AI startup lists Toronto’s ‘Top 100 Most Connected Tech Companies’
In the tech startup world, the network effect is used in part to explain theincredible success of Silicon Valley over other geographies where startupsflourish.The basic concept is that a network’s value is equal to the number of nodes init. In Silicon Valley that translates to the number of talented technicalpeople with experience operating successful businesses. When you walk into aPalo Alto, Calif. coffee shop, you’re just way more likely to bump into aserial entrepreneur, or a venture capitalist, or a software engineer than youare anywhere else in the world. This critical mass of talent is why so manytechnology firms are drawn to the Valley.Except now it might have some competition. According to the CBRE, Torontoranks as the sixth-best tech talent market in North America. It’s also got afast-growing pool of tech talent and number of tech startups that are buildingnew products. For an in-depth view of Toronto’s tech sector growth, and whatit looks like across the rest of Canada, view our Tech Sector Growth Map.To look at just how connected Toronto startups are, Toronto-based startupNudge.ai created a Top 100 Most Connected list. The startup’s software is allabout analyzing connections, designed to help its users track the strength oftheir business relationships and take actions to strengthen them. According toNudge.ai, it has more than 20,000 users with over 50 million relationshipstotal and more than 1,000 companies in Toronto that have at least one user.To evaluate the connectedness of firms, Nudge.ai assumes that communicationsdone over business email are business relationships. Strength of relationshipcould be improved by the frequency of contact, the duration of contact, andthe depth of it (a one-on-one meeting as opposed to a huge conference.)With that in mind, here are the top 10 most connected tech startups inToronto. Be sure to check out Nudge.ai’s full list for more details on thesecompanies and the other 90. 1. League 2. Top Hat 3. Scribblelive 4. Hubba 5. Vena Solutions 6. Influitive 7. Wave Financial 8. Uberflip 9. Myplanet 10. Pathfactory (formerly LookBookHQ)5 Top Emerging Small Satellite StartupsOur Innovation Analysts recently looked into emerging technologies and up-and-coming startups working on space technology. As there is a large number ofstartups working on a wide variety of solutions, we want to share our insightswith you. This time, we are taking a look at 5 promising small satellitestartups.
Heat Map: 5 Top Small Satellites Startups
Using our StartUs Insights Platform, covering 1.116.000+ startups & emergingcompanies, we looked at innovation in the field of space technology. For thisresearch, we identified 102 relevant solutions and picked 5 to showcase below.These companies were chosen based on a data-driven startup scouting approach,taking into account factors such as location, founding year, and technologyamong others. Depending on your specific criteria, the top picks might lookentirely different.The Global Startup Heat Map below highlights 5 startups & emerging companiesdeveloping innovative small satellite solutions. Moreover, the Heat Mapreveals regions that observe a high startup activity and illustrates thegeographic distribution of all 102 companies we analyzed for this specifictopic.Click to downloadWhich startups develop the other 97 solutions?
Analytical Space – Satellite Relay Network
Constellations of remote sensing satellites generate a vast amount of data onan everyday basis. Currently, satellites compress and process the data andtransmit it back to the ground, owing to data throughput limitations. Startupsdevelop satellite relay network infrastructure to eliminate data throughputlimitations and other data-related bottlenecks in space.The US-based startup Analytical Space is developing FastPixel, a relay networkfor satellites using nanosatellites. The startup uses CubeSat hybrid radiofrequency-laser data relays to increase data throughput for satellites.FastPixel is backward compatible and is also capable of receiving data from awide range of radio frequencies, enabling customers to extend their downlinkcapacities. These relay networks find applications in weather forecasting,hyperspectral imaging, and asset tracking.
