Cycle Capital is a pioneer in Canadian Cleantech venture capital fund management investing in companies at the development and commercialization stages in North America. Founded in 2009 by Andrée-Lise Méthot, Founder and Managing Partner, Cycle Capital’s Platform has become an important venture capital investor of the Cleantech industry with its 3 funds totaling $230M Assets Under Management (AUM). Cycle Capital is looking to invests in promising ventures that are not capital intensive and/or that can benefit from the leverage brought by Cycle Capital extensive network of investors, strategic partners and advisors.  In addition to its core investments, Cycle Capital targets companies with high growth potential – especially those with strong intellectual property, leading edge technologies and with exceptional management talent that would benefit from the firm’s network of strategic industrial partners and expert advisors. With its core investment and business expertise, Cycle Capital plays an active role adding meaningful and tangible value to its portfolio companies at all stages of their life.

Cycle Capital

TDK Corporation provides electronic solutions, meeting their customers' needs through their global network of sales, engineering, and R&D. Their offerings span a wide range of capacitors, inductors, ferrites, power supplies, factory automation systems, and anechoic chambers.

TDK Corporation

Economic Development of Canada is providing assistance to enterprises and communities.

Economic Development of Canada

Vitro manufactures and sells glass products. It operates in two segments, glass containers, and flat glass. the glass containers segment offers glass containers for the fragrances, cosmetics, and pharmaceuticals markets; provides precision components; supplies raw materials, and develops machinery and molds for the glass industry. the flat glass segment offers flat glass products for the construction and automotive industries in the original equipment and automotive glass replacement markets; and provides carbonate and sodium bicarbonate.

Vitro

BDC Capital Cleantech Practice helps clients meet the often capital-intensive needs of scaling and accelerating growth. It offers equity and flexible financing to cleantech firms with a commercially validated IP-protected technology demonstrating a positive environmental impact. Also, it provides market traction with significant potential for revenue growth and commercial contracts and the ambition to scale beyond $100 million in annual revenue.

BDC Capital Cleantech Practice

VueReal

VueReal's innovative microSolid printing platform is at the core of its business model. It allows for millions of semiconductor devices to seamlessly integrate into surfaces, creating smart systems on a panel. This cutting-edge technology has the potential to revolutionize manufacturing by providing a solution streamlining the production process. VueReal collaborates directly with OEMs to create custom products tailored to their specific needs, focusing on the automotive/aerospace industries as a key application area. The technology can help address major challenges associated with the transition to electric vehicles and autonomy. VueReal's displays also have high transparency, brightness, reliability, and low power consumption, opening up new design possibilities for the automotive. The company plans to expand into consumer electronics, such as smartwatches and AR displays, extending its microSolid printing platform application in the next phase.  To make the technology more accessible to others, VueReal is working on a turnkey solution for its printing platform with several partners, such as tool vendors, semiconductor fabs, OEMs, and material companies. By licensing the technology, offering turnkey production printers, and supplying a variety of semiconductor cartridges, VueReal can cater to larger corporations and smaller companies/teams with fewer resources. This allows for the developing of innovative and customized products that meet specific customer needs.   VueReal has added expertise to its board of directors and advisory board to further its business models, attracted world-class partners, and built an amazing team essential for realizing its vision.

VueReal is a pioneer in MicroSolid Printing, a revolutionary technology for manufacturing microLED displays and other micro-semiconductor devices. Founded by Dr. Reza Chaji, the company is based in Waterloo, Ontario, Canada. VueReal's proprietary platform enables the efficient transfer of millions of micrometer-sized LEDs from wafer to backplane with high yield, throughput, and performance. This addresses a key challenge in the mass adoption of microLED displays.

