The National Intangible
Capital Index (NICI)™
Real-time tracking of Canada's private innovation economy.*Sample data for pilot demonstration.
Rank | Company | Region | Sector | Stage | Status | ARR | Growth | Talent | Lev. | Trans. Val | IP Value | Total Val | Score | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CO Cohere | ON | Generative AI | Series D | VERIFIED | $240M | +287% | 99/100 | 18.5x | $6.8B | $5.2B | $6.8B | 98 | |
| 2 | WE Wealthsimple | ON | Fintech | Series E | VERIFIED | $400M | +25% | 94/100 | 8.4x | C$10B | $2.8B | C$10B | 97 | |
| 3 | 1P 1Password | ON | Cybersecurity | Series C | VERIFIED | $400M | +35% | 95/100 | 25x | $6.8B | $3.1B | $6.8B | 96 | |
| 4 | CL Clio | BC | SaaS | Series G | VERIFIED | $500M | +40% | 92/100 | 22.4x | $5.0B | $2.2B | $5.0B | 96 | |
| 5 | HO Hopper | QC | Travel Tech | Late Stage (2022) | ESTIMATE | $500M | +20% | 88/100 | 10x | $5.0B | $1.5B | $5.0B | 95 | |
| 6 | NU Nuvei | QC | Fintech | Private (PE) | VERIFIED | $1.2B | +15% | 88/100 | 14x | $6.3B | $2.5B | $6.3B | 94 | |
| 7 | MD MDA Space | ON | Space / Defense | Public | VERIFIED | C$1.63B | +51% | 91/100 | 28.5x | C$7.8B | $1.6B | C$7.8B | 92 | |
| 8 | ST StackAdapt | ON | AdTech | Late Stage | VERIFIED | $500M | +35% | 87/100 | 12x | $2.5B | $800M | $2.5B | 91 | |
| 9 | WA Waabi | ON | Autonomous AI | Series C | ESTIMATE | $5M | +50% | 98/100 | 10.1x | $3.0B | $1.2B | $3.0B | 90 | |
| 10 | MA Magnet Forensics | ON | Cybersecurity | Private Equity | VERIFIED | $150M | +25% | 92/100 | 11x | C$1.8B | $1.0B | C$1.8B | 89 | |
| 11 | D- D-Wave | BC | DeepTech | Public | VERIFIED | $25M | +179% | 96/100 | 30x | $8.5B | $600M | $8.5B | 89 | |
| 12 | TR Trulioo | BC | Identity / Fintech | Series D | ESTIMATE | $100M | +35% | 88/100 | 9.5x | $1.75B | $850M | $1.75B | 88 | |
| 13 | JA Jane Software | BC | Healthtech | Secondary (TCV) | VERIFIED | $100M | +45% | 86/100 | 11x | C$1.8B | $600M | C$1.8B | 88 | |
| 14 | TA Tailscale | ON | Zero Trust | Series C | VERIFIED | $50M | +80% | 94/100 | 14x | $1.5B | $700M | $1.5B | 87 | |
| 16 | VI Visier | BC | HR Tech | Late Stage | ESTIMATE | $147M | +25% | 86/100 | 12x | $1.0B | $400M | $1.0B | 87 | |
| 17 | AD Ada Support | ON | Customer AI | Series C | ESTIMATE | $71M | +35% | 88/100 | 15.6x | $1.2B | $750M | $1.2B | 87 | |
| 15 | KR Kraken Robotics | NL | Defense Tech | Public | VERIFIED | C$102M | +12% | 89/100 | 14.2x | C$2.1B | $400M | C$2.1B | 86 | |
| 20 | AB AbCellera | BC | Healthtech | Public | VERIFIED | $75M | +161% | 95/100 | 14x | $2.0B | $1.2B | $2.0B | 85 | |
| 21 | JO Jobber | AB | SaaS | Series D | ESTIMATE | $168M | +50% | 84/100 | 11.2x | $700M | $400M | $700M | 85 | |
| 18 | SV Svante | BC | DeepTech | Series E | ESTIMATE | $20M | +100% | 90/100 | 15x | $1.0B | $900M | $1.0B | 84 | |
| 19 | XA Xanadu | ON | DeepTech | Public | VERIFIED | $5M | +188% | 99/100 | 8.2x | $3.8B | $1.1B | $3.8B | 84 | |
