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The Accelerator Centre Announces the Top 50 Companies Moving into Next Phase of its Venture Studio Program

The companies will move into Phase 2 of the AC’s innovative AC:Studio program and receive an additional $30,000 in seed funding from FedDev Ontario, mentorship from the AC’s award-winning mentor team, and tactical supports from industry experts like Uvaro, SnapPea Design, and Conestoga College.

May 2, 2023

May 1, 2023 — Waterloo, ON — The Accelerator Centre (AC) is pleased to announce the 50 companies progressing to Phase 2 of AC:Studio. Phase 1 of the innovative three-phase entrepreneurial support program was launched in June of 2022 with a $10-million investment from the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), and aims to provide 100 high-potential, early-stage companies with up to $100,000 in seed funding by March 2025—creating 1,000 new jobs along the way.

In Phase 1, the AC selected 100 high-potential startups and supported them with initial seed funding of $20,000 and access to the AC’s award-winning mentorship programming.

Of the 100 companies selected in Phase 1:

  • 29% are working on cleantech/sustainability-focused initiatives

  • 26% are working on medtech/healthtech solutions

  • 63% are women-led

  • 5% are indigenous-led

  • 26% are newcomer-led

  • 57 are youth-led (under 40)

To date, the program has made a significant impact, creating 410 new jobs in southern Ontario. Collectively, the companies have also raised $28 million in additional investment and generated $8 million in combined revenue.

“Our aim with the AC:Studio program is to identify startup founders with the potential to build globally successful businesses that make significant economic impact,” says AC CEO, Jay Krishnan. “Through this new model, we can quickly identify the best-of-the-best and double down on supporting those companies. We’re excited and encouraged by our early results and the positive feedback from founders, and we look forward to the next phase of this high- impact model. Through the next phase of the program, we intend to provide companies with more capital, corporate partnerships, strategic mentorship, and additional hands- on tactical support—accelerating the time it takes them to reach escape velocity and scale”.

The following companies will join Phase 2 of AC:Studio in May of 2023.

1Mentor Inc.
911 Incident
AdMass Inc.
Aqua-Cell Energy
Best for Bees
Caddie Health
CarbonGraph Inc.
Catalyst Entertainment Technology Inc
Dog Child
Encompass Health Insights Ltd.
enVgo Inc.
ESG Tree
Evoke Health Inc.
HARDR. Powered by the Oakwood Health Network
Hera Fertility
Huex Labs
Med Reddie
Mentor Me Inc.
Neptune Nanotechnologies
Nfinite Nanotechnology
Paperstack Inc.
Phaze Inc.
Pronti AI Inc.
Renergy Technologies Inc.
Scribenote Inc.
Sifio Health
Stormflow Surfacing
Student Support
Topology Health
Toy Exchange Club Inc
Transify Inc.
WonderWell Toy Co.
Zagitas Tech

In Phase 2, founders will receive an additional $30,000 in non-repayable seed funding from FedDev Ontario, and one year of mentorship and tactical support from the AC’s network of mentors and service provider partners.


“The entrepreneurial grit and tenacity of the 100 companies that started the program with us in the fall is truly inspirational. Selecting the top 50 from this group was challenging because the talent and quality of the ideas in southern Ontario are incredible. We’re confident the 50 startups we’ve selected to move into Phase 2 of the program will continue their rapid growth trajectory and continue to create jobs and keep Ontario at the forefront of the Canadian innovation economy.

Jay Krishnan, CEO, Accelerator Centre

“The Accelerator Centre is working with entrepreneurs and startups to bring new cutting-edge ideas and solutions to Canadians. The second phase of the Accelerator Centre’s AC:Studio program will provide 50 companies with access to mentoring services and funding that will help them reach their potential. We are happy to support this program that will create good jobs for Canadians and help boost Canada’s innovative technology sector.”

The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario

“Phase 2 of this project will support the development of high-potential start-up companies right here in Waterloo and across southern Ontario. Our region is an innovation hub and the strategic investments our government is making will continue to help more Canadian innovators, entrepreneurs, and businesses to set roots and grow.”

The Honourable Bardish Chagger, Member of Parliament for the Riding of Waterloo

Media Contacts
Tabatha Laverty
Vice-President, Marketing and External Relations
Accelerator Centre
[email protected]

Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
[email protected]