VueReal Strengthens Global Growth with Appointment of Henry Chiu as EVP of Global Business Development

Governments of Canada and Ontario back VueReal, a cleantech company developing solutions to reduce energy consumption

Advanced Nano-Technology Center

Micro LED's 5 challenges in mass production: Q&A with VueReal CEO Reza Chaji

Federal and provincial governments announce funding for Ontario-based cleantech company

VueReal Unveils Groundbreaking MicroLED Innovations Across Auto, Consumer Electronics, and AR

VueReal reports a major breakthrough in its microLED production technology

VueReal announces ColourFusion microDisplay

VueReal doubles production facility, expands operations - Canadian Manufacturing

VueReal unveils their latest technology, using quantum dots in advanced displays - Canadian Manufacturing

VueReal and RiTdisplay forge partnership in microLED display market - Canadian Manufacturing

VueReal Unveils ColourFusion™ microDisplay: A Revolution in Augmented Reality (AR) Display Technology

VueReal commenced shipping of high-transparency and high-resolution AM-microLED displays

Next-gen Displays

VueReal Showcases Industry-First MicroLED Design Reference Kits at CES 2025, Driving Global Innovation Across Key Industries

VueReal is a pioneer in MicroSolid Printing, a revolutionary technology for manufacturing microLED displays and other micro-semiconductor devices. Founded by Dr. Reza Chaji, the company is based in Waterloo, Ontario, Canada. VueReal's proprietary platform enables the efficient transfer of millions of micrometer-sized LEDs from wafer to backplane with high yield, throughput, and performance. This addresses a key challenge in the mass adoption of microLED displays.
The company's MicroSolid Printing technology integrates with existing fabrication and display tools, offering customers a cost-effective transition to microLED with minimal capital expenditure. VueReal's displays are 3.5 times more energy-efficient and produce five times more light than same-sized liquid crystal displays and organic light-emitting diode displays. In April 2023, VueReal reported achieving a breakthrough that enabled it to go below 7μm LED pitch for full-color microLED deposition.
VueReal's technology portfolio includes the ColourFusion microDisplay for augmented reality applications and the QuantumVue Display, which combines microLEDs with quantum dot technology. The company focuses on applications in automotive, wearables, smartphones, AR/VR, and lighting. VueReal both manufactures microLED displays and licenses its MicroSolid Printing technology to global OEMs, display manufacturers, and hardware companies.
In July 2024, VueReal announced plans to double its manufacturing space and introduce a new production line capable of producing displays for customers and serving as a blueprint for adoption in partners' facilities. The company aims to enable the production of about 2 million displays per year at its expanded facility.

Varjo is a Finnish company specializing in advanced virtual reality (VR), augmented reality (AR), and mixed reality (XR) technologies for professional and enterprise use. Founded in 2016, Varjo develops high-resolution VR/XR headsets and software solutions that aim to merge virtual and real worlds with human-eye resolution. The company's flagship product, the XR-4 headset, launched in November 2023, features 4K displays, a 50% wider field of view compared to previous models, and two 20-megapixel cameras for mixed reality capabilities. Varjo's technology enables professionals in industries such as automotive, aerospace, and engineering to work in immersive 3D environments with unprecedented visual clarity.
Varjo's business model focuses on providing enterprise-grade VR/XR solutions for industrial applications rather than consumer markets. The company offers its headsets through direct sales and a network of over 40 international distributors. In 2022, Varjo reported net sales of EUR 22.7 million, more than doubling its revenue from the previous year. The company has also introduced innovative services like Teleport, which allows users to create and share photorealistic virtual recreations of real-world locations using an iPhone.
In June 2022, Varjo launched its Reality Cloud service, enabling cloud-based streaming of XR content for improved collaboration among remote users. The company has made several technological advancements, including the development of eye-tracking technology and human-eye resolution displays. Varjo's products support popular third-party VR/XR software and come with enterprise-grade customer support.
Key customers and partnerships
Varjo's customer base includes leading companies across various industries. In the automotive sector, 15 of the world's 20 largest manufacturers use Varjo's technology, including Volvo Cars, Audi, and Kia. The aerospace industry is another key market for Varjo, with Boeing utilizing its products for simulation and pilot training, including the Starliner program with NASA.
Approximately 25% of Fortune 100 companies in the US were using Varjo's VR/XR technology. The company has also secured the US Armed Forces as a customer for training helicopter pilots. In the aviation industry, Varjo partnered with both Airbus and Boeing, and in 2021, the European Union Aviation Safety Agency registered its first official virtual reality-based aviation training using Varjo's headsets.

