CIBC Tech & Innovation Market Update – June 2024

Canadian technology sector performance and valuation

Source: FactSet and Pitchbook as at May 31, 2024; in C$ unless otherwise noted. 
1 Please refer to the end of the document for technology group constituents.

Canadian venture capital market monthly recap

May 2024

Aggregate deal value

(vs. $219M in Apr-24)²
YTD: $1.17B
(vs. $2.43B YTD-23)³

Number of deals

(vs. 42 in Apr-24)
YTD: 189
(vs. 416 YTD-23)

Avg. deal value

(vs. $11M in Apr-24)²
YTD: $12M
(vs. $9M YTD-23)³

Most active province by value ($ / #)

($43M / 19)
YTD: Quebec
($496M / 33)

Most active province by count ($ / #)

($43M / 19)
YTD: Ontario
($434M / 97)

Most active sector

(49% of funds raised)
YTD: Software

2 20 deals in May-24 and 22 deals in Apr-24 with no announced values are omitted from deal values.
3 88 deals in YTD-24 and 154 deals in YTD-23 with no announced values are omitted from deal values. 

Noteworthy Canadian deals

Company Size Financing round Sub-sector Lead investors
Relay US$32M Series B FinTech Bain Capital Ventures
CoLab US$21M Series B Software - Cloud-Based Insight Partners
Maxa US$21M Series A Software - Business System Framework and BDC Capital


CIBC Technology & Innovation Conference 12.0

The CIBC Technology & Innovation Conference 12.0 took place on Wednesday, May 22, 2024 at CIBC Square in Toronto. The conference brought together industry leaders, investors, and technology companies across North America to share valuable insights and discussions that will continue to shape growth of the innovation economy. Twenty four (24) of Canada’s leading public and private technology companies presented over the course of the day with approximately 150 institutional clients and private capital sponsors in attendance.

Read the post-event recap here.*

* Must be a registered member of CIBC Capital Markets Insights. Registration is free and available for all CIBC Capital Markets clients.

Deal activity


₤5 Million
Debt Facility
CIBC Innovation Banking acted as Sole Provider

Landytech – ₤5M Initial Debt Facility

CIBC Innovation Banking provided a £5 million corporate debt facility to Landytech, the next-generation investment management platform for asset owners, managers and advisors.


$30 Million
Credit Facility
CIBC Innovation Banking acted as Sole Provider

Shorelight – $30M Credit Facility

CIBC Innovation Banking provided extended financing to Boston-based Shorelight, an enrollment and performance management platform that drives international student success at top universities.


€17 Million
Financing Package
CIBC Innovation Banking acted as Sole Provider

VEDA – €17M Financing Package

CIBC Innovation Banking provided a €17 million financing package to VEDA, an HR software and payroll-as-a-service provider based in Alsdorf, Germany.

Technology & Innovation in‘sites’ with CIBC Equity Research

T&I 'Bits and Bytes'

Eat rocks – Google’s AI search engine quickly falters

Google released the company’s new AI search engine, AI Overviews. Despite Google recently emphasizing the company’s cautious approach to integrating generative AI technology with the world’s most used search engine, Google’s AI search feature still has some glaring bugs. Within days of its public release, users began to report a series of errors and factually incorrect responses. Locked in an AI arms race and competing for market share, it appears some of the tech giants may be sacrificing quality in favour of speed, which has the potential to lead to adverse results.

Canada’s emerging tech – Well positioned for 2024

According to our analysts, 2024 will represent year two of a three-year recovery for the Canadian technology sector. Timing of rate cuts and the macro environment, we expect to play critical roles in the recovery. So far, parts of the sector have experienced a relatively slow start to the year amid an uncertain demand environment. Further the Canada’s once-leading position as an AI research hub is set to be re-invigorated and broadened as the sector gets earmarked in the 2024 Federal Budget.

