When most people think of Canada, they typically imagine Canadian Prime Minister, Justin Trudeau, maple syrup, hockey, and a variety of actors ranging from Ryan Reynolds and William Shatner to Michael J. Fox and Dan Aykroyd. Canada also has a wealth of startups that are making headlines, particularly in the field of artificial intelligence (AI). DotCom Magazine has named the Top 5 Canadian startups encompassing AI software.
Analytics 4 Life
Launched in 2012, the Toronto-based startup is developing an innovative new medical imaging technology for coronary heart disease patients. The new technology is currently undergoing clinical trials in 13 hospitals within the U.S. and Canada. It can map a patient’s coronary system without the need for injections, radiation, elevating heart rates, or contrast dyes. It’s particularly timely in light of the dangers discovered in MRI dyes. Analytics 4 Life raised $29 million for the technique called Phase Space Tomography.
Toronto-based Deep Genomics is creating an AI platform that analyzes and detects genes responsible for specific diseases. The data can then be utilized to develop gene-based medications and identify individuals that would be good candidates for those pharmaceuticals. Founded in 2014, Deep Genomics raised $16.7 for its launch and is currently focused on neurodegenerative disorders that include Alzheimer’s and Parkinson’s.
Interset raised $24 million to fund its scalable AI-based cybersecurity solution in Ottawa. Launched in 2015, the startup’s approach is different than others in that it connects a variety of processes and data types that are typically treated as independent elements. Its undergone extensive testing and the U.S. military concluded that Interset has the ability to detect threats faster and more accurately than any other product currently available. A client’s current software can be integrated into the Interset technology without the need for removal of existing systems.
The startup was founded in Montreal in 2016 and raised $102 million from sources ranging from Microsoft Ventures and Nvidia to Intel Capital. The AI platform combines real-world business applications with academic AI research for customized solutions designed to maximize the client’s return on investment. The startup has since expanded to London and Toronto and it’s the biggest R&D AI lab in Canada that’s privately owned.
The Waterloo-based startup raised $13.5 for its AI-assisted marketplace matching platform. ApplyBoard analyzes the applications of international high school students, undergraduates and postgraduates for college positions. The AI platform utilizes academic background, financial situation and desired course of studies to match students with the best opportunities. ApplyBoard has demonstrated a 95 percent acceptance rate for the students it serves.
Groundbreaking AI Applications
AI is still a new frontier and startups around the world are using it to find new ways to accomplish tasks that would typically take an individual several hours to complete. It doesn’t mean that people will be replaced, but it is resulting in new degrees of automation that frees individuals to complete more complex jobs that require a human touch.