM sector," said Lawless in a statement. "By combining our custom Islandora development depth with Born-Digital's product innovations and customer-centric approach, we're strengthening and investing in the larger cultural heritage ecosystem. We know these institutions need solutions informed by and for the community, and not generic platforms adapted to fit our sector."
Based in Hadley, Mass., Born-Digital has also been working with the Islandora system for more than a decade, and has been especially strong in digital products, consulting and support services. The American company has developed Aurora, a subscription-based product that helps GLAM clients preserve their artifacts in the cloud. The addition of this product will help Discovery Garden offer a broader suite of products to clients.
Aurora provides a full-featured repository with hosting, maintenance, and support for a single monthly fee, eliminating the need for in-house IT teams. The merged company intends to pair Aurora’s standardized service with Discovery Garden’s expertise in large, customized projects.
In an interview, Lawless said the current administration in the U.S. has cut funding to several institutions that use Islandora, so many of the Discovery Garden clients are reluctant to undertake big projects right now. However, Aurora has a lower price point than other services, and the company is hoping it will be an attractive option to some clients.
“Now that we do have a U.S. office – and the U.S. is by far our biggest market – we want to get much more in-market,” he said. “We’re excited about Aurora and plan to attend more conferences in the U.S.”
Leading up to the acquisition, Discovery Garden has experienced revenue growth of 20 to 25 percent in each of the last two years, and the company was profitable. The merged company now employs 26 people, and envisions adding six to eight employees in the next 12 to 18 months.
Said Noah Smith about the merged company: “We've spent 10-plus years solving the same problems as competitors, and now we're excited to have the opportunity to do it together going forward."
Last Week for InnovateNB Nominations
Nominations in 9 categories will close Sept. 29.
The organizers of the InnovateNB Celebration and Awards 2025 are reminding New Brunswickers that there is one week left to submit nominations for the annual innovation awards.
The awards program recognizes individuals and organizations contributing to innovation across the province. This year’s ceremony is scheduled for Thursday, Nov. 27 at the Saint John Trade & Convention Centre.
The deadline for nominations is Sept. 29, and you can find more information here.
Anyone can submit a nomination by identifying a candidate and explaining why they merit recognition. Organizers say all eligible nominees will then be asked to complete a short package, which will be reviewed by a selection committee.
In addition to the nomination process, tickets for the November celebration are now on sale here.
The InnovateNB Awards were launched to highlight contributions to the province’s innovation ecosystem and to provide a platform for recognizing diverse forms of achievement, from entrepreneurial ventures to community-based initiatives.
InteractiveNB Launches Scaffold Program
The Market Access Scaffold Program will help to support video game developers in New Brunswick.
InteractiveNB has introduced a new program to support video game developers in New Brunswick and help them expand into global markets.
The Market Access Scaffold Program, announced this month, will provide four months of mentorship, business training, and access to international industry expertise for members of InteractiveNB, the industry association for the province’s interactive digital media sector.
The initiative is being delivered in partnership with the Scaffold Institute and is supported by funding from the Canada Media Fund. It is intended to help small studios scale and compete in a global industry that generates billions of dollars annually.
InteractiveNB President Jade Yhap said the program is designed to address challenges faced by local developers, who often leave the province in search of opportunities. “For too long, we've watched our incredible talent leave New Brunswick, or struggle to find the resources they need to thrive here,” he said.
The Scaffold Institute has run similar programs in Western Canada that helped gaming companies secure more than $5 million in financing, the group said. Its executive director, Matt Toner, said he sees strong potential in the New Brunswick sector. “The talent stack in New Brunswick is early-stage but impressive,” he said. “We are going to do some great things together.”
The Canada Media Fund, a national agency that finances and promotes Canadian audiovisual content, is supporting the program as part of its effort to reduce barriers for creators. “This partnership is a direct investment in the creativity and potential of New Brunswick talent,” said Jessica Lea Fleming, the fund’s director of growth and inclusion.
InteractiveNB said the video game industry is considered a growth sector in Canada, contributing jobs and economic value across several provinces. Organizers say the program will help New Brunswick retain talent, attract investment, and build a stronger digital media ecosystem.
The program is available exclusively to InteractiveNB members.
Invest Nova Scotia Accelerate Names New Cohort
The five-month program is for early-stage tech companies.
Invest Nova Scotia has announced the 12 startups that will join the second cohort of its Accelerate 2025 to 2026 program.
The milestone-based program is designed to help Nova Scotia founders get investment-ready. It is delivered virtually and participating companies each receive up to $40,000 in non-dilutive, non-repayable funding to address key technical and business milestones, the group said on LinkedIn. Participants also receive business and technical expertise to help fuel their growth.
The new participants include:
Alaagi – Sheheryar Khan – Halifax
Compostable seaweed-based packaging for cold-chain seafood and meat logistics
Bean AI – Vansh Sood, Pankrit Jindal – Halifax
AI cooking assistant that eliminates cooking decision fatigue
CleanGreen Septic Services – Michael Huskilson - Halifax
Develops and operates networks of low-cost, rapidly deployable septage processing infrastructure
iNav4u – Brenda Robinson, Olivier Hendrikx – Oxford
Digital operating system for yachts, unifying navigation, maintenance, compliance, and safety
Nifty Vector – Matthew J. MacDonald, Joseph Howse – Terence Bay
Hardware and software for precise 3D motion tracking in medical devices and VR
NovaBrew Solutions – Andrew Swift, Rob Marot – Halifax
AI-driven software for automating craft brewery forecasting, production scheduling, and inventory control
Novastorms Data Analytics – James Butler, Yigit Aydede – Windsor Junction
AI software for on-premise insights from an organization’s proprietary data
Nova Scotian Sustainable Resources – Brian Adams, Chris Burns, Jeff Dahn – Halifax
Low-cost and flexible mineral extraction and conversion technology for battery critical minerals
Pilot X Technologies – Kendall Darling, Ranajay Sarma – Halifax
AI-powered logistics marketplace connecting businesses, consumers, and drivers for on-demand transportation
SudDrop Laundry Services – Jayrell Diggs -– East Preston
On-demand laundry pickup and delivery service for households and businesses
Tala Technologies – Marc Cormier, David Kalliecharan – Halifax
Distributed energy storage orchestration software for renewable energy generation growth and energy grid resilience.
Theranib – Paola Marcato, Concettina La Motta – Halifax
Therapeutic targeting ALDH1A3 to stop cancer metastasis and improve patient outcomes
LuminUltra Acquires French Company
The purchase of GL Biocontrol is the company's 8th acquisition in 8 years.
Fredericton-based LuminUltra Technologies, which specializes in biological tests, has acquired GL Biocontrol, a French provider of microbial testing and risk management services for municipal and industrial water systems.
Headquartered in Montpellier, GL Biocontrol says it has worked with more than 500 municipalities and industrial operators across Europe. The company has been a key player in advancing microbial monitoring practices in France, particularly through the adoption of second-generation adenosine triphosphate, or ATP, testing, it says. Its services cover areas such as drinking water safety, Legionella prevention, and water reuse.
The acquisition – the terms of which were not disclosed – will allow GL Biocontrol to maintain its brand and operations while gaining access to LuminUltra’s broader product portfolio, infrastructure, and scientific resources. GL Biocontrol’s Montpellier office will also serve as LuminUltra’s European headquarters, offering the New Brunswick company a beachhead for further European expansion.
“France has long been at the forefront of water technology and microbiological innovation,” said LuminUltra CEO Pat Whalen in a statement. “This acquisition brings together two science-led organizations committed to advancing that leadership.”
GL Biocontrol combines diagnostic testing with software tools, technical consulting, and training to help clients manage microbial risks. Its work includes risk assessments, system mapping, and developing control strategies to safeguard public health and infrastructure.
“With the evolving European Drinking Water Directive and the rise of water safety plans, utilities need faster, more dependable tools,” said Celia Martinez, president of GL Biocontrol. “We’ve positioned second-generation ATP as a frontline indicator, helping operators anticipate risks, optimize control strategies, and protect water quality over the long term.”
With this deal, LuminUltra has now made eight acquisitions in eight years in keeping with its strategy to expand its portfolio of microbial risk management solutions. In July 2024, LuminUltra bought the legionella-testing assets of Genomadix Inc, along with rights to develop and commercialize further assays and test methods in water, energy and food and beverage markets.
The company said GL Biocontrol strengthens its position in Europe while providing a base for further growth in the region.
Whalen said the addition of GL Biocontrol fits with LuminUltra’s long-term plan to expand internationally while maintaining a focus on microbial safety. “This acquisition reinforces our long-term vision,” he said. “With GL Biocontrol now part of the organization, the company is better positioned to invest in R&D, expand globally, and raise standards in microbial risk management.”
Freshr Lands $233K from Food Innovation Network
Freshr will use the funds to collaborate with Cooke Aquaculture to pilot FreshrPack.
The money will help Freshr collaborate with Cooke Aquaculture to pilot FreshrPack, an antibacterial coating solution that is applied on film packaging to extend the shelf life of fresh proteins by 15 to 30 percent. Made with naturally derived anti-bacterial components, FreshrPack slows down bacterial growth, reduces chemical spoilage and improves water retention, the innovation network said in a statement.
The testing will involve integration of FreshrPack-coated skin packaging film rolls into Cooke’s salmon packaging operations. It's intended the project will demonstrate how sustainable, high-performance packaging can reduce food waste in large-scale seafood processing.
“Early results indicate that FreshrPack can be integrated into existing packaging lines without any changes to workflow, capital expenditure, or staffing,” said Mina Mekhail, CEO and Founder of Freshr.
This year, the Guelph-based Canadian Food Innovation Network awarded a total of $1,177,496 to five Canadian foodtech startups through its Foodtech Next Program. Industry partners match the funding, bringing total investment to $2,354,992.
The other four beneficiaries this year included: FoodPM, a division of UDP Software Inc. (BC); Gastronomous Technologies Inc. (Ontario); Knead Technologies (Alberta) and uDesign Solutions Inc. (Ontario).
Benson Wins Falling Walls Atlantic
The Dal researcher will represent the region at the global finals in Berlin.
Annika Benson, third from left, captured first prize at Falling Walls Lab Atlantic.
Dr. Annika Benson and her device for improving brain surgery outcomes are heading to Berlin in November.
Benson, a PhD researcher at Dalhousie University, captured the top prize at the Falling Walls Lab Atlantic competition at the Halifax Central Library on Monday evening. Her prize will be a fully paid trip to Berlin in early November, where she will compete against 100 other innovators in the global finals of the Falling Walls competition.
Falling Walls Lab is an international pitch competition that challenges students and early-career professionals to present their ideas in just three minutes. Fifteen people competed in the event on Monday.
The Atlantic Canadian winner has returned from Berlin with a prize in each of the last two years. Last year, Dal student Dina Rogers won the Science Breakthrough of the Year award in the Emerging Talents category with a novel method of deconstructing waste, allowing plastic constituents to be re-used.
Benson pitched a hand-held ultrasound device that can detect tumor tissues during brain surgery, to make sure all of a tumor has been removed during the procedure. She told the audience that there are currently no convenient and precise methods to make sure all of a tumor is removed, but her handheld device has demonstrated it can to do so.
