Made by Waterloo

Many of the world’s leading innovation ecosystems share a common feature: a world-class research university at their core. The University of Waterloo has played a pivotal role in establishing the Waterloo region as a premier innovation ecosystem in Canada. 

You have probably heard of game-changing success stories like Blackberry, OpenText and Desire to Learn (D2L). But did you know that more than 562 Waterloo alumni have raised venture capital in the last decade? It’s why Pitchbook ranks Waterloo as the top Canadian school for entrepreneurs — where groundbreaking ideas become a reality. 

Waterloo region has become celebrated as Canada’s tech capital with some of the country’s fastest-growing companies planting their roots in the city. Here are five companies founded by Waterloo alumni — whose offices may even be in your neighbourhood — that are making waves locally and globally. 

Alchemy

What began as a fourth-year capstone project for Waterloo alumni Chong Shen (BASc ’13) and Khanjan Desai (BASc ’13) to keep windshields frost-free has blossomed into a remarkable success story for Alchemy. Waterloo supported Alchemy’s journey, providing initial funding through the Velocity incubator and access to on-campus lab space. As Alchemy began to take off, Shen and Desai received additional funding from the University. They successfully applied to the renowned Y Combinator business accelerator in California, while maintaining their offices in Kitchener. 

Today, Alchemy develops cutting-edge nanotechnology products for the automotive and defense industries. Their ExoShield windshield protection film offers abrasion-resistant and frost prevention coatings, providing a best-in-class windshield-protection solution with 500 active installers across 57 countries. Their nanocomposite coating provides next-generation multi-spectral camouflage for defense purposes. Over the past two years, Alchemy has partnered with the Canadian Armed Forces to develop this technology for uniforms and shields. In 2025, Alchemy received $1.8 million in funding from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) to grow and scale their business. 

Avidbots 

Waterloo alumni, Pablo Molina (BASc ’11) and Faizan Sheikh (BASc ’11), are revolutionizing the cleaning industry with Avidbots — the world’s smartest autonomous floor scrubbing robots. Their flagship product, NEO, is equipped with advanced mapping and navigation capabilities, allowing the robots to clean large areas autonomously. The company’s vision is to make robots more widespread in the cleaning industry, unlocking human potential and improving cleanliness standards locally and globally.

In 2014, Avidbots joined Velocity as an early-stage startup to develop their product and maintained their relationship with the incubator over the years. Despite their global success, Molina and Sheikh decided to stay close to the University by keeping their headquarters in Kitchener to access the startup ecosystem, and the region’s research and engineering talent. 

Avidbots’ partnership with Waterloo RoboHub leverages the expertise of researchers and students to enhance the company’s robotics technology. Since 2018, the company has continued to hire co-op students and full-time employees, many of whom are Waterloo Engineering graduates. 

In 2020, Avidbots partnered with DHL to deploy NEO in commercial spaces such as airports, warehouses and shopping malls. Avidbots was recognized among Deloitte’s 2020 Technology Fast 50, and 2021 Technology Fast 500. In 2023, the Narwhal Project included Avidbots as part of the Narwhal List of Canadian technology companies that received more than $10 million of capital and are on their way to unicorn status. With customers in over a dozen countries across five continents, Avidbots has global offices in Chicago, Hong Kong, Japan, South Korea and Colombia. 

Axonify 

Co-founder and CEO of Axonify, Carol Leaman (BA’89, MAcc ’89, DLitt ’22) is a trailblazer in the software sector, specializing in personalized learning solutions for frontline employees. Axonify provides businesses with employee training software that uses brain science and AI for microlearning and daily reinforcement, catering to various industries.

Axonify hires Waterloo co-op students in various roles and many students have returned to the company upon graduation as full-time employees, enabling Axonify to streamline their recruitment process and build a talented workforce. In 2022, Leaman received an honorary doctorate from Waterloo for her impact as an entrepreneur and thought leader in the region. 

In 2021, Axonify celebrated a milestone by increasing its workforce by 15 per cent across North America and Europe, with a focus on Eastern Canada. Currently, 780 full-time employees work at Axonify, which is headquartered in Waterloo. Axonify’s software is used by more than 250 companies, including Lowe’s, Kroger, Walmart and Citizens Bank.  

GeoMate 

GeoMate, co-founded by Dr. Nastaran Saberi (PhD ’19) and Dr. Amin Gharebaghi, is at the forefront of innovating urban planning and autonomous driving mapping solutions with artificial intelligence (AI). GeoMate’s technology enables precise and cost-effective mapping of mid-sized cities in just four weeks, all without any fieldwork. Their innovation provides high precision and regular updates, tailored for urban planners and leaders in autonomous driving.

In 2019, Geomate joined the Grebel Peace Incubator at Waterloo’s Conrad Grebel University College. Through the incubator, GeoMate completed pilot projects in Stratford and Kitchener, working with local political leaders to help them improve their accessibility. In 2020, Saberi presented GeoMate at the Velocity Fund Pitch Competition. GeoMate was selected as part of the ten finalists and joined the incubator.  

More recently, GeoMate secured funding from FedDev Ontario to develop an advanced simulation platform for autonomous driving across 10 major cities in Ontario, further fueling their mission to transform urban landscapes. GeoMate’s headquarters are in the Communitech building in downtown Kitchener, where they employ Waterloo co-op students and alumni as employees. 

Miovision 

Founded by Kurtis McBride (BASc ’04, MASc ’07), Miovision addresses traffic problems by collecting multimodal traffic data and uncovering actionable insights, helping municipalities optimize their road networks and improve traffic flow. Miovision’s technology enhances overall mobility, reduces vehicle congestion and user delays on city roadways, resulting in better fuel economy and lower CO2 emissions.

McBride came up with the idea for Miovision while on a co-op work placement at a transportation consultancy. Since 2005, Miovision’s systems have assisted nearly 2,000 customers in 63 countries, including five major cities in Canada. Miovision was recognized among Deloitte’s 2024 Technology Fast 50 list and received the Canadian Innovation award from the Canadian Innovation Exchange. Currently, Miovision employs 400 employees including Waterloo co-op students.  

These five companies exemplify the entrepreneurial spirit and innovative mindset fostered by Waterloo. However, they are only a small reflection of Waterloo’s broader impact on nurturing talent and providing support to entrepreneurs at each stage of their journey.  If you’re inspired by Waterloo’s culture of innovation and research, don’t miss the Velocity Pitch Competition: All Stars on April 1. 

Join the event to champion Velocity’s most promising new founders as they showcase their transformative startups and propel their ventures into the future.

VELOCITY PITCH COMPETITION

ALL STARS