Cam Linke

Another great #investcanada2024 conference last week. Congrats Canadian Venture Capital & Private Equity Association (CVCA) again and fantastic collaboration with Réseau Capital for curating + delivering such an important ecosystem event that brings together the who’s who in Canadian investing. It’s an interesting macro environment for both founders and emerging VC funds in 2024. The bar for fundraising is higher and the process is more difficult, but it’s an amazing time to build and fund startups. Over the years I’ve been asked what’s made me a successful investor given the number of exits & investor returns delivered. Beyond it being a full-time obsession for decades, one needs to constantly find ways to evolve to founder needs and deliver differentiated value. Earning the right to back and support the best founders is what delivers outsized investor returns. This is easy to say for many investors, but often many fall flat on the everyday execution for different controllable reasons. Reputations are built & lost fast in a more challenging market. Highline Beta's pre-seed VC & venture studio model continues to not only innovate, but also win predominantly because our core investment value is to always “earn the right on the cap table” with the founders that we support. It’s a complete team effort and after 8 years of building out Highline Beta’s foundation let’s us now grow via new vertical venture studios + funds. 🚀

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CaseMark Secures $1.7 Million Seed Funding Led by Gradient Ventures to Revolutionize Legal Workflows with Generative AI CaseMark AI, a pioneer in legal generative AI workflows, today announced the closing of a $1.7 million seed funding round led by Gradient Ventures, Google’s AI-focused seed fund. Additional participation came from Rex Salisbury‘s Cambrian, Ride Home AI Fund and Alumni Ventures. The funding will drive the company’s mission to help legal professionals benefit from the efficiency and productivity of generative AI. CaseMark’s AI-powered legal workflows address automating time-consuming tasks like document summarization, research, and legal analysis. This frees up valuable time for legal professionals to focus on high-value activities such as client strategy and casework. https://lnkd.in/e4JF8Mim #litigationfinance #litigationfunding #legalfinance #legalfunding #legaltech #AI

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Come join the Future of Frontier Technologies AI & blockchain event panel in Santa Monica! ✨ We are hosting an event on Friday, May 3rd during @Farcaster's FarCon weekend. Which will bring many blockchain experts & builders to LA! Emerging LA is collaborating with Lightspeed's Faction VC as a co-host, with Partner Timothy K. moderating a panel. The panel will discuss the questions that you are probably wondering about these technologies: • How can AI and blockchain work together? • How will these frontier technologies impact industries today? • What are the real-world use cases that these technologies solve? • What are the current dynamics between innovation and regulation? ​One on hand, AI offers the promise of abundance, democratizing content creation but will open the door to (deep)fakes and mistrust. On the other hand, ​Blockchain offers digital scarcity, authentication, and trust in a world inundated with digital replicas. --- The audience will be filled with founders, technical builders, investors, and industry executives in sectors that are most relevant to these trends: Gaming, media, content, finance, social. The early bird ticket sold out quickly last week and the general admission tickets expire on Wednesday, so don't miss out and grab yours soon! Partners for this event include Sunset Ventures and AI LA as well as others in town: • LA schools & clubs: Wharton Club of Southern California, Wharton Digital Assets Club, Harvard Kennedy School, Harvard Blockchain , and Blockchain at USC • CPG startups & Brands: Studio TBD, doorsa, Red Bull --- PROMO CODE DISCOUNTS! If you are a student or alum from Penn/Wharton, Harvard, USC, reach out and ask for code!! 😉 See you on Friday! (Link to event in comments) #ai #blockchain #farcon #web3 #LA

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Some interesting thoughts in the inexorable march forward of each AI generation, but also the limits to where AI really shines. In terms of repurposing exisitng content, there seem to be some real value adds here - but exactly how useful this 'professional' podcast really is remains to be seen.