In an interview, Benson said the device has emerged from work at the ultrasound lab at Dalhousie University – the same lab where Jeremy Brown developed Sound Blade, a device that uses sonic energy to cut tissue. Brown’s company Sound Blade Medical closed a US$16.5 million (C$23.8 million) Series A funding round earlier this year.
“I’m very excited just to be able to talk about this [project] on a larger stage,” said Benson, who has been working on the project for eight years. “I’m used to just talking about it with ultrasound people. . . . I’m also excited to see what other people are working on.”
The $250 second prize went to Blaine Fiss, also of Dalhousie. Fiss is a postdoctoral fellow working on a process that uses solar energy to break down “forever chemicals”, which are known for their extreme durability due to a strong carbon-fluorine bond.
Jayda Kruger, a Dal student studying marine biology and ocean science, took home the $100 third place prize for her work on eco-friendly concrete. Kruger has developed a method of injecting concrete with micro-organisms, which have captured CO2. The concrete can then be used for marine barriers that can defend against coastal erosion and become a foundation for such sea life as seaweed and barnacles.
Disclaimer: Peter Moreira of Entrevestor was a judge at the Falling Walls Lab Atlantic competition.
Genesis Offers Startups 101
The workshop explores the fundamentals of startup life for tech founders
St. John’s-based innovation hub Genesis is offering new and aspiring tech founders the chance to put their business ideas to the test in a two-hour, interactive virtual workshop.
The workshop helps participants shape and refine their concepts, explore how AI tools can support research and validation, and connect them with the resources available to founders in Newfoundland and Labrador, organizers said on LinkedIn.
Sessions are held monthly and provide a starting point for anyone interested in tech entrepreneurship. No experience or fully formed ideas are needed.
The next workshop will be held this Wednesday, September 17, from 12 to 2 PM or from 6 to 8 PM. It costs $15 for members of the public and is free to Memorial University students.
Nova Scotia’s tech industry association received a record number of nominations this year.
Halifax-based Digital Nova Scotia, the industry association for the province’s tech sector, has announced the finalists for its 2025 Tech Forward Awards. The awards received nearly 200 nominations this year, the most in the event’s history.
Launched in 2016 and rebranded the Tech Forward Awards in 2022, the annual event aims to recognize the people and companies driving innovation, inclusion, and growth in the province.
Across eight categories, the 2025 finalists reflect the breadth of Nova Scotia’s tech sector, organizers said in a statement.
“Choosing finalists from a record number of nominations was no easy task, and that’s a great problem to have,” said Owen Sagness, CEO of Digital Nova Scotia. “It speaks to a sector that is growing in both talent and ambition …"
Winners will be revealed at the Tech Forward Awards ceremony on November 20 at the Halifax Marriott Harbourfront Hotel.
The finalists are:
Talent Champion Award – Sponsored by Humankind Global Recruitment. Recognizing a company or organization excelling in tech talent acquisition and retention, promoting Nova Scotia as a desirable career destination.
Tribe Network’s program is for tech companies run by BIPOC founders.
Halifax-based Tribe Network, a support organization for Atlantic Canadian entrepreneurs who identify as Black, Indigenous or People of Colour, is celebrating the first cohort to complete its Accelerate Tech program.
Twelve ventures completed the 2024 to 2025 cohort of the program for founders and ventures at various stages of development.
Organizers say the program offers:
1:1 milestone-driven coaching with seasoned startup advisors and product experts
Workshops and peer learning designed to sharpen your strategy
Capital readiness support and curated introductions to investors
A national network of founders, funders, and mentors
Real accountability to help founders hit key startup milestones
The founders and companies in the first cohort are:
Meeting clients' need for customized documents after brand changes, overcoming limitations of existing tools.
Blue Charm Closes $4M Seed Round
France's Crédit Mutuel and Invest Nova Scotia co-led the round.
Blue Charm CEO Greg Patey
Halifax-based medical data provider Blue Charm Adherence has raised $4 million in a seed funding round to enhance its patient engagement tools and attract more customers.
The financing was co-led by Crédit Mutuel Equity of France and Invest Nova Scotia, both of which are investing in the company for the first time. Blue Charm’s original early-stage investors also participated in the round.
The new capital will support product development, user growth, and expansion of services for pharmaceutical partners, said the company.
“This seed round enables us to expand our capabilities, working toward the goal of making health more accessible, meaningful, and actionable for individuals across Canada and beyond,” said CEO Greg Patey in a statement.
Patey, who founded Blue Charm in 2020, was previously one of the co-founders of STI Technologies, which helped drug companies distribute samples efficiently. It was sold to the American multinational QuintilesIMS in February 2017, reportedly for $200 million.
His current venture helps pharmaceutical companies understand what patients experience when taking their medications, and rewards patients who complete questionnaires. The company recruits people suffering from specific conditions, such as severe asthma or diabetes, who also have valid prescriptions. These volunteers complete surveys over the course of their treatment, and are paid for their participation.
In an interview, Patey said the new funding will help the company build out the product and develop a team that can attract and support corporate clients as well as the people who participate in the surveys. In particular, he mentioned that the company aims to develop cutting edge data analysis so the healthcare industry gains a deeper understanding of patients’ experiences with different medications and why some people neglect to take their meds properly.
“I would argue that in healthcare this is one of the biggest problems in the world in terms of the non-adherence to medication,” he said.
Blue Charm currently employs 14 full-time people, along with seven contractors, and Patey expects to add 10 staff members by the end of 2026. He said this seed round should give the company about two years of runway, after which its board will evaluate its capital requirements.
Patey began to work on this round in March 2023 with a trip to California to meet investors. Unfortunately, it was the same month that Silicon Valley Bank collapsed so the funding environment was terrible. He began efforts again in February 2024, and a contact in Montreal connected him with Crédit Mutuel, which he said immediately became interested in the Blue Charm mission.
When asked if it could help the company’s growth to have a key investor based in Europe, Patey said, “It’s less about having a European investor and more about having a great partner. They understand what we do and that’s why they’ve invested. . . . The partnership is everything in this situation.”
Patey is typical of the founders in Nova Scotia who are currently closing seven- or eight-figure funding rounds because he is a serial entrepreneur in the life sciences sector. Asked about how Blue Charm compares with his experiences with STI Technologies, he said the two journeys have been very similar.
“It’s about the same at this point, from a growth point of view,” said Patey. “But I can think of other things that were moments in time when we won a big deal and hit the hockey stick, as they say. That took probably eight or nine years. We’re on the same pace for that now. But we have several things in the pipeline right now that could take place this year and help to take us to the next level.”
CropMind, QuickFacts Accepted into US Programs
CropMind is joining Techstars, while QuickFacts is attending InsurTech Match.
Two Atlantic Canadian startups have been accepted into international programs for startups.
CropMind was co-founded by Damilare O. Odumosu and Rilwan Shokunbi, both of whom are graduates of the Masters of Technology, Management and Entrepreneurship program at University of New Brunswick. They’ve developed a company that helps farmers of such crops as apples and grapes to predict early in the growing season what their total crop will be.
Co-founded by Christy and Jeff Barsalou, QuickFacts offers a platform that lets insurance brokers view packages from competing insurers side by side for easy comparison. The company says it can reduce the time brokers spend searching for information by 10 to 20 times. It also says the platform offers brokers more depth of information than competitors.
“This opportunity means a lot for QuickFacts as we continue to bring our solution to the U.S. market,” said Christy Barsalou, the company’s CEO, in a LinkedIn post. “I’m excited to foster conversations with carriers, brokers, and mentors about how we can support agencies and make their work easier and faster.”
The conference is billed as Canada's largest AI event.
At least 30 Atlantic Canadian companies specializing in artificial intelligence will participate in a trade mission to Montréal later this month, led by Digital Nova Scotia.
The companies will take part in ALL IN 2025, billed as Canada’s largest AI event, scheduled for Sept.24-25. The two-day gathering is expected to attract more than 4,000 participants and over 200 speakers from around the world. The agenda includes workshops, curated content streams, and networking opportunities aimed at connecting companies with potential partners and investors.
Digital Nova Scotia CEO Owen Sagness said the mission is designed to highlight the region’s growing AI sector on a larger stage. “Atlantic Canada is home to some of the country’s most innovative AI talent, but we often don’t get the spotlight we deserve,” he said in a statement.
The trade mission is being organized with support from the Atlantic Trade and Investment Growth Strategy, a collaboration among the four Atlantic provinces and the federal government. Additional backing is coming from Invest Nova Scotia, Opportunities New Brunswick, Volta, Venn Innovation, TechNL, and PEI Business Inc.
The organizers said the trip is intended to help participating companies gain international exposure, seek partnerships, and showcase Atlantic Canada as an emerging hub for AI development.
Applications are open for Atlantic Canadian companies interested in joining the delegation. Details are available here.
The companies that have agreed to attend so far are:
The Halifax company upcycles spent coffee grounds, making sustainable food ingredients.
In a challenging funding environment, Halifax-based RFINE Biomass Solutions has closed an over-subscribed equity funding round worth $1.7 million.
Creative Destruction Lab Atlantic posted on social media that RFINE – which upcycles spent coffee grounds into nutritious food ingredients – closed the round recently, having originally set out to raise $1.5 million. RFINE graduated from the CDL program in 2024.
“This milestone strengthens RFINE’s position to accelerate commercialization and scale its innovations in sustainable food technology,” said the post from CDL Atlantic. “With the raise complete, the team is now advancing toward new growth opportunities and further non-dilutive funding.”
Founded in 2022 by Quinn Cavanagh and Gordon Neal, RFINE works with coffee shops and other java vendors to retain and reuse their spent coffee grounds, which traditionally would be tossed away. Countless tons of these coffee grounds are thrown out each day around the world.
The RFINE system processes and stabilizes the spent coffee grounds, making sustainable ingredients that have ample shelf-life and can be used in food for humans or animals, the company says.
RFINE was able to close this funding round in a difficult environment, as several funding organizations are reporting that venture capital funding in general has dropped recently, and early-stage financing is especially scarce. The Canadian Venture Capital and Private Equity Association’s most recent report showed that annual pre-seed and seed funding for Canada in the past four years averaged $133 million and $813 million respectively. However, in the first half of 2025, pre-seed funding amounted to $39 million while seed rounds totaled $258 million. Funding in these brackets would have to increase dramatically in the second half to reach the average of the previous four years.
At Entrevestor, we’ve noticed that young companies are finding it especially hard to raise funds. In calendar 2024, we found that Atlantic Canadian startups launched in 2022-24 raised a mere $6.1 million in equity funding, or 4 percent of the private capital raised by all startups in the region. The recent RFINE raise is an example of one company bucking this trend.
One final thought on this raise: it continues the trend of Nova Scotian companies outside of the IT sector successfully courting investors. According to the CVCA, Nova Scotia is the only province in Canada in which IT is not the most active startup sector in terms of fundraising. The major rounds announced this year have mainly been in life sciences – Mara Renewable landing $9.1 million in funding and Sound Blade Medical raising US$16.5 million. RFINE’s $1.7 million round is another example of a non-digital company finding success with investors.
Crowell, Roisman Imach Finalists in National Competition
They are among 25 finalists in the Top Women in Tech contest.
Two Atlantic Canadian women are finalists for the 2025 edition of the Top Women in Tech, a national competition presented by Toast and Betakit.
Jane Crowell, who is the CEO of Particle, and Alicia Roisman Ismach, the head of Atlantic FinTech, are among the 25 finalists for the competition, which recognizes female leaders in the Canadian technology industry, according to social media posts.
