SENTIMENT:SELECTIVE

The National Intangible
Capital Index (NICI)™

Real-time tracking of Canada's private innovation economy.*Sample data for pilot demonstration.

NICI Aggregate
1,240.5
1.2% vs last qtr
Total IP Value
$42.5B
0.8% vs last qtr
Capital Efficiency
1.8x
0.1x vs last qtr
Private Capital Stock
$185B
-0.5% vs last qtr
SECTOR PULSE
B2B SaaS6.8x 1.2%
Fintech5.2x 0.8%
Healthtech4.1x 0%
Consumer Sub3.9x 0.5%
Cybersecurity8.4x 2.1%
Defense Tech28.5x 4.2%
DevTools9.1x 1.5%
DeepTech12.2x 0.3%
E-commerce1.8x 0.9%
SECTOR PULSE
B2B SaaS6.8x 1.2%
Fintech5.2x 0.8%
Healthtech4.1x 0%
Consumer Sub3.9x 0.5%
Cybersecurity8.4x 2.1%
Defense Tech28.5x 4.2%
DevTools9.1x 1.5%
DeepTech12.2x 0.3%
E-commerce1.8x 0.9%
Region:
Sector:
Rank
Company
Region
Sector
StageStatus
ARR
Growth
Talent
Lev.
Trans. Val
IP Value
Total Val
Score
1
CO
Cohere
ON
Generative AI
Series DVERIFIED$240M+287%
99/100
18.5x$6.8B$5.2B$6.8B
98
2
WE
Wealthsimple
ON
Fintech
Series EVERIFIED$400M+25%
94/100
8.4xC$10B$2.8BC$10B
97
3
1P
1Password
ON
Cybersecurity
Series CVERIFIED$400M+35%
95/100
25x$6.8B$3.1B$6.8B
96
4
CL
Clio
BC
SaaS
Series GVERIFIED$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
PublicVERIFIEDC$1.63B+51%
91/100
28.5xC$7.8B$1.6BC$7.8B
92
8
ST
StackAdapt
ON
AdTech
Late StageVERIFIED$500M+35%
87/100
12x$2.5B$800M$2.5B
91
9
WA
Waabi
ON
Autonomous AI
Series CESTIMATE$5M+50%
98/100
10.1x$3.0B$1.2B$3.0B
90
10
MA
Magnet Forensics
ON
Cybersecurity
Private EquityVERIFIED$150M+25%
92/100
11xC$1.8B$1.0BC$1.8B
89
11
D-
D-Wave
BC
DeepTech
PublicVERIFIED$25M+179%
96/100
30x$8.5B$600M$8.5B
89
12
TR
Trulioo
BC
Identity / Fintech
Series DESTIMATE$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
11xC$1.8B$600MC$1.8B
88
14
TA
Tailscale
ON
Zero Trust
Series CVERIFIED$50M+80%
94/100
14x$1.5B$700M$1.5B
87
16
VI
Visier
BC
HR Tech
Late StageESTIMATE$147M+25%
86/100
12x$1.0B$400M$1.0B
87
17
AD
Ada Support
ON
Customer AI
Series CESTIMATE$71M+35%
88/100
15.6x$1.2B$750M$1.2B
87
15
KR
Kraken Robotics
NL
Defense Tech
PublicVERIFIEDC$102M+12%
89/100
14.2xC$2.1B$400MC$2.1B
86
20
AB
AbCellera
BC
Healthtech
PublicVERIFIED$75M+161%
95/100
14x$2.0B$1.2B$2.0B
85
21
JO
Jobber
AB
SaaS
Series DESTIMATE$168M+50%
84/100
11.2x$700M$400M$700M
85
18
SV
Svante
BC
DeepTech
Series EESTIMATE$20M+100%
90/100
15x$1.0B$900M$1.0B
84
19
XA
Xanadu
ON
DeepTech
PublicVERIFIED$5M+188%
99/100
8.2x$3.8B$1.1B$3.8B
84
22
GE
General Fusion
BC
DeepTech
SPAC PendingESTIMATE$0M+0%
94/100
25x$1.0B$500M$1.0B
83
24
NE
Nesto
QC
Fintech
Series EVERIFIED$120M+45%
84/100
8xC$1.47B$400MC$1.47B
83
23
KO
Koho
ON
Fintech
Series EVERIFIED$250M+50%
80/100
5xC$1.33B$350MC$1.33B
82
25
LI
Lightspeed
QC
SaaS
PublicVERIFIED$1.23B+14%
85/100
12x$1.4B$900M$1.4B
81
26
VE
Vention
QC
DevTools
Series DVERIFIED$100M+60%
89/100
8.4x$1.0B$500M$1.0B
80
27
BE
BenchSci
ON
Healthtech
Series DUNVERIFIED$40M+80%
93/100
6.5xUndisc.$600MUndisc.
79
28
PA
Paper
QC
EdTech
Series DESTIMATE$100M+-15%
80/100
9x$750M$300M$750M
77
29
HO
Hootsuite
BC
SaaS
Late StageESTIMATE$350M+5%
80/100
10x$800M$300M$800M
76
30
DE
Deep Genomics
ON
Healthtech
Series CUNVERIFIED$15M+40%
96/100
5.2xUndisc.$500MUndisc.
75
31
NE
Neo Financial
AB
Fintech
Series DESTIMATE$80M+-20%
82/100
9.5xC$510M$250MC$510M
74
32
SY
Symend
AB
SaaS
Series CESTIMATE$30M+10%
82/100
7x$350M$150M$350M
73
33
CE
Certn
BC
HR Tech
Series BESTIMATE$40M+60%
78/100
7.8x$450M$150M$450M
72
34
EC
Ecopia AI
ON
Geospatial AI
Series BUNVERIFIED$30M+50%
88/100
12.5x$300M$250M$300M
71
35
AP
ApplyBoard
ON
EdTech
Series DESTIMATE$150M+-20%
85/100
14.8x$900M$400M$900M
70
36
SI
Signal 1
ON
Healthtech
SeedUNVERIFIED$2M+200%
90/100
4xUndisc.$80MUndisc.
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.

Showing 36 pilot companies

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.

Stop Explaining Your Value. Show Your Rank.

A NICI Score tells a VC in 3 seconds what takes you 3 meetings to explain. Join the index to unlock the "S&P 500 Effect" for private capital.

Applying for IRAP or SR&ED in 2026?

Government reviewers are shifting to Intangible Capital metrics. Don't fly blind. Get the data validation you need to secure your funding seat.