MarineLabs operates a North America-wide fleet of rugged ocean sensors that deliver hyper-local and high-resolution weather intelligence, providing real-time wind, wave and weather data along with AI-driven forecasts that enable maritime operators to make critical decisions with confidence.

“MarineLabs is proud to be building Canadian-made technology that’s already making maritime operations measurably safer and more efficient across North America. With the support of BDC and InBC, we’re growing our network coverage and entering new markets to deliver even greater impact for the ports, pilots and terminals that keep our economy moving.”

— Dr. Scott Beatty, Founder and CEO, MarineLabs

Its flagship product, CoastAware, sets a new benchmark for weather intelligence by combining real-time data with advanced data processing. The subscription platform delivers hyper-local, real-time weather intelligence and AI-powered 10-day forecasts, helping ports, pilots and other maritime operators to make more confident decisions and improve efficiency and safety, while minimizing environmental impact.

InBC invested in MarineLabs alongside BDC Capital’s Sustainability Venture Fund. Already active in four of Canada’s five largest ports, as well as internationally, the company will be using the investment to further expand its sensor network and grow its market share across North America.

This investment is advancing InBC’s objective to support innovation and is enhancing safety and operations for coastal industries. It is supporting the growth of a globally competitive B.C.-based business that is developing IP on Vancouver Island and contributing to jobs and economic growth in the region.

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Are you a B.C.-based company ready to scale in the market and looking for investment? Learn more about how InBC is investing in British Columbia and connect with our team today: Learn More

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4AG Robotics was InBC’s first direct investment in a company, which we announced in the fall of 2023. In less than two years, we have watched the company grow from prototype to its autonomous, vision-guided mushroom harvesting robots now deployed on three continents, helping farmers in B.C. and across the world to improve operating efficiencies and reduce food waste while addressing labour challenges.

Mushroom farming is the original vertical farm and today, mushrooms grow on aluminum shelves known as “Dutch racks” in dark, humid environments. Because mushrooms double in size every 24 hours, harvesting is required around the clock. This work is physically demanding with workers reaching between shelves to hand-pick the mushrooms. 4AG Robotics is tackling this global challenge — addressing labour shortages, improving product consistency, and optimizing mushroom yield and quality through advanced automation and AI.

The Forager HX400: 4AG Robotics’ autonomous, vision-guided mushroom harvesting robot.

The company’s autonomous, vision-guided robots can pick, trim and pack mushrooms. They are retrofitted directly to a farm’s existing shelving and are mobile between growing rooms for optimal efficiency. This flexibility enables 4AG to scale the deployment of its robots onto farms across the world. Integrated with AI, the robots continue to make smarter decisions over time — on which mushrooms to harvest, when to harvest and how to optimize trimming — continuously improving yield and quality.

4AG Robotics employees building Forager HX400 harvesting robots and installing them onto farms.

The company, based in Salmon Arm, recently expanded with a satellite office in Vancouver, representing a significant milestone in its growth. 4AG proves that you can build a global category leader in a small town, supporting economic growth and jobs in its community. Last month, the Thompson Okanagan Business Excellence Awards recognized 4AG as Big Business of the Year for its economic impact in the region.

InBC committed our follow-on investment to 4AG Robotics’ Series B alongside other investors, which closed at $40 million — an up round in a market where that’s increasingly rare. The raise comes on the heels of rapid commercial growth: 4AG has expanded across three continents, sold dozens of robots and deployed systems at the world’s leading mushroom farms, all while building from a small town in B.C. In a capital- and labour-constrained sector, this traction is no small feat. The new investment will support the company’s continued global expansion, team growth and mission to build a more sustainable food system powered by B.C. innovation.

Congratulations to the entire 4AG Robotics team for its achievements.

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InBC is investing in companies with strong connections to B.C and ready to scale in the market (typically raising a Series A or later round). Explore if InBC is the right investor for you and connect with our team today: Learn More

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Sanctuary AI’s Phoenix^TM  is the world’s first humanoid general-purpose robot powered by Carbon^TM, a unique artificial intelligence (AI) control system giving the robot human-like intelligence and enabling it to perform a wide variety of tasks. Carbon AI mimics the subsystems found in the human brain, giving Phoenix an advanced human-like range of motion, visual perception and tactile sensing, including industry-leading hands with fine dexterity.

“Intelligent embodied systems or general-purpose robots will play an important role in provincial and national productivity. We believe that Canada has an opportunity to be a world leader in this space. It is great to work with organizations like BDC and InBC who understand and share this vision.”  