Roisman Ismach has been the Head of FinTech at Atlantic FinTech since 2021, championing companies throughout the region that produce digital products for the financial industry. After becoming the entrepreneur-in-residence at Moncton-based Venn Innovation in 2018, she began working with fintech companies throughout the region, founding the region’s fintech organization that now works with more than 140 companies.
Halifax resident Jane Crowell is the CEO of Particle, which is developing a platform that helps startups to raise capital through integrated investor outreach. The platform’s features help in such areas as legal onboarding, investor relations, share purchase and compliance.
The Top Women in Tech competition is hosted by: Toast, which is a recruitment group with the mission of overcoming the challenges facing women in the tech community; and Betakit, a news site that covers startups and tech across Canada.
The region is also represented on the Top Women in Tech judging panel. Erin O'Keefe Graham, the CEO of Neighbourhood Consulting and the former head of the Emera IdeaHub, is one of nine judges in the competition.
Planetary Inks C$43M Deal with Frontier
The Halifax company will capture CO2 under the contract.
Dartmouth-based Planetary Technologies has signed a US$31.3 million (C$43.2 million) agreement with Frontier to remove 115,211 tons of carbon dioxide from the atmosphere between 2026 and 2030.
Blue-chip companies that back Frontier will pay Planetary to scale up its ocean alkalinity enhancement (OAE) operations in one of the world’s largest OAE projects to date.
Frontier works with some of the world’s largest companies to encourage the development of carbon-capture technology. By paying for carbon-capture agreements while the technology is still being developed, Frontier helps young companies grow through the difficult stages of getting to market.
“This offtake with Frontier buyers allows us to demonstrate that ocean alkalinity enhancement can safely and effectively remove CO2 beyond small-scale trials,” said Planetary CEO Mike Kelland in a statement. “We’re eager to show how it can be rolled out responsibly.”
Planetary’s process involves adding dissolved alkaline minerals – such as calcium oxide and magnesium oxide – into coastal waters. This accelerates the ocean’s natural carbon cycle by converting dissolved CO₂ into stable bicarbonate ions, which remain stored in the ocean for more than 10,000 years, the company says. The company uses existing infrastructure, including power plant cooling water discharges, to integrate its process without building new large-scale facilities.
In 2023, Planetary signed a smaller deal with Frontier to remove 937 tons of CO2 with its technology. It now has a facility in operation in Tufts Cove in Dartmouth.
The Frontier statement said Planetary this year completed a pilot project verifying for the first time that tons of CO2 could be removed from the atmosphere using OAE. With the new funding, the company aims to initiate its next phase of operations, with deliveries scheduled to begin in 2026.
OAE has drawn interest because of its potential for large-scale, low-cost carbon removal, said Frontier. Scientists estimate it could remove billions of tons of CO2 annually at costs that could fall below $100 per ton. Frontier has funded a range of approaches to clarify the viability of OAE, supporting trials on land, in freshwater systems, and now in a coastal environment through Planetary.
“Ocean alkalinity enhancement can remove CO2 from the atmosphere extremely cheaply and efficiently,” said Frontier Head of Deployment Hannah Bebbington. “But expanding it beyond small-scale trials calls for ironclad measurement and safety protocols, alongside addressing community concerns. . . . This is the right project and team to pave the way forward for this promising pathway.”
One interesting note about Frontier is that its website says it now has more than 50 companies in its portfolio, and three of them are from the Halifax area.
As well as the recent deal with Planetary, Frontier in July awarded a US$1.75 million contract to pHathom Technologies to remove 510 tons of CO2 from the atmosphere. The company’s technology captures CO2 emissions from coastal bioenergy plants, which are plants that transform organic material from plants and animals into useful energy like heat, electricity, or biofuels.
Frontier also signed a deal in 2023 with CarbonRun to remove 57,000 tons of CO2, five tons of which have been delivered. CarbonRun adds crushed limestone to rivers to reduce their acidity, storing CO2 as dissolved bicarbonate in the river and ultimately in the ocean.
Genesis Seeks Founders for Evolve
Evolve is offered remotely and in-person in St. John’s.
St. John’s-based innovation hub Genesis is seeking founders to participate in Evolve, a seven-week program for early-stage tech founders.
Evolve is for founders who have an idea but no clear path forward, organizers said on LinkedIn.
The program allows founders to:
* Clearly define the problem their startup aims to solve.
* Understand who their customers are and what they want.
* Refine the idea based on real-world feedback.
* Discover strategies to attract first customers.
* Confidently position the startup for growth.
The program demands about three hours of each week. The cost is $200 but is free for Memorial University students.
The product helps bank customers assess their vulnerability.
Fredericton-based Beauceron Security has launched its Cyber Wellness Score to help financial companies work with their customers to be more pro-active in preventing cybercrime.
The company in 2017 launched a cyber-risk scoring platform that allowed corporations of organizations to help employees assess their vulnerability to hackers and cybercriminals. That product now helps more than 1 million people understand their risks and take steps to become less vulnerable.
Last week, Beauceron launched its Cyber Wellness Score for financial companies so banks, credit unions, and fintechs can provide digital score cards for their customers and help them reduce their risks.
“Financial institution fraud and cyber awareness efforts usually involve one-way communications to clients. Whether it’s email blasts, social media posts, website updates, or webinars, these approaches suffer from a lack of meaningful engagement and feedback,” said David Shipley, CEO and co-founder of Beauceron Security in a statement. “There’s a better way to make a more meaningful impact.”
The Cyber Wellness Score is designed to act like a fitness tracker for digital security, showing customers where they are vulnerable and offering steps to strengthen their defenses, the company said. By giving users a measurable score, Beauceron aims to make fraud prevention more tangible and encourage ongoing improvement.
The launch comes at a time when fraud is the dominant form of cybercrime. The FBI’s Internet Crime Complaint Center reported that 83 percent of the US$16.6 billion in cybercrime losses in 2024 were due to fraud targeting customers. Shipley said research indicates people who do not believe they are at risk, or who think security is the sole responsibility of banks, are more likely to be victimized.
Unlike traditional anti-fraud tools that typically detect crime during or after an incident, Beauceron says its platform is designed to reduce risk before it occurs. The system combines awareness training, behavioral nudges, and measurement tools to help financial institutions by:
Showing customers where they are most exposed.
Providing personalized coaching to reduce risk.
Measuring the effectiveness of education efforts.
Tracking knowledge and attitudes as early indicators of fraud vulnerability.
Financial institutions can embed the Cyber Wellness Score directly into their online banking apps and portals. Customers who opt in receive tailored guidance and feedback, transforming fraud awareness from one-way messaging into an interactive experience.
Beauceron Security was founded in 2016 by cybersecurity professionals at the University of New Brunswick, and raised $3.1 million in equity financing in 2022. Its original platform introduced the Security Culture Score, which helps organizations understand not only what happens in awareness and anti-phishing programs, but why risky behavior occurs and how to improve outcomes.
Ocean Startup Project Names Cohort
Fifteen oceantech companies will receive a total of $350,000.
The Ocean Startup Project has awarded $350,000 in funding to 15 Canadian startups in its fifth Ocean Startup Challenge, a national competition that supports early-stage oceantech ventures.
The winning companies, drawn from across the country, will each receive non-dilutive funding along with specialized support to help advance the development of their products. The 2025 cohort is tackling challenges in areas including decarbonized marine transportation, renewable energy, sustainable materials, and marine safety.
More than one-third of the companies are from Atlantic Canada.
“Every year, we see the strength and creativity of Canadian ocean entrepreneurs grow,” said Paula Mendonça, Executive Director of the Ocean Startup Project. “This cohort of 15 companies showcases the breadth of talent across the country, and through the Challenge, we are connecting them with the support, expertise, and networks they need to succeed on a global scale.”
These are the startups selected for the fifth cohort:
Alaagi (Nova Scotia): Developing a food-safe, seaweed-based bioplastic film that is compostable, heat- and vacuum-sealable, and engineered for cold-chain seafood and meat packaging.
Atalanta Climate (British Columbia): Creating compact, fully electric carbon capture systems that use ocean-derived materials to cut energy requirements by up to 90 percent compared with conventional direct air capture.
atlantiq AI (Newfoundland and Labrador): Building on-premise AI agents that integrate into CAD software, helping ship design teams reduce time on manual quality assurance and information-gathering by up to tenfold.
CM Marine Safety Equipment (Nova Scotia/Prince Edward Island): Designing a life jacket tailored to the needs of commercial fishers, aimed at reducing drowning fatalities at sea.
DeFort Bio (Nova Scotia): Developing biodegradable lobster band alternatives to replace environmentally harmful rubber bands.
Equlantic Aquatic Monitoring (Nova Scotia): Combining an automatic water-sampling device with a sensor integration system to deliver lower-cost, higher-coverage water quality monitoring.
FieldComplex (Quebec): Building a scalable, real-time underwater communication system that combines advanced modems with intelligent software to deliver secure, long-range data transmission – an “underwater Wi-Fi.”
FinShield (Ontario): Creating an AI-powered platform that integrates AIS and open-source intelligence to give NGOs and maritime authorities rapid insight into illegal finning.
FlowMotion Hydrokinetic (Ontario): Developing helical screw turbine systems to generate clean, predictable energy from tidal and river currents.
Flux Lines (Quebec): Designing battery barges that provide clean electricity to ships at berth or anchor, offering a scalable alternative to traditional shore power.
Mostar Labs (British Columbia): Creating LILYPAD, a modular floating charging platform for electric vessels, with advanced battery storage and smart management systems for coastal and nearshore environments.
RETSSOP (Nova Scotia): Developing an oil spill response solution that combines advanced imaging with high-performance absorbents capable of recovering more than 80 percent of spilled oil.
SeaFoam (British Columbia/Ontario): Producing regenerative building insulation made from seaweed and upcycled waste to help create carbon-negative homes.
Subvision Robotics (British Columbia): Building ZIMA, an autonomous UVC subsea rover that prevents ship-hull biofouling, reducing fuel costs and eliminating toxic cleaning methods.
Technologies Seanetik (Quebec): Creating robotic solutions for submerged hull cleaning as part of efforts to decarbonize maritime transport.
Launched in 2020, the Ocean Startup Challenge has supported more than 90 ocean-focused startups across Canada.
In addition to funding, participants in the program receive direct support from an executive-in-residence, access to mentors with expertise across multiple fields, curated exposure to market opportunities, and in-kind services.
On Vacation Until September
We will return after Labour Day.
As we do every summer, we're taking off the final week of August.
We find there's little news to write about it in the week before Labour Day. And if something newsworthy does happen, there are few readers around to read about it.
We're heading to the beach with a stack of good books -- forgive the shameless plug. We will be back in early September with more news.
Falling Walls Applications Due Sunday
The pitch competition is open to students, researchers across Atlantic Canada.
Atlantic Canadian students and researchers still have a few days left to apply for the 2025 Falling Walls Lab Atlantic Canada pitch competition, with the deadline set for Sunday, Aug. 24, at 11:59 p.m ADT.
The event will take place Sept. 15 from 6 to 8 p.m. at the Halifax Central Library and will also allow participants to pitch live online. The competition is open to post-secondary students, researchers, and early-career professionals from across Atlantic Canada.
