Waterloo Tech Highlights for May 2025
Our goal is to provide you with a monthly primer on significant news events from private Waterloo-based technology companies in 5 minutes or less.
KA Imaging signed an investment and work agreement with IQT (the investment arm of the CIA) to customize their technology for security purposes.
Voltra raised US$1.8M in a round from Contrara, Hanover Capital and the Velocity Fund. They’re building technology to simplify control of EV chargers and batteries.
Intellijoint signed their first OEM deal with a strategic partner and launched a new division called IJX.
Alchemy unveiled a partnership with DRDC and a $1M contract to use their nanocomposite coating to reduce soldier’s visibility to IR cameras.
The Owl Solutions signed an agreement with Hyundai Latin America to deploy its supply chain software in Chile and Peru.
Vena Medical was granted their 7th US patent.
ENVGO got to show off their electric flying boat in Toronto Harbour in front of a large crowd. Also a video here of recent operations in cottage country.
Palitronica was one of the 30 companies who received a combined total $17M from the provincial government through their Ontario Vehicle Innovation Network.
RouteThis hired a CRO.
Friendlier’s reusable products are being used by Coca Cola at the Toronto Zoo.
Chris’ Thoughts
Many characterize lottery tickets and payday loans as taxes on the poor. I have a new one to add to this list. I hate when big companies prey on people, especially when it’s sneaky. A warning about a balance transfer scam.
I’m sure you’re familiar with balance transfer promos – 0% interest for 12 months with a transfer fee of 1.5% from your other credit cards. I recently got one from TD and thought, well if I did this and put it in a GIC at 4.5% for a year that would net a small risk free return. I always thought that banks profit from the people who don’t pay off the balance transfer in a year and start incurring 22% interest.
The bank pitch sounds like as long as I pay back the balance in a year and pay my monthly balance on time I won’t pay any interest. Easy, right? Guess how much interest a $10k balance transfer will cost you over the course of the 12-month 0% period? Would you believe over $2,100 or 20%?
The fine print says, “If you pay more than the minimum payment, we will apply the excess as follows: first we will place all the items that have the same interest rate into the same annual interest rate category. We will then apply the excess payment to the different interest rate categories in proportion to the amount each category represents on the new balance after applying your minimum payment.”
That means unless I pay off my balance transfer in the first month, I’m going to pay interest. A lot of it. At 22% interest I would end up with a balance from accumulated interest at year-end of $1,999.01. Adding the $150 transfer fee gives the bank a return of $2,149.01, means my loan cost me 21.5%. That’s pretty much the same amount I would have paid if I had just let the balance sit for a year and generated interest.
I hate that we need all these consumer protection rules and regulations, but I hate even more that without guardrails companies will just pillage unsuspecting people without remorse. TD used to be the Canadian bank I disliked the least.
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Chris Wormald @cwormald