—  Olivia Norton, Co-founder, CTO & CPO, Sanctuary AI

Trained and remotely piloted or supervised by humans, Sanctuary’s robots are designed to work alongside people. In addition to addressing labour shortages, they are taking on tasks that are unpleasant or dangerous for humans, enabling work to be completed from anywhere and helping teams to work more safely, efficiently and sustainably. The technology also has potential to create new jobs beyond the limits of human physiology, as well as provide opportunities to those less capable of physical work.  

Industries have begun using the technology to improve operations and employee satisfaction. Last year, Sanctuary carried out two pilots in Canadian Tire owned retail stores in B.C.; the first of their kind in a commercial setting, the pilots were designed to alleviate monotonous tasks and free employees up for more valuable work such as customer service. This year, Canadian automotive supply company Magna will begin piloting the robots in its manufacturing facilities. Microsoft is also collaborating with Sanctuary AI on AI research and development.   

InBC invested in Sanctuary AI alongside other investors including lead investor BDC’s Thrive Venture Fund. With this financing, Sanctuary AI will continue advancing its commercial scale, research and development, and adding to its team in Vancouver including positions in AI, robotics, science, engineering, design and operations. 

In addition to the potential for financial returns, this investment aligns with InBC’s impact objective to innovate for the future and is supporting job growth and anchoring intellectual property (IP) in B.C.  

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Get to know Sanctuary AI at Startupfest, Montreal, July 10-12 

At this year’s Startupfest, InBC’s Chief Investment Officer Leah Nguyen will be interviewing Sanctuary AI’s Co-Founder, Chief Technology Officer and Chief Product Officer Olivia Norton for BDC’s Women in Tech Bootcamp. Join us for an engaging discussion as Olivia shares her journey as a co-founder and pioneer of humanoid robots, how Sanctuary AI is solving problems and what she sees as the future of robotics and AI.  

Get your ticket 

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In 2022, InBC invested in Raven Indigenous Capital Partners, an Indigenous-owned and led impact investing firm focused on investing in scaling Indigenous enterprises. Since then, Raven has been actively investing in B.C. companies. Recently, it led the successful fundraising round for RaceRocks 3D, a technology company modernizing training in the Canadian defense and aerospace sectors.

RaceRocks is a certified Indigenous business led by Co-Founder and President, Anita Pawluk, an experienced entrepreneur who is well recognized in the technology sector. Pawluk, of Metis heritage, is also the driving force behind the company’s strong diversity, equity and inclusion. Under her leadership, the company was recognized as ViaTec’s “Tech Company of the Year” in 2017, “Technology Leader of the Year” in 2018 and “Employer of the Year” in 2022.

“For RaceRocks Raising a Series A to meet the market opportunity is not just about investment; it’s about catalyzing positive change and driving impact in the Indigenous Economy.”

– Anita Pawluk, Co-Founder and CEO, RaceRocks 3D

Founded on Vancouver Island where the Royal Canadian Navy is stationed in Esquimalt, RaceRocks saw an opportunity to improve the the industry’s training methods. They set out to create engaging training experiences increasing the safety and skills development of new recruits, many of whom grew up in the digital era and learn very differently from recruits of the past.

RaceRocks offers technology-driven training solutions modernizing and elevating traditional training methods, from static content creation to immersive solutions leveraging 3D learning technology such as virtual reality. Now, trainees can navigate and test different scenarios before being put in real-world environments for the first time. This technology enabled learning is combined with training design customized to each client.

Today, the B.C.-grown company has a client list that includes some of the biggest names in defense and aerospace such as Babcock, Boeing and the Canadian Armed Forces. Locally, it is creating high-technology jobs, supporting more Indigenous Peoples in STEAM and driving economic growth on the west coast, in addition to improving the safety, efficiency and effectiveness of training methodologies for our national defense.

Raven’s investment marks a significant milestone for the company. For RaceRocks, it meant more than financial support; it demonstrated investor confidence and validated the hard work, dedication and innovation of its team. This investment is enabling the company to accelerate its growth trajectory and broaden its presence across Canada, as well as expand its research and development to push the boundaries of its technology.

Behind RaceRock’s success is its people-driven culture, including its commitment to reconciliation and empowering underrepresented entrepreneurs. As an organization, it completed the three-year committed phase of the Canadian Council for Aboriginal Business’ Progressive Aboriginal Relations (PAR) program, engaging employees of all levels to learn and gain perspectives on how to lead a company that is participating in and giving back to the Indigenous economy.

Externally, RaceRocks is advancing reconciliation through participating in events such as Orange Shirt Day and sponsoring other organizations in the space. Internally, it has its Aspire program, a committee run by its team members that is fostering diversity, equity and inclusion in the STEAM fields, and providing opportunities for Indigenous Peoples to participate in science, technology, engineering, arts and math.

