Burlington, Ont.-based Tiptap and Laval, Qu.s Omnirobotic are restructuring after both startups were unable to secure the financing necessary to support their existing operations and obligations.
The two companies are the latest in a growing list of Canadian tech startups to restructure after facing difficulty securing venture capital (VC) during the downturn as rising interest rates and other factors have cooled investor interest in tech firms.
As VC funding dried up, many companies have cut staff to preserve cash and pursue profitability, explored costly down rounds or debt financings, filed for creditor protection, sold for a fraction of their previous value, or shut down altogether.
Tiptap and Omnirobotic are the latest Canadian tec…
Read the full article at: https://betakit.com/tiptap-and-omnirobotic-pursue-restructuring-after-startups-fail-to-raise-additional-funding/