A distinguished panel of cleantech investors meticulously evaluates various factors, including the potential economic impact, the effectiveness of the leadership team, and the overall environmental benefits of emerging companies.
Foresight Canada has unveiled its annual Foresight 50 list, spotlighting 50 cleantech ventures it deems Canada’s “most investible.” This fourth installment showcases innovative companies making significant strides in sustainability and technology.
Foresight, the Port Coquitlam, BC-based cleantech accelerator, announced that the selected companies underwent rigorous evaluation by a panel of seasoned cleantech investors. These investors assessed each venture’s investability, potential economic impact, leadership expertise, environmental contributions, and likelihood of success. The prestigious recipients were celebrated during an engaging event in Vancouver last week, where each entrepreneur delivered concise one-minute pitches, followed by valuable networking opportunities with potential investors.
Several alumni returned for the prestigious Foresight 50 this year, including Toronto-based Brickeye. This innovative startup specializes in industrial Internet of Things (IoT) solutions and data analytics aimed at mitigating environmental risks in construction and infrastructure management. Last year, Brickeye successfully raised $5 million through a convertible debt financing round led by BDC Capital, just a week before being honored as part of the 2023 Foresight 50.
The recognition of Vancouver-based Daanaa marks its second consecutive year on the list, following its recent accolade as Company of the Year in the Startup category at the BC Tech Association’s Technology Impact Awards (TIAs) last month. Founded by alumni of the University of British Columbia, Daanaa has created a plug-and-play Power Transaction Unit designed to perform various power management and data transmission functions efficiently.
Daanaa’s impressive feat was matched by electric vehicle fleet management company 7Gen, which was also awarded the Gamechanger award in the Climate Leadership category at last month’s TIAs. This recognition underscores the growing significance of sustainable technologies in Canada’s cleantech sector.
Foresight issued a statement indicating that Canada has experienced a decline in its global standing within the Climate Change Performance Index. It emphasized that securing early-stage funding is crucial for the success of cleantech ventures. Despite these challenges, the cleantech investment landscape remains robust; in fact, the sector witnessed a momentous year in 2023, culminating in a record $1.1 billion in investments as revealed by a CVCA report issued earlier this year.
Details on all companies featured in the Foresight 50 list are available on Foresight’s website.
Feature image courtesy Daanaa via LinkedIn.
**Interview with Foresight Canada CEO, Dr. Emily Thompson**
**Editor**: Thank you for joining us today, Dr. Thompson. Foresight Canada recently unveiled the Foresight 50 list, highlighting some of the most investible cleantech ventures in the country. Can you tell us what criteria were essential in selecting these companies this year?
**Dr. Thompson**: Thanks for having me! The selection process is quite comprehensive. Our distinguished panel of cleantech investors evaluates a range of factors including the potential economic impact of the companies, the effectiveness and expertise of their leadership teams, and, of course, their overall environmental contributions. We believe that a combination of these elements is crucial to identifying the ventures that will drive sustainable innovation forward.
**Editor**: That sounds thorough. Can you share a bit about the recent Foresight 50 event and the experience for the entrepreneurs involved?
**Dr. Thompson**: Absolutely! The event in Vancouver was a fantastic showcase of creativity and innovation. Each selected entrepreneur had the opportunity to present a concise one-minute pitch to a room filled with potential investors. This not only allowed them to highlight their unique value propositions but also facilitated valuable networking opportunities. It was inspiring to witness the passion and dedication these entrepreneurs have toward making a positive environmental impact.
**Editor**: One of the notable alumni, Brickeye, has successfully raised substantial funds and is making strides in construction management. What does their success say about the cleantech landscape in Canada?
**Dr. Thompson**: Brickeye’s journey underscores the growing recognition of the cleantech sector within the broader business ecosystem. As companies like Brickeye innovate using IoT and data analytics to tackle environmental challenges, it signals a shift towards sustainable practices in industries that traditionally have had a significant environmental impact. Their success not only highlights the potential for investment in this sector but also encourages other startups to pursue similar paths.
**Editor**: This year, Daanaa was recognized for the second consecutive year. What does consecutive recognition say about a company’s impact and sustainability?
**Dr. Thompson**: Consecutive recognition at Foresight 50 often reflects a company’s sustained innovation and measurable impact. It indicates that Daanaa is not just a one-hit wonder; they are continuously advancing their technology and contributing meaningfully to the cleantech landscape. This ongoing success is promising not only for Daanaa but for the entire sector, as it demonstrates a commitment to long-term environmental solutions.
**Editor**: Thank you, Dr. Thompson, for your insights. It’s encouraging to see such innovative companies making waves in the cleantech space!
**Dr. Thompson**: Thank you for having me! Together, we can really reshape our future towards sustainability.
