Funded Hardware Startups in Toronto
Among the 14 most recent hardware rounds tied to Toronto, Ontario, the largest disclosed amount is Mosaic Manufacturing’s $71M on 2024-06-24.
Among the 14 most recent hardware rounds tied to Toronto, Ontario, the largest disclosed amount is Mosaic Manufacturing’s $71M on 2024-06-24. That $71M figure is the only disclosed round above $50M, and it sits far above the next-largest disclosed amounts shown (e.g., PomeGran at $40M on 2024-06-24, Andorix at $40M on 2023-08-22, and Kepler Communications at $92M on 2023-04-13). The disclosed amounts are also spread with one very small disclosed entry: Micromem Technologies at $90K on 2023-05-03.
The timeline spans from RockMass Technologies in 2020-12-15 to the most recent entry, Forge Automation on 2025-03-12. Several deals cluster in a mid-2023 window and again across 2024: multiple rounds occur in 2024-06–2024-09, while 2023 includes entries dated 2023-04-13 through 2023-08-22. Stage labeling is concentrated in “Series Unknown” and “undisclosed” outcomes: 6 entries are marked “Series Unknown,” and 2 entries are “undisclosed,” with the largest disclosed amounts appearing in the non-unknown labeled rows (e.g., Kepler Communications’ $92M on 2023-04-13).
Most recent rounds
14 shownRelated listings
Frequently asked
What are the biggest disclosed hardware rounds in Toronto here, and how extreme are the top values versus the rest?
Kepler Communications’ $92M round on 2023-04-13 is the largest disclosed amount in the list, and it is well above the next-largest disclosed values (e.g., PomeGran $71M on 2024-06-24 and Mosaic Manufacturing $21M on 2024-09-18). The top of the distribution is also clearly separated from the low end: Micromem Technologies at $90K on 2023-05-03 is the smallest disclosed amount shown.
Is there a concentration of deals in a specific time window among these 14 Toronto hardware entries?
Yes. Beyond the edges (2020-12-15 RockMass Technologies to 2025-03-12 Forge Automation), 2024 shows multiple dated rounds in the middle of the year-to-early fall window (e.g., Mosaic Manufacturing 2024-09-18 at $21M, Nmbr 2024-09-24 at $6M, and PomeGran 2024-06-24 at $71M). A second cluster appears in 2023 between 2023-04-13 (Kepler Communications $92M) and 2023-08-22 (Andorix $40M).
How much of this dataset is hard to classify by stage because of “Series Unknown” or “undisclosed” labels?
Stage visibility is limited: 6 of 14 entries are labeled “Series Unknown” and 2 of 14 are “undisclosed” (Telna on 2024-12-16; Beanfield Metroconnect on 2023-07-18). In contrast, the largest disclosed amount (Kepler Communications $92M on 2023-04-13) is in a labeled row (“Series C”), not in the unknown/undisclosed group.
Which stage labels actually show large disclosed checks in this list?
The largest disclosed amount appears under a named stage: Kepler Communications is “Series C” with $92M on 2023-04-13. Other larger disclosed checks also show up in labeled rows like Thentia’s “Series B” at $10M on 2022-04-19 and Titan Medical’s “Post-IPO Debt” at $11M on 2022-01-26, while many high-uncertainty entries (e.g., QEYnet $980K on 2025-01-20 labeled “Series Unknown”) sit below the top end.
Are any single entries outliers by size, based on disclosed amounts only?
Yes. Kepler Communications’ $92M on 2023-04-13 is a clear size outlier relative to most other disclosed amounts shown, while Micromem Technologies at $90K on 2023-05-03 is the smallest disclosed amount. Several other disclosed rounds are in the tens of millions (e.g., Andorix $40M on 2023-08-22; RockMass Technologies $2M on 2020-12-15), but none match the top disclosed value.
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