Waterloo founders lead fastest growing tech companies in Canada
ApplyBoard, Intellijoint and Auvik Networks are Canada’s top three high-growth tech companies on the Deloitte Technology Fast 50 ranking
ApplyBoard, Intellijoint and Auvik Networks are Canada’s top three high-growth tech companies on the Deloitte Technology Fast 50 rankingBy Beth Gallagher University Relations
Three companies founded by University of Waterloo alumni are the fastest growing technology companies in Canada and a total of 11 Waterloo startups were in the Top 50 of the 2019 Deloitte Technology Fast 50 ranking.
The list highlights Canadian companies’ growth and commitment to innovation between 2015 and 2018. The average three-year growth rate of the Fast 50 winners is 1,689 per cent. The three top Canadian companies are:
1. ApplyBoard, a platform that helps international students apply to post-secondary schools in North America. Martin Basiri (MASc ’13) is the CEO and co-founder of the Kitchener-based company. The three-year-growth rate was 12,525 per cent.
2. Intellijoint Surgical makes technology to improve hip replacement surgeries. Co-founders Armen Bakirtzian (BASc ’08), Andre Hladio (MASc ’11) and Richard Fanson (BASc ’08) brought the Intellijoint HIP to market. More recently Intellijoint Surgical obtained a Health Canada license and is FDA cleared for distribution in the U.S. The three-year growth rate of this Kitchener-based startup was 10,247 per cent.
3. Auvik Networks, a network monitoring and management software developer for IT managed service providers. Co-founded by Marc Morin (BASc ’87) and Alex Hoff (BMath ’04), Auvik gives managed service providers insight into client networks and automates monitoring tasks. The three-year growth rate of this Waterloo-based company was 7,914 per cent.
“Our company is on a mission to make education accessible to students regardless of their location. It’s incredibly rewarding to be recognized for the positive impact we’re having on the lives of thousands of people around the world,” Basiri of ApplyBoard told Betakit, a news site for Canadian startups.
While several companies on the list have Waterloo alumni on their leadership teams, companies that were either founded or co-founded by Waterloo alumni include:
5. Ecopia.AI: co-founder Yuanming Shu (PHd ’15). Toronto-based startup with 6,186 per cent growth rate.
12. Roadmunk: co-founder Latif Nanji (BSc ’07). Toronto-based startup with 1,378 per cent growth rate.
14. Tulip: co-founder Ali Asaria (BASc ’05). Toronto-based startup with 1,210 per cent growth-rate.
20. Volante Systems: founder Joseph Lee (BMATH ’99) Toronto-based startup with 868 per cent growth rate.
23. Kira Systems: co-founder Alex Hudek( PHd, ’10). Toronto-based startup with 693 per cent
28. Smile.io (Sweet Tooth): co-founders Mike Rossi (BSc ’11) and Bill Curtis (BSE ’11). Kitchener-based startup with a 552 per cent growth rate.
39. Vidyard: co-founders Michael Litt (BASc ’11) and Devon Galloway (BASc ’10). Kitchener-based startup with a 442 per cent growth rate.
43. Fiix Inc.: co-founder Khallil Mangalji (BCS ’16). Toronto-based startup with a 406.6 per cent growth rate.
Deloitte’s Technology Fast 50 program has been recognizing innovative companies for 22 years. Winners include both public and private companies in a variety of industry sub-sectors, including hardware, software, telecommunications, emerging technology, and digital media. The majority of this year’s Fast 50 winners are based in Ontario (28), followed by British Columbia (10), Quebec (7), with the balance from the Prairie region (4) and Atlantic region (1).
Another Waterloo startup took first place and a $500,000 prize in an international competition staged in Saudi Arabia. NERv Technology, launched by alumni Youssef Helwa (MASc ’17) and Amr Abdelgawad (MBET ’17) won the Entrepreneurship World Cup following a startup boot camp and several rounds of competition in Riyadh.
The University of Waterloo acknowledges that much of our work takes place on the traditional territory of the Neutral, Anishinaabeg and Haudenosaunee peoples. Our main campus is situated on the Haldimand Tract, the land granted to the Six Nations that includes six miles on each side of the Grand River. Our active work toward reconciliation takes place across our campuses through research, learning, teaching, and community building, and is centralized within our Indigenous Initiatives Office.