Varjo

Pimax is a Chinese virtual reality (VR) hardware company founded in 2015 that specializes in developing high-end VR headsets. The company's core focus is on producing VR headsets with wide fields of view and high resolutions that exceed those of mainstream competitors. Pimax's flagship products include the Crystal and Reality 12K QLED headsets, which boast features like 5760x2880 pixel displays, 200-degree fields of view, and aspheric glass lenses for improved visual clarity. The company utilizes technologies such as QLED and Mini LED displays, eye tracking, and dynamic foveated rendering in its devices. Pimax headsets are primarily designed for PC-based VR experiences, though some models also offer standalone capabilities. The company aims to provide immersive experiences for applications like flight simulators, racing games, and other graphically-intensive VR content. As of 2024, Pimax has offices in multiple countries including the US, Sweden, and China, with its own manufacturing facilities in China. The company employs over 300 people across its global operations.
Key customers and partnerships
Pimax's products are targeted at VR enthusiasts and professionals seeking high-fidelity visual experiences. The company has partnered with Tobii to integrate eye-tracking technology into its headsets. Pimax also collaborates with game developers to optimize titles for its wide field of view displays, including racing simulators like iRacing and flight sims such as DCS World and Microsoft Flight Simulator. In December 2023, Pimax showcased its upcoming handheld gaming device called Portal, designed to play Steam games. Pimax works to serve both individual consumers and enterprise customers with its VR hardware offerings.

Pimax

Dispelix is a leading developer and manufacturer of see-through waveguide displays for extended reality (XR) applications. The company specializes in designing and producing advanced waveguide combiners, particularly single-layer, full-color waveguides for augmented reality (AR) and mixed reality (MR) wearables. Dispelix's flagship product is the Selvä, a thin and light waveguide that delivers bright and sharp full-color images while maintaining visual comfort for users. The Selvä is compatible with various projector types, including DLP, MicroLED, and LCoS.
Founded in Finland, Dispelix leverages the country's strong optics expertise and heritage. The company's technology is based on nanophotonics and diffractive waveguide design, allowing for the creation of compact and lightweight AR displays suitable for everyday use. Dispelix has developed patented DPX waveguides that offer high image quality, performance, and visual fidelity. As of 2021, the company had 43 granted or pending patent families, demonstrating its commitment to innovation in the field.
Dispelix's waveguides are designed to overcome one of the major challenges in AR adoption: the bulkiness of optical components. By creating thin and lightweight waveguides, the company aims to enable the development of AR glasses that are comfortable and socially acceptable for all-day wear. The large eyebox of Dispelix's waveguides ensures users can easily keep virtual content in their field of vision, while the bright image allows for comfortable use both indoors and outdoors.
In addition to waveguide development, Dispelix collaborates with various partners to create reference designs for AR glasses. These designs serve as complete concept versions that can be quickly put into mass production, allowing OEMs and ODMs to enter the AR market more efficiently.