Falling Walls Lab is a world-class pitch competition and networking forum that provides a global stage for breakthrough ideas. Participants deliver a three-minute pitch showcasing their research, business model, or innovative initiative to a panel of judges. The goal is to highlight projects that “break down walls” in science, technology, and society.
Winners of the Halifax competition will not only receive regional recognition but also earn the chance to compete in the global finals in Berlin, Germany, where innovators from around the world come together to share ideas and collaborate.
Organizers are encouraging students to apply now and seize the opportunity to represent Atlantic Canada on the international stage. “High participation benefits everyone,” said Sandra Goodwin of Nava Develop, which is helping MSVU deliver the event. “When your students represent your institutions at competitions like this, the visibility supports recruitment and alumni engagement.”
The gala will celebrate the innovators shaping New Brunswick's future.
Early-bird tickets are now on sale and nominations have opened for the 2025 InnovateNB Celebration and Awards, taking place Thursday, Nov. 27 at the Saint John Trade and Convention Centre.
Now in its fourth year, InnovateNB is the province’s premier celebration of innovation, bringing together entrepreneurs, researchers, business leaders, and public-sector changemakers to recognize the people and ideas shaping New Brunswick’s future.
Presented by TechImpact, the New Brunswick Innovation Foundation, the McKenna Institute at the University of New Brunswick, Propel, and economic development partner Envision Saint John, the event begins with a 5:00 p.m. networking reception, followed by a three-course dinner and awards ceremony from 6:00 to 8:30 p.m. The program will also honour this year’s InnovateNB Hall of Fame inductee.
“InnovateNB celebrates the people turning bold ideas and technology into real solutions for our communities,” said Cathy Simpson, CEO of TechImpact, in a statement. “We’re shining a light on innovators who build, implement, and make a tangible difference across New Brunswick.”
Nominations are open across nine award categories, including the new Beacon Award for Women in Innovation and Leadership. Other categories include: Emerging Innovator; Inclusivity and Empowerment; Innovative Product or Service; Startup of the Year; Scale-up of the Year; Impact Innovation; Public Sector Transformation; and Innovation in Academia and Research.
Nominations close Sept. 29. You can nominate someone here.
Early-bird pricing for the celebration is available until Oct. 1 for both individual tickets and tables of eight. You can purchase tickets here.
MilAero Embarks on Major Expansion
The Dartmouth company is doubling its manufacturing space, adding 30 staff.
Debora and Paul Greedy at the kickoff of the MilAero expansion last month.
Preparing for rising demand for its electronic assemblies, Dartmouth-based MilAero Electronics Atlantic is embarking on a major expansion estimated to cost more than $2.2 million.
Co-owners Paul and Debora Greedy announced last month that they were adding 8,000 square feet of manufacturing space to their existing headquarters, doubling the company’s operational facility.
The company’s expansion includes investment in new equipment and production capacity to better serve a growing roster of national and international clients.
“We’re adding 8,000 square feet of new manufacturing space at our existing Dartmouth facility, giving us more room to take on complex projects, invest in advanced equipment, and optimize our production flow, all without leaving the site we’ve called home for years,” said Debora Greedy in an email.
The Greedys were co-founders of the company in 2002 and took 100 percent ownership in 2022. Today, Paul Greedy leads the production, engineering and operations while Debora Greedy oversees compliance and security, administration and business development. MilAero is a CCIB Certified Indigenous Business as Debora is Mi’kmaq with ancestral roots in the Eel Ground First Nation (Natoaganeg) in northern New Brunswick.
MilAero manufactures high-performance electrical assemblies, with a concentration in aerospace and defence. Specifically, it provides build-to-print manufacturing, offering turnkey solutions or using customer-supplied material.
When it first announced the expansion in early July, it employed 50 people. That number has already risen to 55 employees, and the company expects to hire an additional 25 employees.
“Along with adding more space, we’re bringing in new equipment and technology that will let us work more efficiently and take on even more complex projects for our clients,” said Debora Greedy.
Though they have not yet completed the financials for the expansion project, they estimate the total cost in equipment and building expansion will amount to more than $2.2 million.
One of the main reasons for the expansion is the recent commitment by Canada and other NATO members to increase defence spending. The Greedys believe more investment in the sector means more opportunities for companies like theirs, and they want to have the capacity and capabilities to meet that new demand.
On the flip side, the overall environment for manufacturers is getting more challenging due to trade wars and rising tariffs in the U.S. MilAero has already begun to feel the pinch as the cost of materials from the U.S. has been rising.
Said Debora Greedy: “Pricing is beginning to climb, and that puts pressure on our production budgets. While we work hard to absorb what we can and find efficiencies, any sustained increases can affect timelines and competitiveness. It’s something we’re watching closely.”
AI2Market Launches for Region’s Students
The program for AI companies is modeled on Lab2Market.
The new program is modeled on Lab2Market, which Dal co-founded with other universities in 2019 and has grown into a national program for research-based innovation. It’s being offered in collaboration with ShiftKey Labs, one of the “sandboxes” set up by the Nova Scotia government to help encourage innovation among post-secondary students.
“Students participating in the AI2Market program will be equipped with both AI fluency, critical thinking, and the entrepreneurial skills necessary to transform their ideas into market-changing innovations,” said Jeff Larsen, assistant vice president of innovation and entrepreneurship at Dal. “These innovators are not just preparing for an AI-driven economy; they will be actively driving the future of AI innovation in Atlantic Canada.”
The organizers stress that setting up an AI-driven company involves a lot more than just adding ChatGPT to a customer support desk. It calls for the use of artificial intelligence across an entire business operation. AI2Market will aim to assess the viability of a business idea then help the student-entrepreneurs to apply AI-driven components to their businesses and get their product to market.
Mirroring the Lab2Market model, the new program involves taking the entrepreneur through three phases of instruction:
Discover, in which participants learn the core components of AI and gain a full understanding of how speed is essential to strategy;
Validate, in which participants use AI-based tools for competitive research, trend forecasting, and rapid hypothesis testing;
And Launch, in which the student employs AI tools, machine learning fundamentals, data strategy, and AI-first product design to build lean, market-ready businesses.
AI2Market is open to students from any Atlantic Canadian university or college. Applications, which can be found here, must be submitted by Sept. 15.
Tribe Seeks Applicants for Out East
The program will help BIPOC members of the 2SLGBTQIA+ community grow their ideas.
Offered in collaboration with the Canadian Gay and Lesbian Chamber of Commerce, Out East is a first-of-its-kind entrepreneurship program for members of these two under-represented communities.
“You don’t need to code-switch,” said an announcement from Tribe, a Halifax-based support organization for BIPOC entrepreneurs. “You don’t need a pitch deck. You don’t even need business experience. All you need is the desire to build.”
The program offers Identity-affirming spaces, financial literacy training, practical workshops and tools, monthly office hours and access to a network of regional partners.
You can find out more information and an application form here. The deadline for applications is Sept. 4.
Climative Joins Mission for the Future Program
The Fredericton company is one of three entrants in the cleantech category.
Fredericton-based Climative, a maker of AI-powered low-carbon plans for buildings, is one of three global cleantech companies named this year to the international LG Nova Mission for the Future program.
Hosted by the South Korean electronics giant LG, Mission for the Future is an international startup program that aims to help impact companies scale their products to help people and the planet. The latest cleantech cohort comprises three companies: Climative, Seattle-based BattGenie and Cleveland-based Proximal Energy.
Founded in 2014 as Simptek, Climative has an AI-powered platform that performs rapid, remote energy assessments of homes at scale. As of last October, the company said the platform had assessed more than 5 million homes in 682 cities, uncovering a potential 55 megatonnes of CO2 savings.
Now the company is one of three companies chosen from among more than 1,000 applicants to enter the cleantech category in the Mission for the Future program. It will give the company access the LG NOVA Mission Partner Network, which is intended to bring participants opportunities for partnership and investment.
Climative posted an opening this week for an operations manager. Anyone interested can learn more and apply here.
CVCA Data Shows Region Raised $25M in Q2
Atlantic Canada is on track for its worst year of VC funding since 2020.
Atlantic Canadian startups raised about $25 million in venture capital in the second quarter of 2025, says Canada’s main VC body, largely because of an undisclosed deal in Newfoundland and Labrador.
The Canadian Venture Capital and Private Equity Association, known as CVCA, on Wednesday released its VC data for the first half of the calendar year. It showed the four eastern provinces amassed a total of $61 million in VC funding in the January-June period. We subtracted the $36 million reported in the first quarter to come up with the second-quarter total of $25 million.
The report shows there was a single funding round reported in Newfoundland and Labrador last quarter, and it was worth $20 million. The CVCA released no information about the target of the investment other than that it was an ICT company. It’s obviously a stealth round as there was no public announcement of such a big round in recent months.
The other provincial totals for the second-quarter were: one deal worth $3 million in Nova Scotia; three deals worth $2 million in New Brunswick and no VC rounds in Prince Edward Island.
The numbers overall are disappointing. First, the region as of Canada Day was on track to raise $122 million for 2025. That would be the lowest VC total since the $90 million mark in 2020. According to the CVCA data, Atlantic Canadian VC funding peaked for the first five years of this decade in 2021 at $256 million, and has declined each year since, hitting $176 million in 2024.
Annual VC totals in Atlantic Canada, according to the CVCA
The second disappointment is how few companies are receiving venture capital. According to the CVCA data, only five companies received venture capital in the second quarter. The problem created by so few companies receiving VC dollars is compounded by the weak angel funding the region has experienced in the past few years.
The CVCA report also mentioned a couple of Atlantic Canadian funding bodies. Invest Nova Scotia was named among the most active “government funds” as it was involved in two deals worth a total of $27 million. It participated in funding rounds by Halifax companies Sound Blade Medical and 3DBioFibr. Also, the New Brunswick Innovation Foundation was named among the most active investors in pre-seed rounds, investing in two such rounds.
For Canada overall, startups raised a total of $2.9 billion in the first half across 254 deals, marking the lowest first-half total since 2020, said the CVCA. It was a 26 percent decline in dollars invested compared with the previous first half.
Information technology dominated the league tables in terms of sectors, accounting for $1.4 billion in first-half VC funding or 48 percent of the national total. It was the most active sector in eight provinces, and Nova Scotia was the only province that did not have a single IT venture capital deal in the first half.
“We are seeing more selective deployment of capital, especially at the critical earliest stages of investment,” said David Kornacki, Director of Data and Product at CVCA. “What stands out is the continued strength in life sciences, a rise in large venture debt transactions and the utilization of secondaries to provide liquidation for early investors. These shifts point to evolving investment strategies across a maturing ecosystem.”
MLS, Reaction Dynamics Outline Orbital Project
Reaction Dynamics will buy $1M in MLS shares under the agreement.
Maritime Launch Services has agreed to sell a stake to Montreal-based Reaction Dynamics Lab Inc. and collaborate on an all-Canadian orbital launch set for the summer of 2028.
MLS, which has built a commercial rocket launch pad in Canso, N.S., issued a statement Tuesday saying the agreements, which have a total value of $1.7 million, will lead to a rocket designed and built in Canada being fired into orbit from Canada for the first time. The two companies began collarating with each other last year.
Under the agreements, Reaction Dynamics will buy $1.03 million of MLS shares over the next three years and in return will receive a discount on using the Canso facility to launch its orbital rocket.
