Canadian tech firms receive $1.1B from investors in Q3, report finds

TORONTO – A new report says Canada’s venture-capital backed companies received about $1.1 billion from investors in the third quarter of the year, with artificial intelligence firms bringing in a record amount so far this year.

The PwC Canada report says 81 deals in the quarter accounted for a 21 per cent jump in activity and 110 per cent increase in funding from the previous quarter.

The growth comes after two quarters of declining investment, and the quarter represents a two-year high.

PwC Canada says artificial intelligence companies have received a record year of funding in 2017’s first three quarters, accounting for roughly $244 million in 22 deals.

Fintech companies have received about $256 million in 27 deals so far in 2017.

National technology sector leader Chris Dulny says in a statement the firm looks forward to a strong close to the year.