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Canadian Tech in 100 Words

Cyclic Materials Raises US$75M to Scale Recycling

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Cyclic Materials has closed an over-subscribed US$75 million Series C round, its largest financing to date, to expand rare earth recycling operations across the United States and Europe while growing research in Canada. The raise brings total equity funding to more than US$162 million and supports deployment of recycling infrastructure as an alternative to mining for materials used in AI, defence, and electric vehicles.

Cyclic recovers rare earths from end-of-life magnets using a two-stage process that cuts emissions and water use. CEO Ahmad Ghahreman said recycling is the fastest path to secure Western supply, particularly for scarce heavy rare earths dominated by China.

Want to know more? Check out the source code on CleanEnergy.ca.

Deck Calls National Bank Lawsuit Frivolous, Seeks Dismissal

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Montréal startup Deck is asking a Québec court to dismiss a lawsuit filed by its former employer, National Bank of Canada, calling the action “frivolous, abusive, and destined to fail.” The suit, brought by National Bank and its subsidiary Flinks, alleges Deck co-founders Yves-Gabriel Leboeuf and Frédérick Lavoie breached a non-compete agreement.

Deck argues it does not compete with Flinks, instead offering AI agents that retrieve password-protected data on users’ behalf. The founders are seeking dismissal of the claim and $60,000 plus legal fees. The allegations have not yet been tested in court.

Want to know more? Check out the source code on Betakit.

General Fusion to Go Public in US$1B Deal

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General Fusion has agreed to go public via a merger with a U.S. special purpose acquisition company, valuing the fusion developer at US$1 billion. The Richmond, British Columbia company will combine with Dallas-based Spring Valley Acquisition Corp. III and plans to trade on the Nasdaq after closing.

The deal includes roughly US$105 million in PIPE financing and up to US$230 million from Spring Valley’s trust. After recent funding challenges, General Fusion says the transaction advances its goal of delivering commercially viable fusion power and bringing energy to the grid. Want to know more? Check out the source code here.

Want to know more? Check out the source code on Betakit.

PwC Survey Flags Trade, Tech Headwinds

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PwC Canada’s 29th CEO Survey shows confidence sliding as geopolitical risk and looming CUSMA talks weigh on leaders. Only 47 percent expect the global economy to improve in 12 months, versus 61 percent globally, while just 27 percent expect Canada’s economy to improve, down from 42 percent last year.

Trade policy worries persist, with 53 percent citing U.S. risk and 35 percent bracing for thinner margins. Although 94 percent have experimented with AI, only 29 percent have deployed it at scale, below the 43 percent global rate. Just 37 percent have an AI roadmap. The report urges a reinvention mindset.

Want to know more? Check out the source code on Newswire.ca.

Integrated Quantum Unveils Quantum-Resilient AI Layer

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Integrated Quantum Technologies unveiled AIQu™ VEIL™, a quantum-resilient AI infrastructure designed to let enterprises scale artificial intelligence without exposing regulated or proprietary data. VEIL uses a Vector-Encoded Information Layer that anonymizes and compresses information before it enters AI pipelines, allowing models to operate without raw data access.

The company says the approach preserves speed and accuracy while easing compliance across jurisdictions and strengthening long-term security. Chief executive Alan Guibord called VEIL a foundational shift for enterprise AI. Developed by former Equifax executive Jeremy Samuelson, the platform targets industries facing strict privacy and regulatory demands.

Want to know more? Check out the source code here.

Shopify Cuts Staff in Partnerships Restructure

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Shopify has laid off a number of employees from its partnerships division as part of a restructuring, according to sources familiar with the matter. The cuts, carried out Wednesday, eliminated multiple roles and an entire team as the company revamps how it works with third-party partners. Affected staff were told their positions were being removed due to an organizational overhaul.

Shopify confirmed it is “starting a new chapter” in partnerships, with a renewed focus on initiatives such as agentic commerce. The company declined to disclose the number of layoffs. The changes follow several rounds of staff reductions in recent years, even as Shopify’s revenue and share price have continued to grow.

Want to know more? Check out the source code on The Logic.

Chata.ai Raises US$10M to Scale Financial Analytics

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Calgary-based Chata.ai has raised US$10 million in Series A financing to expand its conversational analytics platform for financial services. The round was led by 7RIDGE with participation from Izou Partners. Chata.ai allows financial professionals to query and monitor data using natural language, reducing reliance on dashboards and technical teams.

Unlike probabilistic AI systems, the platform uses a deterministic architecture that runs on CPUs, delivering consistent, auditable results suited to regulated environments. CEO Kelly Cherniwchan said the funding will support growth across traditional finance, decentralized finance, and wealthtech, as institutions seek reliable AI tools that address compliance, data integrity, and infrastructure cost concerns.

Want to know more? Check out the source code on Fintech.ca.

WaitWell Launches AI Layer for Service Operations

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Service operations platform WaitWell has launched Waillo, a new AI service layer aimed at improving queue management, bookings, and service delivery in high-volume environments. Used by more than 1,700 government offices, universities, and healthcare providers across North America, WaitWell says Waillo enhances human interactions rather than replacing them.

The system acts as an intelligence and routing layer, helping customers reach appropriate staff more quickly while giving administrators clearer operational insight. Features include Waillo Chat for natural-language service routing and Waillo Insights, which translates questions into real-time analysis and recommendations. CEO Steven Vander Meulen said the goal is to reduce friction without adding automation barriers.

Want to know more? Check out the source code on Calgary.tech.

Teamworks Acquires Hockey Analytics Firm Sportlogiq

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Montréal-based sports analytics firm Sportlogiq has been acquired by North Carolina–based sports operations platform Teamworks in an undisclosed deal. Founded in 2015, Sportlogiq uses computer vision and machine learning to track gameplay and player performance and is now used by 97 percent of NHL teams.

Teamworks said the acquisition strengthens its hockey analytics offering by combining Sportlogiq’s video and data infrastructure with predictive intelligence models. Sportlogiq’s 80 employees, including AI researchers, will join Teamworks. The buyer serves more than 6,500 teams globally and reached a valuation above US$1 billion last year.

Want to know more? Check out the source code on Betakit.

Mila, Inovia Launch $100M AI Venture Fund

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Montréal-based AI institute Mila has partnered with venture firm Inovia Capital to launch the Venture Scientist Fund, a $100-million USD early-stage initiative aimed at commercializing Canadian AI research. Announced at Mila headquarters, the fund will back promising research from Mila, Alberta’s Amii, and Toronto’s Vector Institute, supporting scientists at the earliest stages of startup formation.

Mila CEO Valérie Pisano said the effort aligns with federal priorities to accelerate AI commercialization under Prime Minister Mark Carney. Inovia will co-manage the fund, which formally began fundraising this week. Mila managing director Stéphane Marceau will oversee operations, supported by a team of experienced venture advisors.

Want to know more? Check out the source code on Betakit.