InBC’s portfolio fund, Raven, and its investment in RaceRocks 3D is supporting a B.C.-grown, Indigenous-owned and woman-led company that is making strides in technology and revolutionizing training in the Canadian defense and aerospace sectors. RaceRocks is driving economic growth, contributing research and development and creating high-technology jobs in the province, including empowering more Indigenous Peoples to participate in and pursue careers in STEAM.

InBC invests in venture funds committed to investing in B.C. companies. This increases our investing capacity and the number of investors in the province providing capital to more B.C. businesses. These funds have the expertise to support companies in their areas of focus, such as Raven’s expertise in growing the Indigenous economy and empowering Indigenous entrepreneurs.

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ThoughtExchange combines deep artificial intelligence capabilities with proprietary survey methods to bridge the gap between data and actionable solutions. Designed for respondents to feel comfortable answering questions candidly and deeply, ThoughtExchange is enabling employees to feel heard and valued, communities to listen to diverse perspectives and leaders to build people’s voices into their decision-making.

“It is awesome to have an investor that understands that inclusion and business success are not in opposition and are, instead, correlated directly. Our mission is to accelerate change by including people in solving problems that affect them and as a B.C.-based company with headquarters in Rossland, B.C. in the Kootenay region, we are more than thrilled to be partnering with a strategic fund that aligns with our mandate and can foster our growth.”

— Dave MacLeod, Co-Founder & CEO, ThoughtExchange

Organizations are using ThoughtExchange to engage in thoughtful discussion, listening, and understanding of even the most complex topics. School districts across North America are using the platform to identify where investment is needed, putting money back into the classroom. Communities such as Simpcw First Nation are using it to consult members living on and off their territory on self-governance initiatives. Enterprises such as SAP and Vancouver Island’s Coastal Credit Union are accessing diverse voices and extracting collective intelligence across their organizations to help achieve their goals.

In addition to the potential for financial returns and benefits to B.C., this investment aligns with our impact objectives to innovate for the future and elevate inclusive communities.

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Are you an innovative company generating economic, social or environmental impacts for B.C. and looking for an equity investment to support your scale up? InBC is investing alongside other investors in companies raising a Series A or later round. Learn more about our investment objectives and consider us as an investor here.

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Since our first investments, the funds in our portfolio have been actively sourcing and investing in B.C.-based companies that are driving innovation, creating quality jobs and generating measurable impact. We are excited to profile some of the companies two of our portfolio funds, Evok Innovations and Yaletown Partners, have invested in.

Evok Innovations

Driven by the global momentum towards a net-zero future, Evok Innovations is investing in technologies that are accelerating the energy sector’s transition to clean energy. InBC invested $10 million in Evok Innovation’s Fund II, aligning with our impact objective to drive climate action.

Learn more about Evok Innovations and the companies they invest in with their 2022 Impact Report.

Evok Innovations participated in MineSense’s Series E funding round which closed at $42 million. MineSense is a pioneer in smart mining solutions allowing the mining industry to deliver more metals with less impact on the environment.

Yaletown Partners

Yaletown Partners invests in the Intelligent Industry of companies using the application of data and technology to digitally transform and modernize industries. InBC invested $10 million in Yaletown Innovation Growth Fund II, aligning with our impact objective to innovate for the future.

Yaletown Partners led Zenhub’s Series A funding round which raised $10 million. Zenhub is a leading project management platform enabling software teams to become more efficient through agile automations. With Zenhub, development teams can manage projects entirely in GitHub. The platform facilitates team collaboration and gives stakeholders both internally and externally visibility into project progress.

Zenhub’s Series A funding is being used to expand its platform to give non-technical users access to create issues, tasks and track projects. As non-technical users are increasingly becoming involved in the development process, this expansion is making Zenhub approachable to more employees and bringing its productivity solutions beyond technical teams. Organizations are benefitting from the enhanced security, cost savings and improved collaboration.

Zenhub is certified as a Great Place to Work® by Great Place to Work® Institute Canada. Recently, the company published a Software Developer Happiness Report from a survey of 380 developers around the world.

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Yaletown Partners participated in Inverted AI’s seed funding round which closed at $1.4 million. A spinout from UBC’s Creative Destruction Lab, Inverted AI is a research and product company using deep learning and generative AI to predict the behaviour of drivers, cyclists and pedestrians, for companies developing self-driving vehicles.  

InBC is investing in companies and venture funds to generate financial returns alongside measurable economic, social and environmental impacts. Are you an innovative company or fund with strong connections to B.C. and seeking investment to support your growth? Learn more about our investment criteria and impact objectives and consider submitting your information through our website to be reviewed by our investment team.  

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