Dispelix

Visionect is a world-leading e-paper company that designs and develops digital signage solutions. Founded in 2007, the company specializes in creating workspace coordination and management systems based on e-paper devices for various environments, from meeting rooms to parking lots. Visionect's technology is known for its ultra-low power consumption, ease of installation, and simplicity of use, leveraging over a decade of experience and market leadership. The company's flagship product is Joan, a room scheduling and workplace management solution that has evolved from a business meeting room booking service to a comprehensive workspace management system.
In 2021, Visionect introduced Joan 32, the newest addition to its e-paper sign solutions for corporate environments. Joan 32 is a completely wireless system that can be set up in minutes and uses 99% less power than conventional digital displays. This digital signage system is designed to maintain harmony in corporate culture by displaying synchronized announcements and essential daily information. Joan 32 is suitable for various settings, including offices, boardrooms, hotels, airports, restaurants, shops, hospitals, banks, museums, and schools.
Key customers and partnerships
Visionect's Joan devices are used by leading organizations and companies worldwide, including Microsoft, NASA, Samsung, and Amazon. The company has positioned itself as a primary partner for travelers, airports, and airlines by offering sustainable, tailor-made, and affordable transport solutions. Visionect's commitment to simplicity and ease of use is evident in all its solutions, making it a preferred choice for businesses looking to optimize their workspace management and digital signage needs.

Visionect

Papercast specializes in e-paper display technology, primarily focusing on real-time passenger information (RTPI) systems for public transportation. The company's core product is a range of solar-powered, wireless e-paper displays that utilize E-Ink technology. These displays come in various sizes, including 13-inch, 32-inch, and 42-inch options, designed for both indoor and outdoor use. Papercast's e-paper displays offer high contrast, 16-grey-scale HD resolution, and are readable from any angle, even in direct sunlight. The displays feature integrated LED illumination for nighttime visibility.
In March 2024, Papercast introduced a new e-paper display with an integrated battery capable of lasting over three years on a single charge. This innovation was made possible by a new e-paper driver board developed in-house, which offers 3.3 times better power efficiency compared to other e-paper signage solutions. The company claims this makes their displays 140 times more efficient than LCD displays and 250 times more efficient than traditional LED displays commonly found at bus stops. Papercast's displays can operate in temperatures ranging from -15 to +85 degrees Celsius.
The company's displays are housed in ruggedized IP65-rated enclosures made from extruded aluminum with toughened laminated anti-vandal, anti-scratch front glass. They feature a secure fixing mechanism and an integrated accelerometer. Papercast's technology allows for easy installation, with displays capable of being mounted within minutes and operated entirely off-grid.
Papercast's displays connect to a cloud-based content management system via 3G or Wi-Fi. This platform, designed specifically for transit agencies, offers integration with various systems and data sources. The company's focus on low power consumption and solar power capabilities aligns with its commitment to sustainability and cost-efficiency in the public transport sector.
Key customers and partnerships
In May 2023, Papercast partnered with Solotech, an audiovisual technology firm, to accelerate the distribution of its ePaper displays to North American transportation entities. The partnership's initial focus was on promoting Papercast's battery- and solar-powered ePaper displays for bus stations.

Papercast

Companies that develop displays with versatile form factors that are bendable/foldable

Companies that develop displays that can project 3D images in mid-air, without requiring any special glasses or viewing devices

Companies that develop displays that are designed to mimic the appearance of ink on paper

Companies that develop displays that can be integrated into AR/VR headsets or smart glasses. This also includes transparent displays that can display information while maintaining transparency

Companies that develop displays that are alternatives to more traditional LED/LCD technology. They cover a range of light-emitting technologies including OLED, QLED, and MicroLED

Companies that develop displays that can provide tactile or haptic feedback to users, simulating the sensation of touch

Companies that develop displays that are ideal for ultra-short throw (UST) projectors that require limited space and wide viewing angles

To use advanced printing technologies to manufacture display substrates and bring cost efficiencies to the process

To bring cost efficiencies to the manufacturing process

Immersive displays such as AR/VR headsets or smart glasses are used for creating immersive experiences

Enables the creation of flexible and foldable displays by allowing the placement of smart displays on a variety of new types of devices

Biodegradable as well as self-powered and energy-harvesting displays are emerging areas of display technology

Uses sophisticated printing technologies for producing advanced display substrates and for infusing new display technologies in a cost-efficient manner

VueReal

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