
FedDev Ontario
101-139 Northfield Drive West, Waterloo, Ontario, N2L 5A6, Canada
Overview
FedDev Ontario aids the southern Ontario economy by supporting innovation, commercialization, business growth, productivity, and communities.
- Total investments
- 22
- Lead investments
- 19
- Investments · 12mo
- 1
- Active investors
- 1
Investment portfolio
- Canadian Strategic Missions Corporation
Led · Equity · Jul 2026
Canadian Strategic Missions Corporation develops micro-nuclear reactor systems intended for Arctic and off-grid power and heat applications. The company is adapting established Canadian research reactor models to commercial and defence use to reduce regulatory bottlenecks and accelerate timelines. CSMC was founded in 2020 and previously operated under the name Canadian Space Mining Corporation; it now runs subsidiaries focused on nuclear systems and laboratory research. Management has set an aggressive commercial timeline targeting fleet-scale deployments by 2030. The company announced a memorandum of understanding with Telesat earlier this year to integrate its systems with the Lightspeed LEO constellation for secure, low-latency remote monitoring and operation. Its recent $4.5 million federal investment from FedDev Ontario is earmarked for detailed design and a fuelled demonstration to move the technology toward physical deployment.
- ACTO
Participated · Equity · Sep 2024
ACTO offers an AI-first IFE platform focused on closing gaps in HCP omnichannel engagement for life sciences commercial teams. Its product roadmap centers on the LAICA suite, announced in 2022, and integrated Generative AI capabilities. Planned GenAI features include field rep real-time knowledge assistance, simulated rep–manager roleplay and coaching, commercial learning content creation assistance, and commercial leader field insight assistance. The company announced a dedicated US$10M investment into GenAI to accelerate those capabilities. Funding for this effort comes from ACTO’s venture capital backers alongside public and cloud partners, and the company is piloting real-world use cases with customers via the AWS Jumpstart Program. Executives and investors frame ACTO as an early AI-focused category leader on the commercial side of life sciences, citing work that began as early as 2019. ACTO provides an AI-powered omnichannel learning and enablement SaaS platform that helps global life‑sciences companies educate and engage field teams and learners across the care continuum. Commercial and clinical leaders use ACTO to deliver unified educational experiences and sales enablement at scale. The company maintains a network of partnerships with content agencies, data providers, and technology companies to build an ecosystem for life sciences. ACTO recently introduced a conversational assistant, LAICA™, as part of its product roadmap to make commercial learning easier and more engaging. The company is experiencing robust user and revenue growth, reporting a 500% increase in annual recurring revenue since 2018 and total invested capital exceeding US$30 million. Proceeds from its latest financing will be used to accelerate growth, expand capabilities, and pursue business and partnership opportunities. ACTO builds an AI-powered mobile platform that educates and supports stakeholders in life sciences, enabling training, content delivery, and sales enablement. The platform offers self-paced modules called ActionPacks containing multimedia, quizzes, 3D content, authoring tools, and event engagement features. ACTO has launched conversational AI capabilities that surface information about drugs and medical devices to support doctors, nurses, and other providers. Managers can certify reps with digital signatures and PDF certificates, run assessments, and deliver AI-personalized notifications and reference guides. The platform includes deep search, multi-channel integrations, permissioning, tracked mail/text links, and CRM integrations that generate reports by individual, team, and territory. ACTO says tens of thousands of reps rely on it across 50 life sciences companies, including AstraZeneca, Teleflex, and Philips Respironics. The company closed an $11.5 million funding round to bolster these capabilities and accelerate digital engagement.
- Leynek Medical
Participated · Seed · Feb 2024
Leynek Medical is engineering new hardware and software solutions to support digital healthcare transformation and virtual care. The company focuses on avoiding unnecessary hospital and emergency department visits, improving information sharing between healthcare users and practitioners, and applying patient-first design. Its work includes understanding and interpreting device health data to better support virtual care and oncology patients. The founder story and personal experience shape product direction and an emphasis on clinical validation. Leynek is exploring business models and partnerships to scale deployments and support healthcare system users and practitioners. Financially, Leynek secured $25,000 in matching, performance-based seed funding from NCFDC's thriveFORWARD initiative with support from FedDev Ontario and the Government of Canada's Jobs and Growth Fund.
- Jombone
Led · Equity · Jul 2023
Jombone offers a digital staffing and human capital management platform that recruits, screens, and creates talent pools for industrial sectors such as warehousing, manufacturing, supply chain, logistics, and e-commerce. The platform combines AI, automation, analytics and industry recruiter expertise to manage hiring, placements, payroll, HR administration, EOR and reporting through a single system. Jombone plans to accelerate development of its staffing platform with a focus on industrial frontline workers and to adapt the product for the United States market. The company intends to use funding to address industrial hiring needs and support growth and expansion plans. Following the investment, Jombone will hire 26 skilled employees at its Mississauga location to scale operations. The company was founded in 2018 by Sumit Sahdev and Garima Sahdev and is based in Toronto, Canada.
- Cognota
Led · Debt Financing · Jan 2023
Cognota develops learning operations (LearnOps) software that lets corporate learning-and-development teams manage training intake, project planning, resource allocation, and ROI measurement from a single system. By centralizing these workflows, the platform helps enterprises better align learning initiatives with overall business strategy and improve operational efficiency. Customers gain visibility into demand for training, staffing needs, and the effectiveness of learning programs. Founded by Ryan Austin and headquartered in Toronto, the company positions itself as the business-side operating system for L&D departments. With the newest capital, Cognota plans to accelerate development of AI agents and an intelligence layer that will further automate and optimize learning operations. The firm has now secured a $5.75 million Series B round to fund these product enhancements and drive growth.
Team
Evan Solomon
LinkedIn