“This is more than an investment or commercial launch agreement — it affirms that Canada’s space launch capability is real and ready,” said MLS President and CEO Stephen Matier in the statement. “With Reaction Dynamics, Canada is joining the ranks of our NATO allies and other nations that can launch their satellites to orbit, from their soil, on their terms.”
MLS went public on the TSX Venture Exchange in 2021 and finalized the land lease for its Spaceport Nova Scotia facility in Canso a year later. In August 2023, the company completed its first suborbital launch from the Canso facility a collaboration with York University students.
Reaction Dynamics manufactures hybrid rocket engines and launch vehicles, focusing on small satellite deployment. It has developed proprietary hybrid rocket fuel and engine technology that it says simplifies design and reduces costs.
Under the agreements announced this week, both companies have committed to a multi-year facility usage agreement granting the Reaction Dynamics project the exclusive use of a designated launchpad at Spaceport Nova Scotia. They intend to collaborate on regular launch operations, assuming the first orbital attempt is successful.
The details of the share sale call for Reaction to buy about $85,000 of new MLS shares on Sept. 30, and make similar purchases in each of 11 quarters after that. It will pay five cents a share in the first tranche and pay a price based on average market prices in the subsequent purchases. MLS shares on Tuesday rose 29 percent to 9 cents, giving the company a market capitalization of $42.2 million.
“Securing this Pathfinder launch is Canada’s bridge to true sovereign launch,” said Bachar Elzein, CEO of Reaction Dynamics. “With Aurora-1 flying this winter and our Aurora-8 orbital system coming online, Canada is not only entering the launch market—it is shaping the future of rapid, distributed, and allied-ready space access.”
IdeaBUILD Seeks Deep-Tech Applicants
The deadline for applications is Aug. 29.
The Emera IdeaHUB is looking for early-stage, deep-tech startups to apply for the coming cohort of its 10-month ideaBUILD program.
The next IdeaBUILD program will accept as many as 10 teams that are working on a physical product and start with a 12-week bootcamp. Its advisers and engineers will spend almost a year helping these teams assess their market and validate and build their first operational prototype.
Each team will receive $10,000 for prototyping materials.
Applications for the program, which can be found here, close Aug. 29, and the program begins in October. The accelerator is based in the Emera IdeaHUB on Dalhousie University’s Studley Campus, but participants do not need to be affiliated with Dal to apply.
SmartSkin Secures $7.5M Line of Credit
The Fredericton company signed the credit deal with CIBC
Fredericton-based internet-of-things venture SmartSkin Technologies has secured a $7.5 million line of credit with CIBC Innovation Banking and intends to use the access to funds to expand its market reach.
SmartSkin and CIBC issued a press release announcing the credit facility last week.
“This financing fuels our ambition to become the essential intelligence layer for pharmaceutical and beverage manufacturing,” said SmartSkin CEO Evan Justason. “We’re no longer just solving individual problems—we're building the digital foundation these industries will depend on to operate efficiently, safely, and with zero defects. With the trust of global leaders and a presence across every major market, SmartSkin is positioned to be not just a solution—but a standard.”
SmartSkin Technologies, led by Justason and CTO Kumaran Thillainadarajah, uses industrial internet-of-things technology to improve the efficiency of production lines in the bottling industry. Its main clients are in the pharmaceutical and beverage industries.
Its technology uses pressure-sensitive sensors and AI-driven analytics to provide global manufacturers with actionable data on the forces their containers experience during the filling, packaging and transporting process.
Correction: The original version of this article said SmartSkin "borrowed" the money from CIBC. In fact, the agreement is a line of credit, which the company can draw down.
Sound Blade Medical Names Barman CEO
The company also said founder Jeremy Brown will continue as CTO.
Halifax-based Sound Blade Medical, which has developed a handheld, ultrasound-powered tissue-cutting tool (histotripsy therapy), has appointed Neil Barman CEO.
The company, which raised US$16.5 million (C$23.8 million) in a Series A round in January, says its technology focuses ultrasound to liquify targeted tissue without thermal damage, allowing for truly non-invasive surgical solutions.
Barman, a physician-executive with more than two decades of medical technology leadership experience, previously served as the company's chief operating officer and will steward Sound Blade through its next phase of clinical development, the company said in a statement.
"Neil brings an exceptional combination of leadership, clinical insight, and medtech expertise," said executive chairman Tony Natale.
Prior to joining Sound Blade, Barman served as chief scientific officer at ReCor Medical, where he played a key role in securing the first FDA approval for ultrasound renal denervation therapy. He also co-founded May Health, which develops novel treatments for PCOS-related infertility, and has held senior leadership roles at multiple medtech companies that were later acquired by industry leaders including Medtronic and Stryker, the company said.
Sound Blade Medical also revealed that Jeremy Brown, company founder and inventor, will continue to serve as chief technical officer.
"Jeremy's groundbreaking work in handheld histotripsy established the scientific foundation of Sound Blade," said Barman. "His leadership has been instrumental in transforming the company from an innovative concept to a platform positioned for meaningful clinical impact."
Brown founded Sound Blade with the aim of developing a non-invasive therapeutic platform using focused ultrasound to replace traditional surgical approaches across multiple medical conditions. Under his leadership, the company developed its histotripsy technology into a compact, handheld form.
Melamoon Seeks Black Founders
The national pitch contest aims to support ideas founded in culture and community.
The national Melamoon pitch contest is offering Black founders the chance to win $200,000 in prizes, mentorship, and national exposure.
Melamoon is a national opportunity for Black founders who are ready to scale, Halifax-based Tribe Network, a support group for founders who identify as Black, Indigenous or People of Colour, said in its newsletter.
Backed by FACE Coalition and Black Ambition, Melamoon is an upcoming two-day event in Toronto. Judges will select 50 founders to participate in virtual workshops, exposure to investors and mentors and opportunities to pitch for non-dilutive cash prizes.
The event will take place September 26 to 27 at Toronto's Globe and Mail Centre.
TechImpact and Jupia released a report on the sector last week.
TechImpact CEO Cathy Simpson
TechImpact, the New Brunswick-based IT advocacy group, has laid out a 10-year plan to increase the province’s tech revenues to $1.7 billion from under $1 billion today.
Working with economist David Campbell of Jupia Consultants, the organization last week released a report titled Building NB’s Future: How a Thriving Tech Sector Can Lead the Way. It called for government and the private sector to work together to ensure this growth sector increases its contribution to the New Brunswick economy.
As well as proposing for a more detailed strategy, the report calls for increased investment in IT startups, an artificial intelligence adoption plan for public and private sectors, and for the government to become an early adopter of technology developed in the province.
“We have had tremendous success in the past 20 years at growing our tech sector and demonstrating the economic impact that comes when you are building and scaling companies from New Brunswick.” said TechImpact CEO Cathy Simpson in a press release announcing the report. “There is much more potential and a 10-year tech industry plan, more public and private sector collaboration and investments in technology are critical steps for New Brunswick to achieve its economic potential.”
The report outlines a goal to increase tech sector revenues by 5 percent annually, which would increase them from $931 million in 2023 to about $1.7 billion in 2035. If successful, the report says it would increase the tech workforce in the province to 15,375 fulltime-equivalent positions from the current 8,990. It would also boost provincial government revenue from the sector from $273 million in 2024 to over $466 million in 2035.
New Brunswick now has about 275 IT companies, with about 9,000 people working in IT roles across all sectors, said the report. However, the province has suffered “a decline in new startups, slower scaling, and increased failures due to economic uncertainty.”
To rebuild momentum, TechImpact is calling for a detailed 10-year growth plan involving the public and private sectors. As well as boosting technology adoption across the economy, it would focus on generating exports, leveraging existing assets and incentivising innovation.
A cornerstone of this strategy would be increasing investment in new technology, startups and R&D. “We must set a long-term goal to increase investment in research, innovation, and new company formation from under 2 percent to 4–5 percent of GDP over the next decade,” says the report.
TechImpact also called for greater adoption of AI, data, and cybersecurity solutions across sectors, and for the provincial government to “lead by example” by establishing a structure that would make it an early adopter of New Brunswick-built technology.
“This is just the beginning of a larger conversation on the role of tech in shaping New Brunswick’s economic future,” added Simpson. “We invite business leaders, policymakers, and community partners to review the findings and join us in building the next decade of growth.”
PEI BioAlliance Names Lauren Ledwell CEO
Lewell replaces long-term outgoing CEO Rory Francis.
Lauren Ledwell new CEO, PEI BioAlliance
Charlottetown-based PEI BioAlliance has appointed Lauren Ledwell its new Chief Executive Officer.
Ledwell brings extensive experience in business transformation, venture capital, and system innovation to the sector, the industry group said in a press release.
She will succeed founding CEO Rory Francis who announced that he would retire in 2025.
“Lauren Ledwell’s leadership in the innovation economy as a tech entrepreneur, investor, and mentor is a significant asset for the continued growth of our sector,” said Charmaine Noonan, Chair, Board of Directors.
The Board of Directors appointed Ledwell, who recently returned to her home province, after conducting a six-month search to find the next leader of the group.
“I’m thrilled to join the PEI BioAlliance and to build on the tremendous momentum of this respected bioscience cluster organization,” said Ledwell.
“I’m looking forward to working alongside the talented BioAlliance team, regional and national cluster organizations, and with all partners that have shaped PEI’s thriving bioscience sector to date. Together, we’ll continue advancing innovation, accelerating growth, and championing leadership in the bioeconomy.”
Most recently Ledwell worked with Sandpiper Ventures, spearheading Seed and Series A investments in inclusive, high-growth Canadian tech companies. She previously held senior roles at Manulife, RBC, and Maple Leaf Foods, and served as CEO of discoverygarden..
She co-founded the Atlantic chapter of Women’s Equity Lab and serves as founding Chair of the Board for the PEI IT Alliance. She is a mentor with Creative Destruction Lab and Emergence and was also recently appointed a Board Director of Venture for Canada. Ledwell holds an MBA from the Rotman School of Management and has completed executive education at Ivey Business School and BI Norwegian Business School, the statement said.
The PEI BioAlliance celebrates its 20th anniversary this year.
In February, the group announced island bio sector revenues rose 84 percent in five years. The study of 50 bioscience sector companies based on 2023 business performance showed the sector making impressive progress.
“Through the aligned efforts of business, academia, research, and government partners, the P.E.I. bioscience cluster has surpassed 2025 growth targets and is well on its way to becoming a billion-dollar industry by 2030,” the BioAlliance said at the time.
Outgoing CEO Rory Francis is credited with being a catalyst in PEI’s bioscience industry, nurturing a cluster of 50 companies that combined generate $612 million in annual revenue and $460 million in exports, the group said this week.
“Rory’s vision and tenacity have transformed the bioscience landscape in Prince Edward Island and across the region,” said Charmaine Noonan, Chair of the Board of Directors. “He built not just an organization, but a model for what regional innovation and collaboration can achieve. His legacy of economic leadership and deep community impact will carry on—and we are incredibly grateful for his service.”
The group is planning an event to celebrate Francis’s contribution. Details will be announced at a later date.
TLT Backs Eigen Innovations
The funding is the final tranche of a $2.6M round announced last year.
Erin Barrett, left, with NBIF exec Heather Libbey
TLT East Ventures, a new Atlantic Canadian venture capital fund, has invested in Fredericton-based Eigen Innovations, an industrial AI company that uses thermal imaging and AI to enhance real-time quality control in manufacturing.
