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Canadian Tech in 100 Words

Grindr Buys Calgary’s PurposeMed for $250M

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Calgary-based PurposeMed, the company behind HIV-prevention platform Freddie, is being acquired by Grindr for US$250 million. The deal includes US$190 million in cash and US$60 million in stock, with up to US$70 million more tied to 2027 performance targets. Founded in 2019, PurposeMed combines virtual consultations, clinical care, and pharmacy services for underserved communities.

Grindr plans to expand Freddie’s U.S. business and combine it with its Woodwork telehealth offering under Grindr Health. The transaction would give PurposeMed access to Grindr’s roughly 15 million monthly active users, significantly expanding the potential audience for its healthcare services across North America and beyond.

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Bell and Cisco Build Sovereign AI

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Bell Canada and Cisco have signed an agreement to explore sovereign AI infrastructure for Canadian organizations, combining Bell’s domestic data centres and networks with Cisco’s computing, security, and infrastructure management technology. The partnership targets government, regulated industries, and other customers seeking greater control over sensitive AI workloads, supporting both training and inference.

The companies will assess Cisco AI PODs, modular architectures, and commercial models tied to reserved or consumed capacity. The agreement expands Bell’s AI Fabric ecosystem, which already includes partnerships with Cohere, Hypertec, and BUZZ HPC. Deployment locations, capacity commitments, pricing, and launch timing have not yet been announced.

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Biossil Becomes Canada’s Newest Unicorn

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Toronto-based Biossil has raised US$153 million in an all-equity financing led by the OpenAI Startup Fund, valuing the biotech at US$1 billion and giving Canada another unicorn. Biossil acquires or licenses drug candidates that previously failed to reach market, then uses AI to identify which molecules may deserve a second chance in clinical development.

The round also included Founders Fund, Quiet Capital, Modern Capital, Golden Ventures, Panache Ventures, Duke University’s endowment, and Abu Dhabi Investment Council. Biossil says the new capital will expand clinical development capacity and help it acquire additional drug candidates for its growing pipeline globally over time.

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Elevate Rebrands as Nrth

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Elevate has rebranded as Nrth, expanding beyond its annual Toronto festival into a year-round platform for Canadian founders and business leaders. CEO Lisa Zarzeczny unveiled the new name during opening night of the 2026 festival, which immediately became Nrth Festival. Since launching in 2017, the organization has welcomed more than 89,000 attendees.

Beginning in 2027, Nrth plans more frequent events, programs connecting startups with customers and investors, technology-adoption initiatives, and research on Canada’s innovation economy. The nonprofit says the shift reflects a new challenge: helping Canadian companies turn innovation into stronger businesses, productivity, competitiveness, and economic growth at greater scale.

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Shopify Brings Shop Pay to Meta’s Muse

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Shopify is partnering with Meta to bring Shop Pay checkout to Muse, Meta’s new personal AI agent. The integration will let Muse users browse products from Shopify merchants and complete purchases using Shop Pay, extending Shopify’s commerce infrastructure into agent-driven shopping.

CEO Tobias Lütke described the partnership as an easier way to shop and check out through AI, while Meta says the deal expands the range of products available inside Muse. The move strengthens Shopify’s position as infrastructure for AI commerce, as assistants increasingly move beyond recommendations toward completing purchases directly on behalf of consumers across digital storefronts worldwide.

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

TD Deepens Cohere AI Partnership

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TD Bank Group is committing up to $25 million over three years to expand AI development and adoption through a collaboration between Cohere and its Layer 6 research team. Cohere specialists will work alongside Layer 6 at Toronto’s MaRS Discovery District, combining enterprise AI models with TD’s applied research capabilities.

Initial work will focus on knowledge management, productivity, decision-making, and client experiences, with an emphasis on security and responsible adoption. The partnership builds on TD’s 2018 acquisition of Layer 6 and recent deployment of agentic AI for mortgage underwriting, as Canadian banks increasingly integrate external AI partners into everyday operations.

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

Wander Adds Polarity’s AI Agents

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Travel platform Wander has acquired the team behind Polarity, an applied AI research lab focused on agents and model post-training. Founded by Shane Barakat, Alex Ungureanu, and Mihai Posea, Polarity studied how AI agents navigate large codebases, learn recurring tasks, and improve after deployment. The team will bring that expertise into Wander’s engineering stack, helping accelerate development of Wander.com and WanderOS, its operating system for vacation-rental operators.

Wander also plans to introduce specialized agents for routine portfolio management and custom-trained models tuned to its data and workflows, aiming to automate more operational work while helping operators focus on guests and growth.

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TextNow Crosses $1B Without VC

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Waterloo-founded TextNow has surpassed $1 billion in cumulative revenue after 16 years of largely bootstrapped growth. The app-based phone service reached the milestone without venture capital or institutional backing beyond an initial $1.5 million seed round, while remaining profitable.

Founded in 2009, TextNow serves millions of consumers across North America with free nationwide talk and text over 5G, plus flexible paid data options. CEO and co-founder Derek Ting says the milestone demonstrates technology companies can scale without following the traditional fundraising playbook. TextNow is marking the achievement during Waterloo Tech Week with a permanent public sculpture celebrating entrepreneurship and independence.

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Snap Pushes AR Beyond Screens

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Snap has expanded its SPECS augmented reality glasses with new AI, entertainment, shopping, navigation, translation, fitness, and workplace features. The company also introduced SPECS Intelligence, an anticipatory AI service designed to understand a user’s goals, routines, relationships, and priorities across iPhone, Mac, and SPECS, surfacing help without waiting for prompts.

SPECS can stream content, translate 60 languages, provide walking directions, create virtual workspaces, and place Shopify products in 3D. Snap is also working with Salesforce, AWS, NVIDIA, and others on enterprise deployments. The glasses cost US$2,195, with shipments expected later this fall in select markets across the United States, Britain.

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ACDSee Puts Privacy First

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Victoria-based ACD Systems has launched ACDSee Photo Studio Ultimate 2027 with a privacy-first approach to artificial intelligence. The release adds generative AI tools for image generation, fill, editing, and object removal, while keeping features such as face detection and image similarity processing on-device.

For cloud-based generative tools, ACD Systems says prompts and images are encrypted, routed through its own servers, and deleted after seven days. The company is positioning the software as an alternative for photographers who want AI-assisted editing without surrendering control of their images and data, combining local processing, cloud tools, and traditional photo management in one platform.

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