Deloitte Canada announces its annual Technology Fast 50™ program winners

While tech companies face substantial challenges when it comes to accessing capital, a survey of winner's executives shows immigration is improving the talent shortage in the sector

TORONTO, Nov. 8, 2023 /CNW/ - Deloitte Canada is pleased to announce the winners of its Technology Fast 50, Enterprise—Industry leaders, Clean Technology, and Companies-to-Watch awards. Now in its 26^th year, the Technology Fast 50^™ program recognizes the world-class achievements of Canada's leading technology companies—highlighting their commitment to innovation, strong leadership, and rapid revenue growth. This year, the average three-year growth of the Technology Fast 50 winners is 2,213 per cent.

Deloitte Canada's Technology Fast 50 program (CNW Group/Deloitte & Touche)

"This year's thriving cohort of winners have delivered outstanding revenue growth, despite prevailing uncertainties in the economy and marketplace," says Anders McKenzie, partner, and national leader for the Technology Fast 50 program at Deloitte Canada. "With their bold vision for the future, impactful technologies, competitive drive, and passion for pushing the boundaries, these companies are paving the way as catalysts in their respective sectors—delivering growth and value to the Canadian economy both at home and beyond. It is truly inspiring to see how they not only improve today's world, but also shape tomorrow's."

Accessing capital top of mind for tech companies
According to Deloitte Canada's annual survey of Technology Fast 50 program executive leaders, a growing concern among technology companies is accessing capital from Canadian and US sources to expand and grow their operations. About six in 10 respondents (61%) feel that their ability to access capital has worsened over the last five years, compared to 23 per cent of the companies we surveyed in 2022.

Attracting and retaining a qualified workforce remain significant business challenges among Canada's fastest-growing companies. About one in four respondents (24%) rank the labour market as the most pressing issue they face. Additionally, the survey identified technology advancements and new competition as growing concerns for businesses. On a more positive note, this year's cohort of winners are optimistic about Canada having the highest immigration rate (as a percentage of existing population) of any G20 country—63 per cent agree that this influx has a strong or moderate positive effect on the availability of talent in the sector.

Gen AI is trending in 2023
An emerging trend among the Technology Fast 50 program winners is generative AI, with more than half of the respondents (52%) indicating that they are experimenting with it at some level in their own operations. In addition, almost one in four companies share that they are already deploying gen AI (24%) or have active pilots in place (24%).

2023 winners: Blockchain, connectivity, emissions reduction, and fintech lead the way
At the top of this year's Technology Fast 50 list, with a three-year growth of 16,910 per cent, is Dapper Labs, a Vancouver-based Web3 firm using the power of play to deliver blockchain-based experiences and digital collectibles to fans around the world. A first-time applicant to the program, the company is paving the way to a more open, inclusive digital world starting with games and entertainment.

Alphawave Semi, a global leader in high-speed connectivity, earns the best ranking in the Enterprise—Industry leaders (formerly called 'Enterprise Fast 15') with a three-year growth of 1,547 per cent. Headquartered in Toronto, the company builds industry-leading wired connectivity solutions that enable data to travel faster, more reliably, and with higher performance at a lower power.

At the top of the Clean Technology category is Convrg Innovations Inc., a Calgary-based company that offers emissions reduction solutions for companies aiming to operate sustainably in oil and gas work sites. With a three-year growth of 6,000 per cent, the company is devoted to catalyzing the energy evolution for a more sustainable future.

In the Companies-to-Watch category, Neo Financial has the highest revenue growth at 81,732 per cent. Headquartered in Calgary, the company is building a smarter financial experience for all Canadians using the latest technology. Specializing in savings and credit products, Neo Financial is on a journey to reshape the financial future for millions of people in Canada.

98 Canadian companies earn a spot on the Technology Fast 500^™ ranking this year
The Technology Fast 50 awards program runs alongside the broader North American Technology Fast 500, with winners automatically eligible for this elite ranking. This year, 98 Canadian companies made that list, with Dapper Labs from Vancouver leading the group in ninth place. Check out the complete list of Technology Fast 500 winners here.

For more information on the Technology Fast 50, Enterprise—Industry leaders, Clean Technology, and Companies-to-Watch categories, please visit: www.fast50.ca.

TECHNOLOGY FAST 50

#	Growth (%)	Company name	City	Region
1	16,910	Dapper Labs, Inc.	Vancouver	British Columbia
2	12,865	Noibu	Ottawa	Ontario
3	8,185	BioRender	Toronto	Ontario
4	3,162	RideCo	Waterloo	Ontario
5	3,119	BoomerangFX	Mississauga	Ontario
6	2,392	Site 20/20	Dartmouth	Nova Scotia
7	2,186	nesto	Montreal	Quebec
8	2,116	GoBolt	Toronto	Ontario
9	2,071	Clutch Technologies Inc.	Toronto	Ontario
10	2,045	Certn	Victoria	British Columbia
11	1,959	Hivestack Inc.	Montreal	Quebec
12	1,842	Aquanow	Vancouver	British Columbia
13	1,839	VirgoCX	Toronto	Ontario
14	1,682	Irwin	Toronto	Ontario
15	1,527	BlueDot	Toronto	Ontario
16	1,356	Black & White Zebra	Vancouver	British Columbia
17	1,231	Smile Digital Health	Toronto	Ontario
18	1,205	Staffy	Toronto	Ontario
19	1,204	Symend	Calgary	Alberta
20	1,028	Brim Financial	Toronto	Ontario
21	1,006	ZayZoon	Calgary	Alberta
22	993	Potloc	Montréal	Quebec
23	936	Trolley	Westmount	Quebec
24	863	d1g1t	Toronto	Ontario
25	812	KOHO Financial	Toronto	Ontario
26	790	Greenspace Mental Health	Toronto	Ontario
27	692	Systems With Intelligence Inc.	Mississauga	Ontario
28	667	Klue	Vancouver	British Columbia
29	636	Vention	Montreal	Quebec
30	623	Spare	Vancouver	British Columbia
31	553	SourceKnowledge	Montreal	Quebec
32	540	Zensurance	Toronto	Ontario
33	528	Ada	Toronto	Ontario
34	525	Mission.dev	Montreal	Quebec
35	495	Forma.ai	Toronto	Ontario
36	489	Marble	Toronto	Ontario
37	465	League	Toronto	Ontario
38	433	Plooto	Toronto	Ontario
39	431	Wavo.me	Montreal	Quebec
40	426	Monsters Aliens Robots Zombies	Toronto	Ontario
41	411	Coconut Software	Saskatoon	Saskatchewan
42	382	LiveBarn Inc.	Montreal	Quebec
43	378	Jane App	North Vancouver	British Columbia
44	374	DarkVision Technologies Inc	North Vancouver	British Columbia
45	361	Tribe Property Technologies	Vanvouver	British Columbia
46	344	Rewind	Ottawa	Ontario
47	330	ContactMonkey	Toronto	Ontario
48	322	Solink	Kanata	Ontario
49	315	Launchpad Technologies	Vancouver	British Columbia
50	303	MEDFAR Clinical Solutions	Montreal	Quebec