TLT is led by Michael Brown, a New Brunswick-born investment banker whose career has included a stint as a mentor with TechStars in New York. He closed a fund of more than $1 million earlier this year, and has since invested in the Fredericton companies Profitual and SnapTrade.
The fund posted on social media this week that it has now backed Eigen, though it gave no specifics on the amount of the funding.
“Eigen’s OneView platform uses cutting-edge computer vision and machine learning to help manufacturers detect defects and optimize production processes with precision–improving yield, reducing waste, and enabling better decision-making,” said TLT.
“We are proud to back [CEO] Erin Barrett and the team at Eigen Innovations as they scale mission-critical infrastructure that makes industrial operations more intelligent, efficient, and globally competitive.”
Barrett said in an email that the investment is the final tranche of the funding round announced last year. The company last October announced a $2.6 million round with investment from the New Brunswick Innovation Foundation, BDC Capital’s Women in Technology Venture Fund, and Swiss impact investor Momenta Ventures.
Barrett said the funds will be used to generate growth in key markets like plastics/automotive, building and construction, and metals.
Falling Walls Set for Sept. 15
The Atlantic Canadian winner will attend the global finale in Berlin.
Dina Rogers, centre, with other Falling Walls winners at last year's summit.
Falling Walls Lab Atlantic Canada will host a pitching event at the Halifax Central Library on Sept. 15, offering Atlantic Canadians an entry into the international Falling Walls competition.
Falling Walls Lab is an international pitch competition that challenges students and early-career professionals to present their ideas in just three minutes. The winner will join 100 finalists participating at the global finale in Berlin in November.
Last year, Dalhousie University student Dina Rogers won the Science Breakthrough of the Year award in the Emerging Talents category with a novel method of deconstructing waste, allowing plastic constituents to be re-used.
The Halifax company produces omega-3 products from algae.
Mara Renewables, the Halifax company that produces omega-3 products from algae, has raised US$9.1 million (C$12.6 million) from S2G Investments to expand its production, sales and R&D capacity.
The company issued a press release last week announcing the funding – the company’s first funding announcement since it raised $39.5 million in 2022. It said the latest investment would support Mara’s expansion of its sustainable omega‑3 platform, deepen R&D capacity, and further scale its ability to address critical gaps across global nutrition supply chains.
Founded in 2012, Mara was originally the brainchild of Clearwater Seafoods co-founder John Risley. It produces food ingredients from algae that are rich in Omega-3 fatty acids, the oily substance found in salmon that benefits the heart.
“In our view, Mara is solving a fundamental supply chain challenge with precision and scale,” said Larsen Mettler, Managing Director of S2G’s oceans strategy. “They have built an end-to-end platform that delivers consistent, clean, and high-quality omega-3s without relying on depleted fisheries.”
The funding round deepens S2G Investments’ relationship with Atlantic Canadian companies. The Chicago-based venture capital firm, which specializes in food, agriculture and oceans sectors, already invests in Dartmouth-based ReelData as well as Irish marine robotics company XOCEAN, which maintains an office in Dartmouth.
The other interesting aspect of the funding is it further demonstrates the importance of life sciences companies in the race for venture capital this year. Though we recently highlighted the drop in life sciences equity funding in the past two years, the sector has led funding from private markets this year in Atlantic Canada. Halifax-based Sound Blade Medical has raised US$16.5 million and Dispersa, a Quebec natural products company with a development team in Sydney, closed a $5.8 million funding round.
The cornerstone of Mara’s business is the demand for Omega‑3 DHA, a vital nutritional lipid that plays a key role in maintaining overall health. Though it has been scientifically proven to support cognitive function, vision, cardiovascular performance, and prenatal development, 85 percent of the global population remains deficient in omega‑3, the company said.
Conventional omega‑3 production relies on a long food chain, with fish eating zooplankton, which has consumed microalgae. But Mara offers a fish-free alternative that avoids reliance on vulnerable marine ecosystems and goes straight to the original source: microalgae, it stated..
The company uses a patented process of precision fermentation and other techniques that enable microalgae to grow efficiently in controlled environments. This ensures a reliable, high-quality supply of omega‑3, while providing a sustainable solution that alleviates pressure on marine ecosystems, the company said.
In 2024, Mara supplied enough algal DHA to offset an estimated 6.7 billion anchovies from the supply chain.
“At Mara, we are committed to transforming the way the world sources vital nutrients like omega-3s,” said Mara CEO Harry Boot in the statement. “Our partnership with S2G strengthens our ability to meet growing global demand with reliable, high-quality alternatives that protect aquatic ecosystems, reduce reliance on wild fisheries, and support the health of people and animals alike.”
Life Sciences, Medtech Showed Resilience in 2024
The biggest concern was the reduction in life sciences funding from two years earlier.
Atlantic Canada’s life sciences and medtech sectors demonstrated resilience in 2024 with notable revenue growth, though equity funding for life sciences companies has fallen in recent years.
Today we’re highlighting the section of our 2024 Atlantic Canada Startup Data Report that looked at these two inter-related sectors. In our databank, we track 146 life sciences companies, which include a range of biology-based enterprises. We also track 88 medtech companies, most of which make digital products for the medical community. There is, of course, some overlap and 47 companies are members of both sectors.
Life sciences companies raised a total of $31.2 million in 2024 after a weak showing the previous year, and the total for both years remains depressed by historical standards. From 2019 to 2022, funding in the life sciences sector averaged $92.3 million, and was never below $74 million.
The loss of major publicly listed companies such as IMV and Appili Therapeutics in recent years has clearly dampened funding volumes. Still, some impressive private raises highlighted the sector’s potential in 2024.
Sparrow BioAcoustics, a St. John’s-based medtech firm behind the Stethophone, led the way with a $10 million tranche in a $13 million seed round. Halifax’s Sperri, which produces plant-based meal replacements, secured over $4 million in a round led by Nàdarra Ventures. Meanwhile, Dieppe-based Triple Hair raised $4 million to advance its treatment for genetic hair loss.
The life sciences sector posted a surprising 68.6 percent increase in revenue last year, more than triple the growth reported by the region’s IT startups. This spike is particularly notable given the sector’s lengthy regulatory timelines and product development cycles. Entrevestor's data shows 146 active life sciences companies in the region, including 18 newcomers, employing 1,427 people—a 6.5 percent rise in employment.
While some of the companies reporting strong growth work with natural substances and are not strictly involved in traditional medical product development, the scale of the revenue boost signals a broader market traction. That said, the sector has continued to struggle with public market fundraising since key players like Appili Therapeutics and IMV—both publicly listed drug discovery firms—shuttered or restructured. As a result, public equity funding in 2024 dropped to just $1.6 million, all of it raised by Sona Nanotech. This marks a sharp decline from the $54.7 million raised through stock markets as recently as 2020.
Looking ahead, 2025 is already off to a promising start. In January, Halifax-based SoundBlade, which has developed an ultrasound-powered tissue-cutting tool, raised US$16.5 million (C$23.8 million) in a Series A round, generating significant buzz in the sector.
Entrevestor began tracking medtech—a sub-sector focused on digital products for healthcare—a few years ago. The category now includes 88 companies employing 778.5 people. Though the job count grew 10.3 percent year-over-year, the number of active companies actually declined slightly, from 89 in 2023 to 88 in 2024, with only nine new entrants compared to 15 the previous year.
Still, medtech outpaced life sciences in job growth, and its revenue rose by 14.4 percent. It also stands out for its leadership diversity: 39 percent of medtech companies are led by women, tying life sciences for the highest proportion of female leadership among Atlantic Canadian startups.
Sparrow BioAcoustics’ $10 million raise was a highlight here as well, underscoring the growing intersection of medtech and life sciences. Many medtech companies also appear in the IT or advanced manufacturing sectors, showing the increasingly interdisciplinary nature of innovation in this space.
Perhaps the most promising sign for both sectors is the emergence of scaleups. Ten of Entrevestor’s 25 identified Scaling Companies in Atlantic Canada—defined as startups with proven traction and growing revenues—are life sciences or medtech firms. This 40 percent share demonstrates that a significant portion of the region’s most promising startups are solving healthcare challenges.
Weevva Accepted into IFH Lab
The program is a national accelerator for fintech startups.
Weevva CEO Matt Creese
Weevva, the Newfoundland and Labrador startup that helps landlords and tenants manage rentals with confidence, has been accepted into the 2025 cohort of the Innovate Financial Health Lab.
The IFH Lab is a national accelerator that supports startups that aim to improve the financial conditions of Canadians. The organization named six fintech startups to the latest cohort earlier this month, and Weevva was the only startup from the Atlantic region.
The accelerator will hold its virtual showcase Thursday from 5:30 to 7 pm Newfoundland time. You can register here.
Founded by CEO Matt Creese, Paradise, NL-based Weevva has developed AI-supported software that provides independent landlords with tenant verification, fraud protection, lease management tools, and guidance. It offers tenants a free and secure way to find housing, eliminate rental scams, and access expert guidance.
Creese recently told Entrevestor his own experiences as a renter and landlord made him realize that landlords receive many applications but lack the tools to identify the best tenants. Good rental candidates often lack a way to stand out in the crowds of applicants who can number in the hundreds.
Weevva tackles the issues by assessing potential tenants in areas such as credit score, income to rent ratio, and criminal behavior. The system provides landlords with lists of the top ten applicants for their properties. The system can help create a lease, allow payment of rent, enable tenants to request repairs, and more. Weevva will also help to access government arbitration, if needed.
The cleantech company closed a $5.8M seed round this year.
Dispersa Founder and CEO Nivatha Balendra
Dispersa, a Laval, Que.-based cleantech company with a development team in Sydney, has posted that it is proceeding with expansion plans after closing a $5.8 million funding round earlier in the year.
Dispersa is developing “biosurfactants” derived from food waste. Surfactants are the active compounds in many everyday cleaning and cosmetics products, such as detergents, creams and hand soaps.
The company has had a development team working in Sydney, first attracted by the fermentation facilities at the Verschuren Centre. Earlier this year, Founder and CEO Nivatha Balendra told Chemical & Engineering News that Dispersa is in the process of moving from its pilot plant to a new facility that can produce 100 tonnes of product per year.
“We have been rapidly scaling, and the transition to commercial scale is officially under way,” Balendra posted on LinkedIn last week. “We are moving into over 100 tonnes of annual production capacity, serving customers in the HI&I [home care, industrial and institutional cleaning] segment.”
In January, Dispersa closed a $5.8 million funding round, led by Nàdarra Ventures, the VC fund set up by Charlottetown-based Natural Products Canada. The other investors in the round included BDC Thrive Lab, Cycle Momentum, The51 Food & AgTech Fund and Fonds d'investissement Eurêka.
Dispersa had last raised capital in 2023, when it closed a $3 million equity-and-debt round led by Invest Nova Scotia.
Dispersa's technology combines synthetic biology and precision fermentation to create cost-competitive and high-performing surfactants that are totally derived from waste. Using waste oils and sugars, the process reduces costs and boosts surfactant sustainability. Dispersa says its flagship ingredient, PuraSurf M is the world's first fully waste-derived biosurfactant.
"Circularity is central to Nàdarra's thesis – revolutionizing the way we produce and use materials derived from nature," Nàdarra General Partner Mary Dimou said at the time of the funding. "Having invested in their pre-seed round and now again, in the seed round, we're thrilled to continue supporting Nivatha and her team in their mission to create healthier communities and environments."
