The Short Report, September 9, 2020: Global Affairs wants Canadian tech companies to join its Fall VC Dealbook, Xanadu launches quantum in the cloud, and more

Mark Mann
September 9, 2020


Global Affairs Canada is accepting submissions from Canadian software companies for its Fall 2020 Venture Capital Dealbook, which will be produced and shared with venture capitalists in Silicon Valley, across the U.S, and the rest of the world. The Global Affairs’ team of trade commissioners will introduce successful applicants to interested venture capitalists. - LinkedIn

Of 2,674 University of Waterloo tech graduates between 2017 and 2019, the percentage currently working in Canada hovers just under 60%. The percentage of those working in the USA hovers under 40%, which represents a reduction from previous reports of 80%. - Medium

The Canada Revenue Agency has extended reporting deadlines for scientific research and experimental development (SR&ED) claims. For corporations and trusts, deadlines have been extended by six months or to December 31, 2020; for individuals, deadlines have been extended to December 15, 2020. -

The University of Waterloo has joined the exclusive ranks of 5G smart campuses, through its partnership with Rogers Communications. The smart campus is part of a plan by Rogers to advance 5G research in the Toronto-Waterloo tech corridor and to become a global leader in 5G technology. Waterloo’s new smart campus will be a live testbed for advanced research into the design and operation of the network, and the infrastructure necessary to develop and test technologies that 5G will enable. - U Waterloo


Montreal-based biotech firm Inversago raised US$35 million for the next stage of development for its CB1 receptor blockers and the first clinical forays of its lead drug. Forbion led the round, with co-investments from the Fonds de solidarité FTQ, and a group of existing investors including Genesys, JDRF T1D Fund, Amorchem, Anges Québec Capital, adMare BioInnovations and angels. - Axios

Toronto-based quantum computing startup Xanadu announced the release of the world’s first publicly available photonic quantum cloud platform, called the Xanadu Quantum Cloud. The company says that developers can now access its gate-based photonic quantum processors in 8, 12, and soon 24 qubit machines. The advantage of photonic quantum computers over conventional systems, Xanadu says, is that these quantum processors can be operated at room temperature.  - BetaKit, ITPro

The Toronto-Waterloo Innovation Corridor and Silicon Valley, are partnering to help startups get off the ground. The partnership is taking place within the Founder Institute, an incubator that helps founders create startups and provides entrepreneur training in more than 180 cities across 75 countries. This will be the first time the institute is collaborating with its counterparts in Silicon Valley. The accelerator program will begin on September 15 and will last for 14 weeks, with weekly sessions where founders enrolled in the program can connect with other founders and mentors from Toronto, Waterloo and Silicon Valley. - CBC


Lisa Campbell has been appointed President of the Canadian Space Agency. Campbell comes to the post from her position as Associate Deputy Minister, Veterans Affairs Canada, and before that Assistant Deputy Minister, Defence and Marine Procurement. She also worked at Canada’s competition authority as Senior Deputy Commissioner, reviewing mergers and business conduct. "Her experience in defence procurement will hold her in good stead as she takes over some of the most important procurements for the space sector," Innovation Minister Navdeep Bains said in a statement. -

John Ruffolo, the well-known and highly respected leader in Canada’s innovation sector, was paralyzed below the waist when he was struck by a transport truck last week. The former chief executive of OMERS Ventures, was cycling north of Toronto when the accident occurred. He was taken to Sunnybrook Hospital with what York Regional Police initially said were life-threatening injuries. Ruffolo didn’t sustain any head injuries, however, and despite suffering a broken spine and pelvis, he is still planning to launch a growth equity fund targeting Canadian companies "as soon as possible," he says. - The Globe and Mail 

Montreal venture firm White Star Capital is expanding its Canadian presence with the promotion of Sanjay Zimmermann to the role of Principal. Zimmermann will lead efforts to identify talented teams and founders raising Series A and B rounds across Ontario from his base in Toronto, where he will be joined by Tandis Azarbad, White Star's new Vice President of Finance. Azarbad recently held the role of VP finance and operations at Forthlane Partners in Toronto. Jonathan Brun also joined White Star as an Associate in the Montreal office. - White Star Capital

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