TimeZyx collects its first-place prize in the New Ventures BC competition, 2024. Photo: supplied.
TimeZyx, a cleantech startup that provides real-time digital twin technology to help cities and infrastructure adapt to extreme climate events, has beaten out 216 competitors to win this year’s New Ventures BC competition. The first-place prize, which brings with it bragging rights as the province’s top startup, has netted the company $110,000.
TimeZyx’s digital twin technology builds a virtual replica of buildings and infrastructure that is continuously updated with real-world data. This innovative approach helps insurers evaluate risks associated with extreme events like floods and earthquakes, while also aiding infrastructure owners in reducing the risk of structural failure. The company’s Digital Twin Lab merges health data with real-time calculations, providing risk assessments that can increase the lifespan and resilience of assets.
“We are thrilled and honoured to receive the top prize in this year’s New Ventures BC competition,” said Kamyab Zandi, CEO, CTO, and co-founder at TimeZyx. “This achievement validates our commitment to transforming how cities and infrastructure adapt to extreme climate events. We appreciate the recognition and support.”
Several other competitors took home part of the $250,000 prize pool allocated to New Ventures BC’s 2024 winners.
SkyAcres Agrotechnologies, an agtech startup enabling anyone to grow and sell produce through an energy-efficient vertical farming system and AI-powered marketplace, earned the $60,000 Innovate BC second-place prize. SkiKrumb, an Okanagan-based company that’s transforming ski resort navigation with a radio GPS tracker that works without cell service, won $35,000 by clinching third place.
Beyond the podium, five more startups — representing industries from fintech to healthtech and more agtech — were recognized with cash and prizes:
The $10,000 Innovate BC Regional Startup Prize went to skiKrumb, who took home their second prize of the competition.
The $10,000 Innovate BC Sustainability Prize went to VulcanX, a cleantech startup producing hydrogen and solid carbon from natural gas with minimal emissions.
The $10,000 Innovate BC Woman-Led Venture Award went to Insporos, an agtech startup offering advanced seed-sorting technology that reduces resource waste and improves crop health.
The $10,000 Leap to the Cloud Prize, presented by National Bank of Canada, went to yPilot, a fintech startup delivering generative AI software for financial institutions that enhances compliance, fraud detection, and open banking.
The Top Science Based Company In-Kind Prize went to CeraCura Nanotherapeutics, a healthtech startup developing innovative lipid nanoparticle-based mRNA therapies that bypass the blood-brain barrier to treat a range of neurological diseases.
Each year, New Ventures BC also hands out an Alumni Impact Award, which honours past winners from the competition that have made a significant impact to the province’s tech community. The award for 2024 went to MineSense Technologies, whose product provides real-time data and sensors to help when digging for metals, while minimizing the harmful environmental impacts from ore mining. It’s been nothing but success for the Vancouver company since its New Ventures BC award, including clinching a spot in the Deloitte Fast 50 and a recent induction into the Global Cleantech 100 Hall of Fame.
“This year’s competition showcased a unique mix of innovative startups from across the province,” said Angie Schick, executive director at New Ventures BC. “By combining cutting-edge innovation and creativity, this year’s winners are transforming traditional farms, energy production, and banking systems through made-in-B.C. technology.”
The New Ventures BC Competition, presented by Innovate BC, just completed its 24th year and continues to drive innovation across British Columbia. The six-month program offers startups access to mentorship, education, and community, while offering up $250,000 in cash and prizes. Since launching in 2000, the annual competition has supported over 4,000 companies that have created more than 9,000 jobs, and raised over $2.7 billion in financing. Notable alumni include Blanka, Ginger Desk, and Cyberdontics.
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