Dispersa has grown its presence in Nova Scotia and in April was one of the private companies committing money to the new biomanufacturing centre in Dartmouth, the Neptune BioInnovation Centre.
Aruna Revolution Wins Big at StartupFest
The company is tackling a global environmental issue.
Aruna Revolution’s Rashmi Prakash
Dartmouth-based Aruna Revolution, a women-led company that makes compostable sanitary products from plants, has won the $100,000 Impact Investment Prize at Startupfest 2025.
In Montreal last week, the well-known event that brings together entrepreneurs, investors and ecosystem builders, presented almost $900,000 in investmnent prizes and grants to founders working in diverse sectors.
Back in January, Aruna raised money by pitching on the popular television show Dragons’ Den. Dragons Michele Romanow and Manjit Minhas partnered up and offered $300,000 for 25 percent of the company, which was accepted.
Aruna is tackling the environmental impacts of traditional hygiene products, which contribute to global waste, water pollution, and soil degradation, the company said at the time.
In North America alone, 20 billion menstrual products and their packaging end up in landfills annually, the company said.
“Our mission is deeply rooted in inclusivity, sustainability, and innovation,” said CEO Rashmi Prakash.
“We are building a future where healthcare solutions not only reduce environmental harm but also foster equity and accessibility for all.”
Prakash, previously an adjunct professor at the University of British Columbia’s School of Biomedical Engineering, launched the company in 2020 with fellow UBC graduate Lanna Last.
“The (menstrual) products on the market don't meet our needs,” Prakash once told an audience of conference-goers. “They contain harmful chemicals that are known to cause cancer, and they last on this planet for over 500 years…"
The company’s name, Aruna— symbolizing a new dawn—reflects a commitment to holistic solutions inspired by Indian traditions, the company said.
In 2024, Aruna participated in Accelerate, Invest NS’s program for pre-market startups that comes with $40,000 of funding.
Evolve Seeks Tech Founders
The six-week program is for early-stage tech ventures.
St. John’s-based innovation hub Genesis is seeking founders to participate in Evolve, a six-week program for early-stage tech founders. Entrepreneurs can join virtually or in person and will be helped to:
* Clearly define the problem the startup aims to solve.
* Understand who the customers are and what they want.
* Refine the idea based on real-world feedback.
* Discover strategies to attract first customers.
* Confidently position the startup for growth.
The next cohort starts in August and will demand about three hours of each week, organizers said on LinkedIn. The cost is $200 but is free for Memorial University students.
The program helps leading digital health companies expand in the U.S.
Bounce Health Innovation, the Newfoundland and Labrador life sciences and medtech organization, has named seven companies that have graduated to Phase Two of the Scale-Up Cambridge program.
The program is designed to help leading Atlantic Canadian digital health companies expand in the U.S. market, leveraging the region’s contacts in Cambridge, Mass.
Ten companies participated in Phase One, which included orientation and training sessions. Seven of these companies are now moving into the second phase, which features extended time in Cambridge to help each company develop its own network of U.S. contacts.
“These companies have completed Phase One and are now working with expert U.S. consultants to advance their market strategies and expansion plans,” Bounce said on LinkedIn.
Provides a fully virtual pulmonary rehabilitation (vPR) program designed to help people with chronic respiratory conditions, like COPD, breathe easier, move more, and live better from the comfort of their home.
Offers a scalable, self-help mental health and addictions platform, designed for youth but adaptable to adults, that supports clinical decision-making before, during, and after intervention to reduce care bottlenecks and improve outcomes across mental and physical health.
A cloud-based platform using proprietary AI to detect pediatric heart defects with greater accuracy than human specialists, helping reduce unnecessary referrals and healthcare costs.
An AI-powered platform designed to help medical buyers save time and money by streamlining procurement with a value-based, healthcare-specific approach.
An AI-powered platform that delivers functional biometrics for physical therapy and training, enabling health and movement professionals to automate intake, assessments, and monitoring—boosting efficiency, retention, and outcomes from any device, anywhere.
An AI-powered software platform that modernizes public health and compensation systems by autonomously ingesting, cleaning, and analyzing complex health data to streamline care delivery, billing, and compliance.
A patient engagement platform that empowers healthcare providers to connect with patients through professional, automated texting, improving communication, boosting efficiency, and enhancing health outcomes.
ASETS-CA Closes Funding Round
The Fredericton maker of engineering software last raised in 2023.
ASETS-CA Founder and CEO Ashwini Oke
Fredericton-based ASETS-CA Inc. has closed a funding round from strategic investors, and plans to use the money to enhance its engineering design software and increase sales.
The company, whose technology improves workflow for people involved in 3D computer-assisted design, or CAD, issued a statement last week saying the “Pre-Series A funding round” was led by venture capital firms Accel and Quantum Edge as well as the Indian phenol and acetone producer Deepak Group.
ASETS-CA last raised capital in late 2023, and has not revealed the total value of either funding round.
“This milestone is more than just capital—it’s a strong validation of our belief that the future of engineering lies in intelligent, automated, and adaptive workflows,” said CEO and Founder Ashwini Oke in a statement.
Founded in 2023, the company is a graduate of the Energia Ventures accelerator, which is affiliated with the University of New Brunswick.
ASETS-CA’s lead product is a web application called Integrated Design Suite, or IDS, which automates much of the process of designing a new structure. This includes checking whether it is compliant with local building codes and regulations.
ASETS-CA uses proprietary vision-language models and spatial graph AI to convert legacy engineering documents into structured, decision-ready data. Users of the technology have found that they reduce data extraction time by as much as 85 percent and make gains in design coordination and accuracy, said the company.
The latest round came about after the company signed engineering contracts in India and Canada and lined up additional pipeline projects in the European Union. ASETS-CA said in the statement that the funding comes at a pivotal time as it is accelerating deployment of IDS.
ASETS-CA plans to use the new capital to enhance the IDS platform to enterprise-grade performance and reliability; hire top-tier AI and engineering talent with deep domain expertise; and accelerate its go-to-market efforts and expand partnerships within software ecosystems.
The company now employs 12 people and intends to raise the headcount to as many as 18 employees.
“Modernizing engineering is critical to unlocking the next wave of growth in India’s manufacturing sector,” said Meghav Mehta, CEO of Deepak Chemtech. “Our strategic investment in ASETS-CA is a step towards supporting and adopting emergent AI technologies that enhance design intelligence and make Indian manufacturing globally competitive.”
MULLI Wins MTME Event at UNB
The pitch competition is the finale of UNB’s graduate program for technological innovation.
Last week’s MTME pitching event at University of New Brunswick was won by golf swing solutions company MULLI. DeepREM, a company developing a sleep solution, placed second. The new ventures won $1,500 and $1,000 respectively.
The winners were among four student teams from the UNB’s Master of Technology Management and Entrepreneurship program. The MTME program, managed under UNBs J. Herbert Smith Centre, offers students training in how to commercialize technological innovation. The fledgling entrepreneurs competed in MTME: NEXT, their degree’s concluding demo day.
MULLI Swing Solutions is a golf tech startup aiming to make the sport more accessible to beginners and enhancing performance for seasoned players. Founded by a team of engineers passionate about golf, the company aims to integrate advanced technology into sports training. Its flagship product is a golf grip training aid that combines custom force sensors, Bluetooth connectivity, wireless charging, and motion tracking to provide real-time feedback. Now in the advanced prototyping stage, the team is refining the product to bring it to market while exploring applications for other sports like hockey and tennis.
Second-placed DeepREM, is developing a mobile app to measure users' biometric data during their sleep, either from a connected wearable device or by recording their breathing sounds from their phone. The app will then analyze the live sleeping patterns and play a sleep-enhancing soundtrack through the user’s headphones or speaker that is specifically designed to target the current sleeping pattern. The soundtrack will use research-backed sleep-enhancing frequencies contrasting with other sleep solutions that often play static, non-adaptive soundtracks, which don’t enhance every stage of sleep and may interfere with sleep, the company said..
The market for sleep tech products is large and growing, founder and CEO Alex Tree said. In 2025, the global sleep tech market is estimated to be worth US$29.3 billion and is predicted to grow to US$134.6 billion by 2034/5, he said. Initially, the company will focus on acquiring customers from two key stressed demographic groups: Millennials (28 to 43 years old) and Gen Xers (44 to 59 years old).
Also presenting: Kura, which is creating an escrow-powered platform to secure peer-to-peer transactions through trust scores, identity verification, and a structured dispute mechanism, ensuring both parties have the confidence to engage safely even without prior relationships. By holding funds securely, evaluating user behavior, and enforcing accountability, Kura aims to become the standard infrastructure for trusted digital interactions across marketplaces, freelance platforms, and direct peer transactions, the company said.
The fourth presenting venture, Peptok, intends to match retired executives with small and medium-sized enterprises (SMEs). The founders said SMEs are facing a growing challenge: high employee turnover and declining training budgets, with 40 percent of new SME employees leaving due to inadequate training, and training budgets dropping by 18.5% in recent years.
This results in significant operational and financial losses, the founders said. And over 43 percent of Canadians aged 60 to 79 are at risk of social isolation.
Peptok intends to close the gap between these problems by connecting SMEs with retired professionals for expert coaching. The platform will allow professionals to provide structured, on-demand support to growing businesses, helping them guide and upskill employees efficiently, while offering coaches meaningful ways to stay engaged, valued, and socially connected, the company said.
New Fund in Pond’s Name To Foster Sales Skills
Gerry Pond has long been an important influence in New Brunswick and the region.
It’s intended the endowment will uphold the legacy of Gerry Pond and create learning opportunities for MBA students at University of New Brunswick, organizers said on LinkedIn. The fund will provide learning opportunities for students in the UNB Saint John MBA program and senior undergraduate students interested in sales and business development with grants of $8,000 to $10,000 for full-time applied work terms.
The fund’s endowment will support two student grants per year. Each work term will provide nine to 13 weeks of experience, linked with industry partner-hosted projects, co-op experiences, capstone projects, UNB Saint John-led digital sales research projects or case studies, or UNB Saint John-led business community outreach initiatives with a digital sales component.
Global sales capacity is known to be a challenge in Atlantic Canada, one that has long concerned Pond. As a leader at NBTel, Pond fostered growth in emerging digital industries. Since then, his commitment to nurturing talent and his experience in building and scaling companies has catalyzed the growth of over 50 startups across Atlantic Canada, said organizers, who also produced a short video on Pond’s legacy.
Pond advocates for equipping business students with skills to navigate future sales challenges, including AI.
Organizers said that by contributing, businesses and individuals can:
Incentivize students to pursue or further careers in professional sales and business development.
Provide networking opportunities and meaningful work experiences.
Bring university and industry partners together to foster digital sales.
Support research initiatives exploring effective sales strategies in digital and international contexts.
Facilitate student-led problem-solving efforts focused on digital sales.
Support students in acquiring skills to sell digital technologies in international markets.
More information on donating to the fund can be found here.
Frontier Inks Deal with Halifax’s pHathom
The Halifax company captures CO2 emissions from coastal bioenergy plants.
Halifax-based carbon capture venture pHathom Technologies has struck a deal with Frontier to remove 510 tons of CO2 from the atmosphere using the startup’s technology.
