The National Intangible
Capital Index (NICI)™
Ranked view of Canada's innovation economy from public filings and reported rounds.*Sample data for pilot demonstration — not QuantPillar-certified valuations.
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 | DISCLOSED | $240M | +287% | 99/100 | 18.5x | $6.8B | $5.2B | $6.8B | 98 | |
| 2 | WE Wealthsimple | ON | Fintech | Series E | DISCLOSED | $400M | +25% | 94/100 | 8.4x | C$10B | $2.8B | C$10B | 97 | |
| 3 | 1P 1Password | ON | Cybersecurity | Series C | DISCLOSED | $400M | +35% | 95/100 | 25x | $6.8B | $3.1B | $6.8B | 96 | |
| 4 | CL Clio | BC | SaaS | Series G | DISCLOSED | $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) | DISCLOSED | $1.2B | +15% | 88/100 | 14x | $6.3B | $2.5B | $6.3B | 94 | |
| 7 | MD MDA Space | ON | Space / Defense | Public | REPORTED | C$1.63B | +51% | 91/100 | 28.5x | C$7.8B | $1.6B | C$7.8B | 92 | |
| 8 | ST StackAdapt | ON | AdTech | Late Stage | DISCLOSED | $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 | DISCLOSED | $150M | +25% | 92/100 | 11x | C$1.8B | $1.0B | C$1.8B | 89 | |
| 11 | D- D-Wave | BC | DeepTech | Public | REPORTED | $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) | REPORTED | $100M | +45% | 86/100 | 11x | C$1.8B | $600M | C$1.8B | 88 | |
| 14 | TA Tailscale | ON | Zero Trust | Series C | DISCLOSED | $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 | REPORTED | C$102M | +12% | 89/100 | 14.2x | C$2.1B | $400M | C$2.1B | 86 | |
| 20 | AB AbCellera | BC | Healthtech | Public | REPORTED | $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 | REPORTED | $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 | DISCLOSED | $120M | +45% | 84/100 | 8x | C$1.47B | $400M | C$1.47B | 83 | |
| 23 | KO Koho | ON | Fintech | Series E | DISCLOSED | $250M | +50% | 80/100 | 5x | C$1.33B | $350M | C$1.33B | 82 | |
| 25 | LI Lightspeed | QC | SaaS | Public | REPORTED | $1.23B | +14% | 85/100 | 12x | $1.4B | $900M | $1.4B | 81 | |
| 26 | VE Vention | QC | DevTools | Series D | DISCLOSED | $100M | +60% | 89/100 | 8.4x | $1.0B | $500M | $1.0B | 80 | |
| 27 | BE BenchSci | ON | Healthtech | Series D | ESTIMATE | $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 | ESTIMATE | $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 | ESTIMATE | $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 | ESTIMATE | $2M | +200% | 90/100 | 4x | Undisc. | $80M | Undisc. | 69 |
Status describes where each valuation came from. It is not a QuantPillar engagement badge.
• Verified: QuantPillar 409A or M&A diligence — none of the rows below currently qualify.
• Disclosed: Priced round announced by the company or its lead investor.
• Reported: Public listing or secondary transaction described in credible reporting.
• Estimate: Modelled from public filings and sector benchmarks.
• Transaction Value: Price of last equity round. • Fund. IP Value: Patents, code, and trade secrets. • Talent Score: R&D headcount quality score.
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.