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The 2024 TSX Venture 50 rankings reveal impressive growth in the #tech sector, with an avg. share price increase of 178% and a market cap surge of 224% in the past year. The standout performers were companies involved in cryptocurrencies, with Bitcoin miners and blockchain developers seeing an average share price growth of 412% and a market cap increase of 428%. This growth underscores the ever-evolving tech industry, particularly in emerging fields like cryptocurrency, where transparency and regulatory compliance are increasingly essential. The TSX Venture Exchange remains a vital platform for companies undergoing rigorous application and due diligence processes, helping investors find credible opportunities in innovative sectors. For investors and industry observers, these trends signal the ongoing shifts towards more integrated and regulated investment environments. This year's Venture 50 is a compelling indicator of where technology and investment are heading, particularly in high-growth areas like blockchain and artificial intelligence. #capitalmarkets #innovation #technology

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For the last 11 years, I've had the privilege of teaching product development, design, and entrepreneurship to talented computer science students at the University of Toronto. While having access to the latest educational resources is crucial, what I’ve found truly transformative are the skills of critical thinking, creativity, and vision. These are the tools that drive innovation and change. I couldn’t agree more that staying up to date is important, but applying that knowledge in a unique, forward-thinking way truly revolutionizes the future of work and industry. What further skills should people develop/learn to complement their AI education? #AIeducation #futureofwork #careerdevelopment #backtoschool https://lnkd.in/g6TQEwqF

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Congrats team Lodestar Space to closing this £2.5M pre seed round! Off to the (new space) races. At Inflection.xyz we are committed to pioneer sovereign computation as the biggest leverage for human progress. The space economy will help us provide valuable services from imagery and connectivity on earth all the way to in space semiconductor production, energy harnessing, regulating the earths climate and becoming an interplanetary species in the long run. Object manipulation is a very present bottleneck for repair, refuelling and other services. As opposed to tele operated robots that come with high latency, connectivity issues, human failure and high costs Lodestar Space is taking a different approach. By leveraging new materials, additive manufacturing and advancements in AI and in-space „edge“ compute capabilities (see our portfolio Cryptosat) they enable autonomous robotics operating in real time and far beyond human precision. Based on their space specific data set - robots and objects behave very differently at 0 gravity, extreme light conditions and temperatures - new applications and interfaces become possible. Data network effects are expected to accelerate development across verticals. Read more about the company’s value propositions, team and vision on https://www.lodestar.space Reach out if you see room for collaboration!

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We turned a skeptic into a full-fledged AI believer after closing a deal driven entirely by AI within just 30 days of launch. Two weeks ago, we went live with Zemlar Offices, Ontario's largest co-working operator with over 25 buildings. The Challenge: - High volume of inbound leads 24/7 - Leads coming from 10+ third-party sites - Limited capacity to respond quickly and convert effectively Waleed R. Javed, ZEMLAR Offices head of sales, knew there was money left on the table due to these challenges. But Zemlar was cautious about AI solutions after being burned before by a provider that couldn't handle their unique, complex workflows and that hallucinated too often. Fast forward two weeks: Our AI agent autonomously closed a sale for one of Zemlar's products. No human intervention. No phone calls. No 60-minute meetings. Just pure, efficient AI-driven sales. All in all, companies with genuine challenges are often the most open to trying new solutions. Past disappointments with AI can lead to caution, but also to greater appreciation when the right solution comes along. And in the next 6-12 months, most businesses will start to realize that AI Isn't replacing humans. It's augmenting their capabilities, handling routine tasks so the sales team can focus on high-value interactions. P.S. Are you still skeptical?

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Freeline and Swan to Spur new AAV Development... I couldn't resist. Syncona announced they are combining Freeline and Swan Bio to create Spur Therapeutics to advance the most viable components of the latter two companies' pipelines. That pipeline will be headlined by Freeline's Gaucher program (on the cusp of starting Ph3), and Swan's candidate in adrenomyeloneuropathy. Syncona previously took Freeline private to create new optionality for the company. This was after AAV headwinds had battered the stock and other candidates reached approval first in their prior lead therapies (hemophilia). This shows there's still interest in AAV and its proven delivery capability to diverse tissues and cells. But there is continuing culling in the industry's pipeline. Want to take a look at that pipeline? or think about how it impacts your own prioritization? Reach out and we can discuss! #venturecapital #genetherapy #pharma https://lnkd.in/g8-ZKp4C