| 22 | GE General Fusion | BC | DeepTech | SPAC Pending | ESTIMATE | $0M | +0% | 94/100 | 25x | $1.0B | $500M | $1.0B | 83 | |
| 24 | NE Nesto | QC | Fintech | Series E | VERIFIED | $120M | +45% | 84/100 | 8x | C$1.47B | $400M | C$1.47B | 83 | |
| 23 | KO Koho | ON | Fintech | Series E | VERIFIED | $250M | +50% | 80/100 | 5x | C$1.33B | $350M | C$1.33B | 82 | |
| 25 | LI Lightspeed | QC | SaaS | Public | VERIFIED | $1.23B | +14% | 85/100 | 12x | $1.4B | $900M | $1.4B | 81 | |
| 26 | VE Vention | QC | DevTools | Series D | VERIFIED | $100M | +60% | 89/100 | 8.4x | $1.0B | $500M | $1.0B | 80 | |
| 27 | BE BenchSci | ON | Healthtech | Series D | UNVERIFIED | $40M | +80% | 93/100 | 6.5x | Undisc. | $600M | Undisc. | 79 | |
| 28 | PA Paper | QC | EdTech | Series D | ESTIMATE | $100M | +-15% | 80/100 | 9x | $750M | $300M | $750M | 77 | |
| 29 | HO Hootsuite | BC | SaaS | Late Stage | ESTIMATE | $350M | +5% | 80/100 | 10x | $800M | $300M | $800M | 76 | |
| 30 | DE Deep Genomics | ON | Healthtech | Series C | UNVERIFIED | $15M | +40% | 96/100 | 5.2x | Undisc. | $500M | Undisc. | 75 | |
| 31 | NE Neo Financial | AB | Fintech | Series D | ESTIMATE | $80M | +-20% | 82/100 | 9.5x | C$510M | $250M | C$510M | 74 | |
| 32 | SY Symend | AB | SaaS | Series C | ESTIMATE | $30M | +10% | 82/100 | 7x | $350M | $150M | $350M | 73 | |
| 33 | CE Certn | BC | HR Tech | Series B | ESTIMATE | $40M | +60% | 78/100 | 7.8x | $450M | $150M | $450M | 72 | |
| 34 | EC Ecopia AI | ON | Geospatial AI | Series B | UNVERIFIED | $30M | +50% | 88/100 | 12.5x | $300M | $250M | $300M | 71 | |
| 35 | AP ApplyBoard | ON | EdTech | Series D | ESTIMATE | $150M | +-20% | 85/100 | 14.8x | $900M | $400M | $900M | 70 | |
| 36 | SI Signal 1 | ON | Healthtech | Seed | UNVERIFIED | $2M | +200% | 90/100 | 4x | Undisc. | $80M | Undisc. | 69 |
• Transaction Value: Price of last equity round (VC Hype).
• Fund. IP Value: Intrinsic value of patents, code, and trade secrets.
• Talent Score: AI-based quality score of R&D headcount.
Measuring the Invisible Economy
The NICI introduces a new sovereign accounting framework to capture the true wealth of the AI age.
Beyond GDP
GDP tracks factory output. It fails to measure the primary capital of the 21st century: Intangible Assets. We shift focus from 'Flow of Funds' to 'Stock of Knowledge.'
Strategic Data Reserves
In the AI industrial revolution, Data is the New Oil. We quantify the depth of proprietary datasets: the raw fuel required to train sovereign models and secure economic independence.
Sovereign IP Retention
Innovation is only wealth if you own it. NICI audits the retention of intellectual property within national borders, ensuring that public funding builds domestic economic moats.
Capital Efficiency Audit
Measuring the Grant Leverage Ratio: How many dollars of permanent private asset value are created for every dollar of public investment? A new standard for fiscal accountability.