Meme stock mania (pt. 2) – How the return of a key social media account moved markets

It felt as though the market briefly took a trip back to 2021 mid-May after GameStop shares traded up as high as 119% based on a single tweet posted by Keith Gill (a.k.a. Roaring Kitty), the infamous central figure of the 2021 meme stock frenzy. The tweet itself consisted of a single meme (an image of a man sitting up in his seat) and made no reference to a particular stock, but the return of Roaring Kitty to social media was enough to send GME and other meme stocks such as AMC Entertainment soaring. Rising interest rates had cooled the meme stock craze over the last two years, and until now, Mr. Gill’s twitter account had been silent since his 2021 testimony to Congress. These moves have left many wondering if Roaring Kitty’s return to social media is a signal that retail traders are eyeing struggling companies and heavily shorted stocks once again.

Detection perfection – OpenAI announces an AI content detector

As we creep closer to many election dates around the globe, AI deepfakes are becoming more and more convincing and more of a concern for discerning voters. With at least 83 elections taking place worldwide in 2024, the need for tools to help identify fact versus fiction has never been greater. This week, OpenAI announced that the non-profit has developed a tool designed to detect AI-generated content. While not yet available to the public, OpenAI stated Tuesday that it will be releasing its detection classifier to a group of disinformation researchers to test it on real-world situations. Experts have been warning for months that AI-generated image, audio and video content have the potential to influence elections; whether we will have the tools to identify them in time remains to be seen.

Recent technology news

The writers of Vox predict the future: obesity and poverty rates will decline, self-driving cars will be available to the mass market, and brain chips for non-medical needs will be explored.

Read the full article at Vox.

Everyone is talking about AI but do people use it much in their everyday lives? Researchers surveyed 12,000 people from six countries, and found 2% of UK respondents said they use such tools on a daily basis, and 30% had not heard of the technology’s most prominent products, such as ChatGPT.

Read the full article at BBC.

It has long been sought after by digital marketers to know how Google’s algorithm ranks search engine results. While leaked documents provide interesting new attributes to consider such as click rates, there is no indication of the weighting of these attributes. What the leak does bring to light is that Google’s has made public statements about their algorithm that runs counter to these company documents.

Read the full article at The Verge.

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Tech & Innovation Key Contacts

Roman Dubczak
Deputy Chair
Susan Rimmer
Managing Director And Head, Global Corporate & Investment Banking
Kevin Li
Managing Director and Head, Global Investment Banking

Global Investment Banking

Kathy Butler
Vice Chair and Head of CIBC Capital Markets – B.C.
Colin Ryan
Managing Director, Head of Technology & Innovation, Global Investment Banking
Adam Noily
Managing Director, Head of U.S. Technology & Innovation, Global Investment Banking
Daniel Lee
Managing Director, Technology & Innovation, Global Investment Banking
Emilie Bissonnette
Managing Director, Global Investment Banking
Rob Magwood
Managing Director, Equity Capital Markets
Frazer Wong
Executive Director, Technology & Innovation, Global Investment Banking

Innovation Banking

Mark Usher
Executive Managing Director, Innovation Banking
Paul McKinlay
Vice-President and Head of U.S. Origination, Innovation Banking
Amy Olah
Managing Director and Head of Canadian Origination, Innovation Banking

Canadian Technology Constituents

High-Growth Canadian SaaS
  • Ceridian
  • Copperleaf
  • Coveo
  • Descartes
  • Docebo
  • Kinaxis
  • Lightspeed
  • Shopify
  • Thinkific
Large Cap Canadian Tech
  • Altus
  • Blackberry
  • Celestica
  • CGI
  • Constellation Software
  • Converge Technologies
  • Dye and Durham
  • Enghouse
  • Evertz Technologies
  • Nuvei
  • OpenText
  • Softchoice
  • Well Health
Mid Cap Canadian Tech
  • Calian
  • Computer Modelling Group
  • D2L
  • Kneat
  • Payfare
  • Real Matters
  • Tiny
  • Vecima
Small Cap Canadian Tech
  • Alithya
  • Baylin Tech
  • BBTV
  • Blackline Safety
  • Optiva
  • Pivotree
  • Quarterhill
  • Sangoma
  • Sylogist
  • Terago
  • VerticalScope
  • Vitalhub
  • Voxtur

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