Aurora Propulsion Technologies – In-Space Propulsion System
In-space propulsion systems are used to make small orbital corrections,orbital maneuvering attitude control for prolonging the life of satellites,precision pointing, and also for collision evasion. Smallsats require precisein-space propulsion systems that are lightweight and energy-efficient.Emerging space technology companies are working to solve such in-spacechallenges facing the industry’s growth.Finnish startup Aurora Propulsion Technologies offers Orbital Thruster, awater-based resistojet propulsion module for small satellites. The multi-thruster system provides three-axis attitude control and customizable tanksizes, apart from variable thruster power requirements, and magnetorquers. Thewater-based propellant makes both the satellite launch and transport to thelaunch site safer. The startup also offers modules for deorbiting CubeSatswith the help of their Plasma Brake that uses the Coulomb force to generatedrag.
17 of the world’s top ecosystems. It is an amazing place
for startups to operate. The World Bank’s Ease of Doing Business Ranking israted as the second-best country to run a business worldwide. The currency isstable and strong, unlimited trade and capital can ﬂow easily in and out ofthe country.There’s also good ﬁnancial assistance. The government helps to grow and expandyoung startups by introducing new inventive schemes for businesses constantly.Singapore startups can postpone paying taxes until they are more established,and a startup’s ﬁrst $73,000 in income will be exempt by 75%. In 2018 theyraised tax deductions for IP registration fees from 100% to 200% andqualifying costs acquired on R&D from 150% to 250%.There is a program, Enterprise Singapore’s Startup SG, which provides early-stage startups with access to mentorship, equity ﬁnancing, cash grants, andbusiness loans. This program is including the Startup SG Equity Co-InvestmentFund for deep tech and digital startups and the Startup SG Founder scheme.Although Singapore has many startups from numerous sub-sectors, Digital Healthand Fintech is its strength. In Digital Health, they allocated $4 billion tohealth and biomedical sciences R&D as part of a Research Innovation andEnterprise 2020 5-year plan, and many great digital health startups areﬂourishing.Regarding the ﬁntech industry, a ﬁntech regulatory sandbox program wasintroduced, a ﬁntech innovation lab was opened, and a ﬁntech innovationvillage by the name LATTICE80 was being launched by the Monetary Authority ofSingapore (MAS). For ﬁntech development over the next ﬁve years, MAS set asideabout $225 million through the Financial Sector Technology and InnovationScheme.Singapore’s ecosystem has a worldwide reach as a host of The FinTech Festival,the biggest ﬁntech, and innovation event globally. It is a global platform tofacilitate collaboration between government, corporations, and startups andattracts over 45,000 participants from 130 countries. Entrepreneurs also setup a local nonproﬁt named the Singapore Fintech Association to help withcollaborations in the industry.The government understands the importance of talent and invested ininitiatives like FinTech Talent Programme and TechSkill Accelerator (TeSA).This way, Singapore will get more tech talent and realize its vision ofbecoming a smart city.Singapore has a long history as a ﬁnancial hub, has the resources, knowledge,and networks needed to succeed as a top startup ecosystem. Singapore is amagnet for talents across the world, and when people with diﬀerent backgroundsmeet, magic will happen. That is exactly what you will ﬁnd in the Singaporestartup scene: magic.
1. Credit Culture
Year founded: 2016 HQ: Singapore Size: 11 – 50 Founders: Edmund SimCredit Culture is a ﬁnancial service provider. They are the ﬁrst ﬁntechcompany that oﬀers digital solutions for personal loans in Singapore. Theyenable consumers to beneﬁt from a cheaper, better, and faster loanapplications process and mark ongoing market ineﬀiciencies with theirinnovative and proprietary technology. Its management has more than 30 yearsof experience in the ﬁnancial world and in-depth knowledge of the consumercredit and technology area.Credit Culture aspires to make credit costs for consumers lower and driveﬁnancial inclusion of multiple income bands, also the lower-income segment.Credit Culture raised $30 million in 2019, over one round from one investor,RCE Capital Berhad. With that being said, a great opener to our list.
