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Public-Private Partnership
oce-ontario.org

Investments

53

Portfolio Exits

11

Funds

3

Partners & Customers

10

About Ontario Centres of Excellence

Ontario Centres of Excellence (OCE) drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario's global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario's industry, universities, colleges, research hospitals, investors and government ministries. A champion of leading-edge technologies, best practices and research, OCE invests in sectors such as advanced health, information and communications technology, digital media, advanced materials and manufacturing, agri-food, aerospace, transportation, energy, and the environment including water and mining. OCE is a key partner in delivering Ontario's Innovation Agenda as a member of the province's Ontario Network of Entrepreneurs (ONE). Funded by the Government of Ontario, the ONE is made up of regional and sector-focused organizations and helps Ontario-based entrepreneurs and industry rapidly grow their company and create jobs.

Headquarters Location

156 Front Street West Suite 200

Toronto, Ontario, M5J 2L6,

Canada

416-681-1092

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Research containing Ontario Centres of Excellence

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CB Insights Intelligence Analysts have mentioned Ontario Centres of Excellence in 1 CB Insights research brief, most recently on Mar 20, 2020.

Latest Ontario Centres of Excellence News

OCE to undergo rebrand, changes to governance relationship with Ontario government

Nov 7, 2020

The Ontario Centres of Excellence (OCE), the non-profit which delivers much of the Government of Ontario’s economic development programming, is in for a brand refresh and change to its governance relationship with the province, BetaKit has learned. The OCE may see its name changed to the Ontario Centre of Innovation, an OCE spokesperson told BetaKit. OCE was originally created in 2002 when the Conservative-led government merged seven separate non-profit centres into one entity. “[This] will bolster the Province’s capacity to advance key COVID-19 recovery and other economic priorities.” – Spokesperson, Minister Fedeli The spokesperson noted the changes have yet to be approved but have been introduced as part of resolutions that are being voted on by OCE’s around 150 members at its annual general meeting (AGM) taking place on November 20. The potential brand refresh for OCE comes as Premier Doug Ford’s government announced legislation as part of Ontario’s 2020 budget that outlines a change in the province’s governance of OCE. The proposed Innovation Centre Governance Act, if passed, would increase the number of seats the minister of economic development, job creation and trade can appoint to OCE’s board of directors. The legislation would permit the minister to appoint up to six members to OCE’s 13-member board. Typically, 12 seats were elected by OCE’s members, with one seat set aside for the organization’s CEO. According to 2020 budget documents, the intention behind the legislation is to “strengthen [OCE] as a central player in Ontario’s innovation ecosystem.” OCE’s mandate will not be affected by the brand and governance changes, the OCE spokesperson told BetaKit, noting that the organization will continue to deliver economic development programming and funding for the province, focused on innovation. Claudia Krywiak, president and CEO of OCE, noted in a statement to BetaKit that her organization welcomes the changes. “We applaud the Government of Ontario’s ongoing commitment to innovation and by strengthening our long-standing partnership we are helping ensure that Ontario businesses have the support they need to innovate and compete globally,” she said. Talks between the province and OCE regarding the brand refresh have been taking place over the last year and a half, the OCE spokesperson indicated. Dealings between Ford’s government and OCE have evolved over the last year, following cuts laid out in the 2019 provincial budget. The April 2019 budget made significant cuts to the Ministry of Economic Development, Job Creation and Trade, which is responsible for the majority of the provincial government’s file on innovation and tech sector funding, including OCE’s funding. The budget was the first for Ford’s government, which was looking to create its own, new vision for economic development in the province after the Liberal Party’s more than 15-year tenure. The cuts to the ministry led to a number of innovation hubs laying off employees and re-evaluating programming – OCE among them. An OCE spokesperson told BetaKit last year that OCE saw its base funding cut from $31 million to $13.9 million. This led to the agency laying off nearly half of its staff and implementing major reductions in programming. At the time, OCE also confirmed it had 57 employees following the cuts. That number has since increased to 63 full-time and contract employees. Notably, two months after the release of the 2019 budget, then-finance minister Vic Fedeli was moved to minister of economic development, job creation and trade – reportedly related to the unpopular cuts. Regarding the expected changes for OCE, a spokesperson for Minister Fedeli told BetaKit, strengthening the province’s relationship with the OCE will support the government’s “coordination of innovation initiatives.” As part of the 2020 budget, the province allotted funding for OCE to attract international startups to Ontario. “[This] will bolster the Province’s capacity to advance key COVID-19 recovery and other economic priorities across all of Ontario’s regions where OCE exists and does business,” the spokesperson added. The spokesperson also expressed support for the OCE rebrand, noting that it “reflects [a] long-standing legacy, while bringing their brand into the 21st century as a key facet of Ontario’s world-class innovation ecosystem.” Fedeli’s office also did directly not respond to questions about whether OCE will see any changes to its funding for 2020/2021. As part of the 2020 budget tabled on Thursday, the Government of Ontario allotted a portion of funding for OCE to help build out a program to attract international startups to the region; laying out $3.75 million over two years for a program run by OCE and Toronto Business Development Centre, a non-profit organization that also provides startup programming. The $3.75 million program is meant to attract international startups, initially focused on emerging companies from India. According to Startup India (a federally-run initiative), India has the third-largest startup ecosystem in the world. It claimed approximately 50,000 startups in India in 2018, between 8,900 to 9,300 being tech companies. Decisions about OCE’s rebrand will be decided following a vote by its members, which includes former board appointees. The changes to provincial governance would come into effect based on the passing of the Innovation Centre Governance Act legislation. “We look forward to working together with our government, industry and academic partners in the coming days and months to help Ontario’s businesses recover and prosper,” said Krywiak.