Frontier works with some of the world’s largest companies to encourage the development of carbon-capture technology. By paying for carbon-capture agreements while the technology is still being developed, Frontier helps young companies grow through the difficult stages of getting to market.
Earlier this week, the group announced it had made US$1.75 million (C$2.4 million) worth of carbon removal commitments on behalf of Google, Shopify and Stripe. The three companies, including pHathom, have promised to remove a total of almost 3,000 tons of carbon dioxide under these contracts.
The announcement marks a significant milestone for pHathom, which was co-founded by CEO Kimberly Gilbert and COO Andrew Ray two years ago.
The company is developing technology that captures CO2 emissions from coastal bioenergy plants, which are plants that transform organic material from plants and animals into useful energy like heat, electricity, or biofuels. The startup uses a slurry of limestone, seawater, and biocatalysts inside a weathering reactor to form a stable bicarbonate solution that can be safely discharged into the ocean.
The company’s website says it plans to commercialize its technology fully by 2030, adding that it has the potential to capture one billion tons of CO2 each year.
“Frontier’s investment in pHathom sends a strong market signal, highlighting our approach’s ability to combine ambitious climate goals with strong commercial potential,” said pHathom in a LinkedIn post. “By transforming sustainable forestry into a valuable market product, we directly support local economies and ecosystems. We are dedicated to collaborating closely with local communities, fisheries, and Indigenous partners, ensuring inclusive and sustainable outcomes.”
One interesting note about Frontier is that its website says it now has 50 companies in its portfolio, and three of them are from the Halifax area.
As well as the recent deal with pHathom, the organization signed a deal in 2023 with CarbonRun to remove 57,000 tons of CO2, five tons of which have been delivered. CarbonRun adds crushed limestone to rivers to reduce their acidity, storing CO2 as dissolved bicarbonate in the river and ultimately in the ocean.
Frontier also signed a contract in 2023 under which Planetary Technologies would capture 937 tons of CO2. Planetary, which earlier this year won a US$1 million XFACTOR prize, has already removed 556 tons under that contract.
Planetary’s process reduces ocean acidification by releasing alkaline rock or sand into the water, accelerating a chemical reaction that already occurs naturally and enhancing the ocean’s ability to act as a carbon sink.
Shoelace Learning Named a Top 30 EdTech Startup
The company creates games that boost literacy.
Shoelace Learning CEO Julia Rivard Dexter
Halifax-based edtech venture Shoelace Learning has been named one of the Top 30 Startups globally in the inaugural Global EdTech Prize and will now enter the finals.
In a post on LinkedIn, CEO Julia Rivard Dexter said Shoelace is the only Canadian company being considered for the prize in the Startup category of the competition, which recognizes the most innovative, impactful tools reshaping education for students, teachers, and communities.
Shoelace delivers science-backed literacy instruction through the use of games that are proven to accelerate reading gains in just eight weeks, Rivard Dexter said.
In an interview with Entrevestor early last year, Rivard Dexter said that, like many similar companies, Shoelace expanded rapidly during pandemic lockdowns, as educators turned to digital solutions. Following the pandemic, the company has focused on educating teachers about the research underpinning its products.
As of early 2024, she said that children in more than 160 countries were playing Shoelace’s Dreamscape reading game, with 85 percent of the company’s business coming from the U.S.
“In the States, traditionally, teachers have had more agency to innovate and try new things,” said Rivard Dexter. “And so, it was easier for us to go to the U.S. market.
“Now that we have an established product with legitimacy, we’re looking at building relationships with the Canadian school districts to really move the needle for Canadian kids.”
Last autumn, Shoelace assessed the efficacy of its games through a pilot project in Michigan. Taking place over eight weeks with 300 students, the study found that 42 percent of the students experienced three months of growth in their reading skills in just eight weeks. Some 99 percent of the students activated the games and 52 percent of them continued to use the game throughout the eight-week program. Shoelace added that the industry average for students continuing to use such educational games is 5.2 percent.
Youth literacy in Canada has declined in step with a global downturn, according to a study of 12 member nations from the Organization for Economic Co-operation and Development, released by the international group late in 2023. Canada posted its worst results since the OECD started tracking reading scores in 2000, though the country’s students still scored better than the OECD average. About four-fifths of Canadian 15-year-olds have achieved the minimum level of reading proficiency necessary to synthesize a text of moderate difficulty.
Of the new, global recognition, Rivard Dexter said: “To be recognized on the world stage is an incredible honour and a testament to our commitment to teachers and students, everywhere.”
Finalists will be announced July 31. The winners in three categories -- Majors, Startups, and Non-Profits -- will be announced at the World Schools Summit in Abu Dhabi on Nov. 16.
SMU Sustainable Business Advances in Global Contest
Launched in July 2024, Alaagi produces a fully compostable bioplastic made from seaweed, SMU said in a statement. The material can be used for grocery bags and sandwich wraps and can be heat-sealed to preserve freshness.
The company is now developing what it says is the world’s first bioplastic film to meet the industry-standard 10K Oxygen Transmission Rate, suitable for meat and seafood packaging.
On its website, the Hult Prize competition says the annual event is the world's largest student startup contest, attracting more than 200,000 annual participants.
During the latest round of the contest, Khan’s teammates Vaishali Sachdeva and Tyler MacLean helped him compete against 56 international teams. The startup was among 22 chosen to move forward, following their recognition as National Champions after beating 19 other Canadian teams.
Next month, Alaagi heads to London for Stage 4 of the competition: the Global Accelerator. The team will receive mentorship, guidance, and networking opportunities. Of the 22 competing teams, eight finalists will be chosen to pitch to a panel of judges for the US$1 million prize in September.
The company is currently taking part in Collide Launch. Run by Dal innovates, it is a summer accelerator program for undergraduate and non-research-based graduate students launching a business.
“Being a part of the Hult Prize Global Accelerator is a dream come true," said Sachdeva, a SMU arts student. “I am so excited to represent Alaagi and Saint Mary’s University in London this August.”
Ocean Sector Continued Growth in 2024
The sector is a cornerstone of the region's innovation economy.
In examining Atlantic Canada’s oceantech sector, one fact that is often overlooked is how tantalizingly close it is to boasting its first unicorn – a company valued at $1 billion.
While this article is largely a summary of the oceantech sector in 2024, we can’t overlook the biggest development in the marine innovation industries in the past six months. And that is the continued growth of the largest company in the sector: St. John’s-based Kraken Robotics.
Kraken last week announced that it raised $115 million by selling new shares on the TSX Venture Exchange, a funding exercise that was oversubscribed by 15 percent. The addition of new stock took place as the Kraken share price has continued to grow, rising 34 percent already this year. As a result, Kraken’s market capitalization (the total value of its shares) sat at $917 million as of Friday’s close – just $83 million shy of unicorn territory.
We’re not going to predict the direction of Kraken shares. But we do want to highlight what it would mean for this company, whose products include 3D imaging sensors, power solutions, and robotic systems, to become a bona fide unicorn.
It would add prestige to a sector that Atlantic Canadian decision-makers long ago decided would be a cornerstone of our innovation sector. Atlantic Canada has been identified by Startup Genome as a top-10 oceantech ecosystem in the world, and having a unicorn in the sector could only help.
Kraken Robotics is becoming so big that its metrics tended to dominate this segment in our 2024 Atlantic Canada Startup Data report.
Kraken in 2024 raised $71.8 million through two transactions on the TSX Venture Exchange, comprising about four-fifths of the capital raised by Atlantic Canadian ocean companies.
Overall, the ocean segment continued to expand throughout 2024. In addition to the huge funding from Kraken, another startup closed an eight-figure round without disclosing it. Revenues (which do not include the information Kraken released) increased 46 percent, outperforming the overall startup community. (This figure came from a modest sampling, with nine companies reporting total revenues of $6.6 million in 2024.)
Seven ocean companies had Indigenous leadership. It’s the only sector with enough Indigenous participation that it merited mention in our report.
We recorded 26 new oceantech startups, though at least 15 of these are Lab2Market projects in which researchers assess whether there is a commercial application for their work. Some of these will undoubtedly not progress into companies. But they are an indication of the activity in the ocean sector.
The ecosystem continued to develop, with the COVE facility in Dartmouth being named an official accelerator for NATO’s Defence Innovation Accelerator for the North Atlantic, or DIANA.
Canada’s Ocean Supercluster continued to fund research projects, and they included such Atlantic Canadian startups as Marine Thinking of Halifax, SeafarerAI of Saint John and Halifax's Global Spatial Technology Systems.
Some of the leading stories in the sector in 2025 have also involved the Supercluster.
Dartmouth-based DeNova, which makes sustainable feed ingredients for aquaculture, was chosen in June to lead a $7.2 million Microbial Protein for Sustainable Aquaculture Project. DeNova has developed a sustainable alternative to conventional aquafeed ingredients like fishmeal and soy, which are major contributors to aquaculture’s environmental footprint.
In January, Marine Thinking was selected to lead two research projects with a total value of almost $5 million.
The largest of these projects was the $3.9 million AI-Powered Vessel, Automation Toolkit Project. It aims to deliver an AI-powered vessel automation toolkit, intended to transform existing vessels into smart vessels that have autopilot capabilities and improved operational efficiency.
SnapTrade Partners With US Futures App
Fredericton-based SnapTrade recently received investment from TLT East Ventures.
A month after drawing investment from TLT East Ventures, Fredericton-based fintech company SnapTrade has partnered with Tickblaze Partners to help the Houston-based futures-trading app to expand into equities and cryptocurrencies.
SnapTrade – the main product of the company whose corporate name is Passiv – is an API, or application programming interface, that allows app developers to connect their software to clients’ brokerage and crypto accounts. The company is a graduate of the Y Combinator accelerator in Silicon Valley.
Tickblaze said in a statement that by partnering with SnapTrade, it is taking a major leap forward in its mission to expand into the equities and crypto markets, building on its established strength in futures.
“Rather than integrating with a single broker, we partnered with SnapTrade to unlock the full retail landscape,” said Sean Kozak, CEO of Tickblaze. “This enables our users to trade with the broker of their choice while benefiting from our superior technology.”
Through this integration, Tickblaze now supports real-time trading and account connectivity with leading global brokers, said the statement. It added that the result is a seamless experience that allows users to link their brokerage accounts, sync data, and place trades directly within the Tickblaze platform.
The Tickblaze deal is the latest in a series of partnerships sealed by SnapTrade. Last month, the company said it struck a partnership with BrokerBotics, an AI-powered platform that helps investors to monitor and optimize their portfolios. BrokerBotics selected SnapTrade to power their portfolio aggregation layer, providing easy, high-quality connectivity to major U.S. brokerages, said the Fredericton company.
Amid the new partnerships, SnapTrade received an undisclosed amount of investment from Saint John-based TLT East Ventures. It is a new fund led by Michael Brown, a New Brunswick-born investment banker whose career has included a stint as a mentor with TechStars in New York.
After closing its first fund earlier this year, TLT announced its investments in SnapTrade and another Fredericton company, Profitual.
“We’re excited to back Brendan Wood and the SnapTrade team as they scale mission-critical infrastructure for the future of digital finance,” said TLT last month, referring to the SnapTrade CEO and Co-Founder. “This investment reflects our continued focus on backing high-potential ventures in Atlantic Canada that are driving scalable innovation and long-term economic growth.”