4. Coda Payments
Year founded: 2011 HQ: Singapore Size: 101 – 250 Founders: Bobby Choi, Neil Davidson, and Paul LeishmanCoda Payments helps digital content providers in more than 30 countriesmonetize their services and products through payment channels that everyconsumer can use. There is no need for a credit or debit card. Theirconsumers, trusting Coda Payments to collect their revenues, are leadingdigital entrainment companies like Netﬂix, Tinder, and Garena.While it was initially focused on enabling carrier billing, now it goesfurther than that. The focus now is facilitating payment from whatever meanspossible.Besides their headquarter in Singapore, they have additional oﬀices in Jakartaand Bangkok. They were named a Technology Pioneer by the World Economic Forum in 2020.Status in the past was received by prestigious companies like Google, Twitter,TransferWise, and Airbnb. Coda was ranked as the 4th fastest growing companyin Singapore by The Straits Times and the Financial Times as the 22nd fastest-growing company in the Asia Paciﬁc region.Coda Payments has raised $25.3 million in funding over 8 rounds by 12investors. They claim to process 17,000 transactions a day, the signs of apromising and thriving Singapore startup. That’s why we mention them in ourlist.
12. Attune Technologies
Year founded: 2008 HQ: Singapore Size: 101 -250 Founders: Anand Gnanaraj, Arvind Kumar, Mohanaraj Paramagurusamy, andRamakrishnan VenkataramanAttune Technologies is one of the pioneers in Cloud-Based products designed tohelp the healthcare ecosystem by offering their next-generation Healthcare ITproducts to deliver business benefits to its customers.The solutions smoothly integrate hospitals, pharmacies, labs, radiology, bloodbanks, medical devices (IoT), accounting, and insurance companies, whichresults in growth in revenues and operational efficiency. Attune Technologieslaunched two powerful apps to minimize the existing communication gap andcollaboration in the healthcare area.They support customers in over 15 countries in the Indian Subcontinent, SouthEast Asia, Middle East, and Africa.Attune Technologies raised $16 million over 3 rounds and is funded by 2investors, Norwest Venture Partners and Qualcomm Ventures.The concept of ‘Internet of Things’ or a connected universe for the entirehealthcare branch is brought to life by Attune Technologies. A very wellestablished and important startup from Singapore that must be mentioned.
19. Referral Candy
Year founded: 2009 HQ: Singapore Size: 11-50 Founders: Dinesh Raju and Zach ChengReferralCandy is an e-commerce store plugin that enables its users to get moreword of mouth sales. It helps users conduct their own customer referralprograms, and it rewards buyers for telling their friends about the store.It’s easy to use, so no developers needed it, and it is also easy for theshoppers to refer their friends. Besides that, it focuses on referralmarketing services and customer acquisition.They launched a product called Candybar, a digital punch card for traditionalstores to turn customers into regulars and reward customer loyalty. Thishelped over 30.000 online stores with their referral programs.ReferralCandy has raised a total of $750.000 (SG$1M) over 2 rounds and isfunded by 6 investors. Seeing the trend of e-commerce growing during thecovid-19 pandemic, businesses need to implement a good loyalty program andword-of-mouth to survive. ReferralCandy is just the right tool for businessesin these times. A clever and easy solution created by a small but not bemissed Singapore startup. That’s why they’re on our list.
List of the 20 top-funded startups in Singapore
Without further ado, here is the list with details about each company, thetotal amount of funds received by the company in US $ unless otherwisespecified, according to Crunchbase and/or TechinAsia, together with thecompany’s logo and a direct link to the company’s website.
Website: sg.carousell.com – Industry: e-commerce – Total funding: $ 126.8 MCarousell is a consumer-to-consumer marketplace app for a diverse range ofproducts in 29 categories, including cars, lifestyle gadgets, and fashionaccessories. It operates in Singapore, Taiwan, Hong Kong, and Australia.
Website: astroscale.com – Industry: aerospace, environment – Total funding: $117 MAstroscale is a space company aiming at solving and developing space debrisremoval services. Astroscale has opened offices in Japan and the U.K. tospread its contribution to a more sustainable space environment.