Ontario Centres of Excellence Investments

53 Investments

Ontario Centres of Excellence has made 53 investments. Their latest investment was in Hopeful as part of their Seed VC on January 1, 2021.

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Ontario Centres of Excellence Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/18/2021

Seed VC

Hopeful

$0.31M

Yes

1

8/26/2020

Unattributed VC

SWTCH Energy

$2.68M

Yes

2

5/29/2020

Unattributed

Epineuron Technologies

Yes

1

5/20/2020

Series A

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$99M

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10

3/18/2020

Seed

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$99M

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10

Date

1/18/2021

8/26/2020

5/29/2020

5/20/2020

3/18/2020

Round

Seed VC

Unattributed VC

Unattributed

Series A

Seed

Company

Hopeful

SWTCH Energy

Epineuron Technologies

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Amount

$0.31M

$2.68M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

2

1

10

10

Ontario Centres of Excellence Portfolio Exits

11 Portfolio Exits

Ontario Centres of Excellence has 11 portfolio exits. Their latest portfolio exit was Sensibill on October 03, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/3/2022

Acquired

$99M

12

9/1/2021

Acquired

$99M

1

11/5/2019

Acquired

$99M

1

7/19/2018

IPO

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$99M

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10

4/12/2017

Acquired

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$99M

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10

Date

10/3/2022

9/1/2021

11/5/2019

7/19/2018

4/12/2017

Exit

Acquired

Acquired

Acquired

IPO

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

12

1

1

10

10

Ontario Centres of Excellence Acquisitions

1 Acquisition

Ontario Centres of Excellence acquired 1 company. Their latest acquisition was OneEleven on August 17, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

8/17/2020

Other

$99M

Asset Sale

1

Date

8/17/2020

Investment Stage

Other

Companies

Valuation

$99M

Total Funding

Note

Asset Sale

Sources

1

Ontario Centres of Excellence Fund History

3 Fund Histories

Ontario Centres of Excellence has 3 funds, including Health Technologies Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

7/8/2016

Health Technologies Fund

$15.33M

1

SmartStart Seed Fund

$99M

10

OCE SmartStart Seed Fund

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10

Closing Date

7/8/2016

Fund

Health Technologies Fund

SmartStart Seed Fund

OCE SmartStart Seed Fund

Fund Type

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Status

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Amount

$15.33M

$99M

Sources

1

10

10

Ontario Centres of Excellence Partners & Customers

10 Partners and customers

Ontario Centres of Excellence has 10 strategic partners and customers. Ontario Centres of Excellence recently partnered with National Research Council Canada on January 1, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

1/26/2021

Partner

Canada

McMaster Centre of Excellence receives $1.2M to advance Canadian-made PPE – Brighter World

The partnerships will serve as a catalyst in the manufacturing industry , creating thousands of new jobs in years to come , says Selvaganapathy , noting that CEPEM 's recent partnership with Niko Apparel Systems , a Hamilton garment company now producing hospital-grade face masks , has led to the employment of more than 20 people .

1

1/25/2018

Partner

Canada

Insight into Infrastructure with CybernetIQ - CENGN

The Next Generation Network Program is a Government of Ontario program offered through a partnership between CENGN and the Ontario Centres of Excellence that is providing small and medium-sized enterprises across Ontario access to the CENGN Testbed .

1

6/23/2017

Partner

United States

Fintech Sandbox expands to Canada

`` This new partnership between FinTech Sandbox and Ontario Centres of Excellence is a unique opportunity that will give the growing fintech ecosystem in Ontario access to data , networks , platforms and events that will help accelerate growth and support the creation of high-quality jobs in the province , '' says Dr. Tom Corr , President and CEO of Ontario Centres of Excellence .

8

5/8/2017

Partner

United States

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10

12/17/2015

Partner

Canada

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10

Date

1/26/2021

1/25/2018

6/23/2017

5/8/2017

12/17/2015

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Country

Canada

Canada

United States

United States

Canada

News Snippet

McMaster Centre of Excellence receives $1.2M to advance Canadian-made PPE – Brighter World

The partnerships will serve as a catalyst in the manufacturing industry , creating thousands of new jobs in years to come , says Selvaganapathy , noting that CEPEM 's recent partnership with Niko Apparel Systems , a Hamilton garment company now producing hospital-grade face masks , has led to the employment of more than 20 people .

Insight into Infrastructure with CybernetIQ - CENGN

The Next Generation Network Program is a Government of Ontario program offered through a partnership between CENGN and the Ontario Centres of Excellence that is providing small and medium-sized enterprises across Ontario access to the CENGN Testbed .

Fintech Sandbox expands to Canada

`` This new partnership between FinTech Sandbox and Ontario Centres of Excellence is a unique opportunity that will give the growing fintech ecosystem in Ontario access to data , networks , platforms and events that will help accelerate growth and support the creation of high-quality jobs in the province , '' says Dr. Tom Corr , President and CEO of Ontario Centres of Excellence .

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Sources

1

1

8

10

10

Ontario Centres of Excellence Team

8 Team Members

Ontario Centres of Excellence has 8 team members, including current Chief Executive Officer, President, Mark Romoff.

Name

Work History

Title

Status

Mark Romoff

Chief Executive Officer, President

Current

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Name

Mark Romoff

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Work History

Title

Chief Executive Officer, President

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Status

Current

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