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Are you a B2B software startup founder at the very start? Then you have to meet this early-stage investor! This week's findfunding.vc spotlight is on Dominic Lau from Ripple Ventures. He: 🇨🇦 Is Vancouver and Toronto based 🎣 Loves to fish 🎶 Founded the RippleX Fellowship - a platform to help underrepresented founders access mentorship, intros, and the tools to get from idea to revenue to funding Amongst founders, Dominic and his team at Ripple Ventures, including Matt Cohen, are known for being hands-on partners who open valuable networks, navigate challenges together, and assist in closing crucial revenue and funding deals. Make sure to: ✉️ Pitch him at [email protected] 👀 Look into the RippleX Fellowship - they take 10 companies 2x a year through the Founder Fellowship program and also back companies through the Fellow Fund For more, check out our funder spotlight card below along with Ripple Ventures' profile on findfunding.vc (link in comments).

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"Why we want to build Conscious AI" -- check our our first Nirvanic Substack post. #ConsciousAI #SafeAI #VancouverAI #YouAreConscious https://lnkd.in/g-AF9kaH

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The Scientific Research and Experimental Development (SR&ED) tax incentive is one of Canada's most powerful tools for fostering tech innovation - enabling businesses to recoup up to 65% of their R&D salary costs. Here's the troubling reality though: While this program distributes ~$4B annually to 20,000 businesses, an unnecessary "SR&ED consulting industry" has emerged that extracts $400M-800M from these funds. Why? These consultants capitalize on companies' fears about complex paperwork, despite the fact that 94% of SR&ED applications are approved. They charge 10-20% of the tax credit simply to complete forms. Let that sink in: Nearly a billion dollars meant for Canadian innovation is instead diverted to middlemen who add minimal value. At Publicus, we're passionate about streamlining government processes through automation. While SR&ED reform isn't our current focus, we believe in raising awareness about the systemic, government-related inefficiencies that hold back Canadian tech companies. #CanadaTech #GovTech #Grants #Innovation

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This article misses on a couple of key fronts 1. there has been material liquidity in the Canadian VC market - it’s just that since 2019 more than 70% of it - some $18+B - has been in life sciences 2. Canadian liquidity in Life’s sciences has even been proportionately better that in the US 3. The Florida professor used CVCA data - unfortunately the CVCA grossly under reports liquidity in general and life sciences VC liquidity in particular in part because their data misses post IPO acquisitions and in many cases VCs hold to that event 4. Finally, there is no major global economy where governments aren’t deeply engaged in building there innovation economy. In fact, I would argue that compared to China, singapore, the EU, Isreal, and even the US, government engagement in Canada is tiny and should be meaningfully more given the lack of endowment capital and the lack of engagement of by the majority of domestic pension plans. In the US these are the primary allocators to VC. If we want to grow our economy, increase productivity, and give this generation of Canadians the same opportunities enjoyed by prior generations then more capital and engagement is the answer - not less.

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THIS is one of the best analyses I've read on the VC ecosystem as of late. While John Rikhtegar spends the report covering the Canadian ecosystem, I find it as useful - and lots of parallels to the US VC ecosystem and where LP dollars went - for the broader global economy. It's a longer read, but I promise, worth every minute. Some of the notes that stuck out most for me: 1/ 50% of the past decade's exit values were generated in 2020 and 2021. Great liquidity for LPs, but that forced LPs to have an unprecedented amount of capital to redeploy, which made them redeploy quickly to VC, but caused a vacuum and left 2023 and 2024 years far drier for GPs fundraising in market. 2/ From peak in 2021/2022, there's been a 76% drop in exit value in the Canadian ecosystem, 85% drop in Canadian VCs fundraising, and a 77% drop in capital Canadian VCs invest into the ecosystem. 3/ The median exit age of for the top 50 Canadian companies is 12 years. The median time between first financing and its exit for the top 50 is 8 years, leaving a median time of 4 years from a company's founding to their first financing. As such, if a Canadian VC's deployment period is 4 years, it's right to assume as an LP, that you're not going to see the end of the fund till 12 years after you invest. Even if the GP pitches a 10-year fund. 4/ Not all exits are created equal. The top quartile of top 50 exits raised more capital than the lower quartile. The median exit capital efficiency for Canada's top 50 companies for was 7.7X. Meaning the median company exited for $7.70 on every $1 they raised. 5/ Median US exit values are 2X Canada's. That said, Canada is catching up. In the past decade, the US produced $2.6T in exit value, compared to Canada's $56B, only a 46X. Lowest delta on record.

