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Canadian Tech in 100 Words

Conscience Launches AI Program for Drug Discovery

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Canadian non-profit Conscience has launched a national initiative to accelerate drug discovery using artificial intelligence. The AI-Driven Medicines program will fund computational and digital tools aimed at improving research efficiency and advancing accessible therapies. Eligible projects can receive up to $1 million, with higher support levels for small businesses.

The initiative targets areas including discovery science, manufacturing optimization, and clinical trials. Officials say the program supports open collaboration and responsible AI use. Federal minister Evan Solomon endorsed the effort, highlighting its potential to improve affordability and public health outcomes while strengthening Canada’s position in life sciences innovation.

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Calgary Teens Develop Bleeding Detection Patch

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Two Calgary teenagers are developing a medical device aimed at reducing deaths from uncontrolled bleeding. ClotGuard, founded by Sophia Dhami and Isavella Tsoulias, is creating a wearable patch that detects bleeding and delivers clotting agents directly to wounds. The concept emerged from The Knowledge Society’s Moonshot Challenge and is advancing toward a prototype.

The startup has secured $5,000 in funding from UCeed and is collaborating with Microsoft on hardware development. Combining biosensors and microneedle technology, ClotGuard reflects growing interest in decentralized emergency care and highlights Calgary’s emerging generation of science-driven entrepreneurs.

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RBC Replaces Expedia With Montreal’s Hopper

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Montreal-based Hopper has secured a partnership with Royal Bank of Canada to power its travel rewards platform, replacing longtime provider Expedia. The agreement will support RBC’s Avion Visa program as the bank seeks to expand its rewards membership from 10 million to 14 million users by 2029.

Hopper, which provides travel booking technology, already partners with multiple airlines and financial institutions globally. Chief executive Frederic Lalonde has indicated plans for a future public listing, targeting a valuation between US$5 billion and US$10 billion. The company was last valued at US$5 billion in 2022.

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Ottawa Holds $2.16B in Uncashed Cheques

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The federal government is holding more than $2.16 billion in uncashed cheques across 3.9 million payments, highlighting inefficiencies in paper-based disbursements. The figures, revealed through a parliamentary inquiry, reflect systemic challenges including outdated addresses and reliance on physical delivery.

Experts say digital methods such as direct deposit and e-transfers offer faster, more reliable alternatives. Calgary-based Digital Commerce Payments also points to prepaid cards as a solution for reaching underserved populations. With real-time payment systems still pending, the backlog underscores the need to modernize public sector payments to reduce costs and improve delivery outcomes.

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Xanadu Debuts on TSX, Nasdaq With Strong Gains

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Toronto-based Xanadu Quantum Technologies has gone public on the TSX and Nasdaq, with shares rising 15 percent on debut to $11.50 USD. The listing makes Xanadu the first Canadian technology company to debut on the TSX since 2021 and the first pure-play photonic quantum computing firm to go public.

The company raised approximately $302 million USD through a SPAC merger, despite broader market volatility impacting investor sentiment. Chief executive Christian Weedbrook said the capital will support commercialization and infrastructure expansion, including plans for a quantum data centre by 2029. Analysts note ongoing uncertainty around quantum technologies.

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Wealthsimple Cleared for Prediction Market Trading

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Wealthsimple has received regulatory approval to offer limited prediction market trading in Canada, marking a significant development for the emerging sector. The Canadian Investment Regulatory Organization has authorized the Toronto fintech to introduce “forecast contracts” tied to economic indicators, financial markets, and climate trends.

Popular categories such as sports and elections remain prohibited. The move comes as global prediction market volumes surge, with billions traded annually. Legal experts say the approval could support broader adoption under regulated conditions. Wealthsimple has not confirmed launch timing, while regulators continue to monitor risks associated with the products.

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CoolIT Sale Delivers Major Employee Windfall

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Hundreds of employees at Calgary’s CoolIT Systems will receive significant payouts following its USD $4.75 billion sale to Ecolab, marking a major liquidity event for the city’s tech sector. Under a broad ownership program introduced by KKR in 2023, all 650 staff held equity, with returns ranging from one to eight years of salary.

The deal highlights the value of employee participation in high-growth firms. CoolIT, a leader in liquid cooling for data centres, has benefited from rising AI demand. The transaction, expected to close in 2026, also delivers strong returns for KKR.

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Denvr, Dominion Build Sovereign AI Defence Platform

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Calgary-based Denvr has partnered with Ottawa’s Dominion Dynamics to develop a sovereign AI simulation environment for autonomous defence systems. Built on Denvr’s Canada AI Platform, the initiative supports classified workloads within Canadian jurisdiction, avoiding foreign legal exposure. Dominion is advancing Autonomous Collaborative Platforms, unmanned aircraft designed to operate alongside fighter jets.

The project follows Dominion’s $50 million investment and aligns with broader efforts to modernize defence capabilities, including NORAD. The collaboration also highlights Calgary’s growing role in national AI infrastructure as demand rises for secure, domestically controlled computing environments in defence and critical industries.

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Chexy Raises $14M to Expand Rewards Platform

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Toronto-based fintech Chexy has secured $14 million in Series A funding led by Khosla Ventures, with participation from Air Canada. The company enables Canadians to earn rewards on essential payments such as rent, taxes, and bills—areas traditionally excluded from credit card programs. Chief executive Liza Akhvledziani Carew said the platform unlocks value from non-discretionary spending.

Chexy integrates with partners including Aeroplan and American Express, extending loyalty programs into everyday transactions. Since launching in 2023, the company has grown to over 200,000 users and delivered $35 million in rewards. The funding will support domestic expansion and product development.

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Soil Is Becoming Data Infrastructure

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Vancouver’s Miraterra has raised $16M to scale a platform that turns soil into structured, machine-readable data. While agriculture and carbon markets increasingly depend on accurate measurement, soil has remained one of the least digitized layers of the economy. Miraterra’s approach combines spectroscopy, genomics, and AI to generate integrated environmental data across biological, chemical, and physical systems.

The oversubscribed round, led by At One Ventures with participation from Farm Credit Canada and others, signals growing investor interest in measurement infrastructure. As MRV becomes critical to climate markets, the ability to quantify soil at scale may become foundational to how carbon and food systems are valued.

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