ENTERPRISE—INDUSTRY LEADERS

#	Growth (%)	Company name	City	Region
1	1,547	Alphawave Semi	Toronto	Ontario
2	1,440	Hopper	Montréal	Quebec
3	764	Dialogue	Montréal	Quebec
4	691	GeoComply	Vancouver	British Columbia
5	625	Mistplay	Montreal	Quebec
6	602	Freight Club	Burnaby	British Columbia
7	588	StackAdapt	Toronto	Ontario
8	576	Lightspeed Commerce Inc	Montreal	Quebec
9	510	Fantuan	Burnaby	British Columbia
10	476	ApplyBoard	Kitchener	Ontario
11	469	AlayaCare	Montreal	Quebec
12	469	EBlock	Toronto	Ontario
13	408	Thinkific	Vancouver	British Columbia
14	382	VOSKER	Victoriaville	Quebec
15	380	Previan	Quebec	Quebec
16	372	eStruxture Data Centers	Montreal	Quebec
17	370	Jobber	Edmonton	Alberta
18	340	Valsoft Corporation Inc.	Saint Laurent	Quebec
19	314	Trulioo	Vancouver	British Columbia

CLEAN TECHNOLOGY

#	Growth (%)	Company name	City	Region
1	6,000	Convrg Innovations Inc.	Calgary	Alberta
2	1,939	GHGSat	Montreal	Quebec
3	1,211	SWTCH	Toronto	Ontario
4	1,090	Stromcore Energy Inc.	Toronto	Ontario
5	933	Alert Labs	Kitchener	Ontario
6	900	good natured Products Inc	Vancouver	British Columbia
7	718	Envo Drive Systems Inc	Burnaby	British Columbia
8	608	Flashfood	Toronto	Ontario
9	436	Food Cycle Science	Ottawa	Ontario
10	332	LiftWerx	Cambridge	Ontario
11	328	Vive Crop Protection	Mississauga	Ontario
12	290	Electrovaya	Mississauga	Ontario
13	256	MineSense Technologies Ltd.	Vancouver	British Columbia
14	255	LUMINOR Environmental Inc.	Guelph	Ontario
15	211	Mysa	St. John's	Newfoundland and Labrador

COMPANIES-TO-WATCH 

#	Growth (%)	Company name	City	Region
1	81,732	Neo Financial	Calgary	Alberta
2	8,484	PurposeMed	Calgary	Alberta
3	2,866	DealMaker	Toronto	Ontario
4	2,381	Falkbuilt	Calgary	Alberta
5	1,832	Nevvon	North York	Ontario
6	1,421	VueReal Inc	Waterloo	Ontario
7	956	CarboNet	Vancouver	British Columbia
8	914	Ideon Technologies	Richmond	British Columbia
9	884	EAIGLE	Markham	Ontario
10	855	Fable	Toronto	Ontario
11	843	Hydreight Technologies Inc.	Vancouver	British Columbia
12	836	Operto Guest Technologies	Vancouver	British Columbia
13	729	Fellow	Ottawa	Ontario
14	691	Arteria AI	Toronto	Ontario
15	488	LumiQ	Toronto	Ontario

About the Deloitte Technology Fast 50™ program
The Deloitte Technology Fast 50 program is Canada's pre-eminent technology awards program. Celebrating its 26th anniversary, the program recognizes business growth, innovation, and entrepreneurship in four distinct categories: Technology Fast 50 ranking, Enterprise—Industry leaders, Clean Technology, and Companies-to-Watch. The program also recognizes companies within the North American Technology Fast 500 ranking, identifying thriving technology companies in the United States and Canada. The 2023 program sponsors include Deloitte, RBCx, Osler, EDC, CCI, TMX, Clarity, Lafond, and The Globe and Mail. For further information, visit www.fast50.ca.

About Deloitte Canada
Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500^® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients' most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Our global Purpose is making an impact that matters. At Deloitte Canada, that translates into building a better future by accelerating and expanding access to knowledge. We believe we can achieve this Purpose by living our shared values to lead the way, serve with integrity, take care of each other, foster inclusion, and collaborate for measurable impact.

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SOURCE Deloitte & Touche

Media inquiries: Marilyne Plouffe, Deloitte Canada, [email protected], 514-393-5471; Mike Filion, Deloitte Canada, [email protected], 514-390-0913