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It was great to speak with the Logic earlier this week and share Tidal Venture Partners perspective on the subject of fund domiciling strategy.  It may sound like we’re in the weeds on this topic, but the question of where to domicile is a growing conversation and consideration for many Canadian fund managers with big long-term implications for our innovation economy.  The challenge of Canadian companies remaining Canadian owned will only become more acute if more Canadian funds start to domicile in other jurisdictions.

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My 7-year journey via Maple VC with Clay. Thanks Josh Scott at BetaKit for covering the story. I was first introduced to Kareem Amin through a fellow Canadian expat and now Maple founder, Michael Hershfield of Accrue Savings. They first met working at Sailthru in NYC where Kareem sold his first company. In 2016, Kareem started to tinker on new ideas with his cofounder Nicolae Rusan and I was fortunate to meet them at this time. This happened to align with me establishing Maple 1 in November 2016 on the simple thesis of backing Canadians building in America. We noticed that Canadian expats, who graduate from Canadian universities, go on to build some of the biggest companies in tech – Uber, Slack, Instacart, Notion, Faire, Databricks, Cloudflare, Roblox and most recently, OpenAI. Kareem and Nicolae seemed to match this pattern as two graduates from McGill University building in the US. In 2017, they landed on a very clear mission to make programming accessible to all. They painted a picture of replacing the black terminal that developers use, with a spreadsheet that is connected to the internet which could allow non-developers to automate work. What we saw immediately that gave us conviction was a very big ambition (making programming accessible to all) with a unique insight (using a spreadsheet) via a new method of no-code tooling. This reminded us of the early days at Uber: The promise to deliver you anything (big ambition) by starting with a black car that takes you from point A to point B (unique insight) via your phone (new method). We first committed to investing in Clay in Jan 2017 before the company had a lead. In June 2017, we were thrilled to learn that First Round Capital was going to lead their Seed. Sequoia Capital led the Series A in June 2019, which was surprising, since we had no revenue and were still figuring things out. However, the low-code no-code category was starting to take off. Then, they spent the next 3 years figuring out where to focus. During this phase it was fascinating to witness the many disbelievers. We had folks tell us that we should mark this investment to $0. In late 2021, they decided to narrowly focus on automating sales and this turned out to be the big unlock. Varun Anand joined as a cofounder leading their GTM efforts. The timing played out beautifully with new LLMs that we could use to automate growth in a way that hadn’t been done before. Clay relaunched in Feb 2022 with $0 in revenue and has not looked back since. We 10x’d two years in a row, all organically, achieving 100k users, 2500+ customers, and 11k people exchanging ideas in our Slack community. Maple has tripled down since the Seed through the Series B which was just led by Meritech Capital. We have a strong feeling that Clay has a real shot at realizing that vision they first shared with us 7 years ago.

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Collision Conf is one of the biggest tech+AI events in North America and I am looking forward to learning more in this exploding space. If anyone is heading that way, feel free to ping and we can connect! #AI #generativeAI #digitaltransformation

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Sometimes timing is everything and our launch of the first public Dogecoin proxy in Canada as CSE:SPIR and the US as OTC:SPLCF couldn't have been any better. The strategy is 2 fold: 1) Create and develop more utility for the Dogecoin ecosystem thus accelerating adoption and the institutionalization for global markets 2) Introduce an on-chain tokenized asset management platform that can take in crypto or fiat in exchange for LP exposure to traditional asset management funds and annual yield or distribution. As an example: Dogecoin can now allocate to real estate on-chain making 8-12% / yr and receive distributions in any currency or coin they deem. This is a business that is merging traditional asset management with digital asset management which is one of the largest trends underway globally, and we have a 16-24 month regulatory moat before we see any public listed full prospectus cleared competition. Bitcoin reaches its peak price in every cycle ~500 days post-halving like clockwork, which puts us in Sept 2026. I suspect the rest of the ecosystem will follow as always, especially Dogecoin.

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