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Canadian Tech in 100 Words

Cymax and CommerceBear Reportedly Close Up Shop

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Canadian e-commerce companies Cymax Group Technologies and CommerceBear have reportedly shut down, adding to pressures facing the country’s retail technology sector.

Burnaby-based Cymax employees have discussed the company’s closure publicly, including a senior leader involved in its wind-down. BetaKit also reported that a source familiar with Toronto’s CommerceBear confirmed its shutdown.

Both companies built technology serving furniture sellers, a market challenged by slower spending after the pandemic boom.

Cymax operated e-commerce and shipping platforms, while CommerceBear helped manufacturers sell through major online marketplaces.

Neither company responded to BetaKit’s requests for confirmation. The number of employees affected remains unclear for now.

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

Credit Unions Back Neo’s $185-Million Facility

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Calgary’s Neo Financial has secured a $185-million syndicated credit facility led by ATB Financial, bringing four Canadian credit unions into its funding strategy.

Vancity, Beem, Alterna, and Innovation Federal Credit Union participated. The facility finances Neo’s credit card receivables and includes a provision allowing it to potentially grow to $250 million.

The transaction follows Neo’s $68.5-million funding round in February and a $150-million credit card securitization announced in April.

Together, the deals broaden the institutional relationships supporting Neo’s lending business. The latest agreement positions credit unions as funding partners for a digital challenger seeking to expand within Canada’s financial system.

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

1Password Crosses $500M ARR

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Toronto-based 1Password has surpassed US$500 million in annual recurring revenue as demand grows for security tools serving developers, AI agents, and machines. The company says net new ARR increased roughly 60 percent through the first three quarters of fiscal 2026 while maintaining a double-digit free cash flow margin.

Customers using 1Password’s developer and AI security products are growing ARR about five times faster than others. The milestone comes as 1Password expands beyond credential protection with Unified Access and 1Password for Agents, aiming to secure identities and access across increasingly automated enterprise environments as companies deploy more AI-powered workflows globally today.

Want to know more? Check out the source code on The Wall Street Journal.

Kardium Begins Tracking Real-World Heart Treatments

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Burnaby’s Kardium has enrolled the first patient in its Globe Registry, a study tracking its heart-treatment technology in routine clinical practice.

The registry is expected to include up to 500 patients across Canada and the United States, with follow-up lasting 12 months after treatment.

Researchers will assess the Globe Pulsed Field System’s safety and effectiveness in patients with atrial fibrillation. Overlake Medical Center in Bellevue, Washington, enrolled the first participant.

The milestone follows U.S. approval in 2025 and Canadian approval this summer. As commercial adoption expands, the registry will gather evidence about outcomes beyond the controlled conditions of clinical trials.

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

BioWare Shuts Down After Three Decades

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Edmonton’s BioWare is shutting down after more than three decades, ending a chapter for one of Canada’s best-known game studios. The developer behind Baldur’s Gate, Dragon Age, and Mass Effect announced that work on its next Mass Effect game will also stop.

The closure follows parent company Electronic Arts’ decision to cut staff and close the studio. EA acquired BioWare in 2007.

Founded in 1995, BioWare helped establish Canada’s reputation for ambitious, story-driven games. Its shutdown adds to a difficult period for the domestic gaming industry, following Ubisoft’s closures of its Winnipeg and Halifax studios and the resulting job losses.

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

Hive Lands US$27 Million for Next Chapter

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Kitchener-Waterloo’s Hive has announced US$27 million in Series B financing from Frontier Growth to support its next chapter in live-event marketing software.

Most of the transaction consists of secondary capital buying out existing investor Avenue Growth Partners, with a smaller portion funding product development and sales expansion.

Hive connects audience purchasing data with email, text messaging, advertising, and customer relationship tools to help venues and promoters sell tickets.

The 75-person company serves more than 1,600 venues, promoters, and festivals. About 70% of its team works in Canada, including most engineering staff, despite most customers being based in the United States.

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

Ottawa Takes Websites Offline Over Security Flaws

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Canada has temporarily taken some federal websites offline following the discovery of security vulnerabilities in PHP, software widely used to power websites.

AI and digital innovation minister Evan Solomon said the shutdowns were precautionary measures to protect government systems and Canadians’ information, following guidance from the Canadian Centre for Cyber Security.

The vulnerabilities prompted protective action by governments and organizations internationally. PHP developers have published fixes for supported, up-to-date software versions.

The disruption highlights how weaknesses in shared software can affect public services across borders. The precautionary shutdowns do not, by themselves, establish that Canadian government systems have been breached.

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

NordSpace Lands $20-Million Defence Deal

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Markham-based NordSpace has signed a 10-year, $20-million agreement giving Canada’s Department of National Defence priority access to its Atlantic Spaceport Complex in Newfoundland and Labrador.

The facility, under construction in St. Lawrence, is intended to support Canada’s domestic launch capabilities. NordSpace says the contract covers minimum facility and systems maintenance costs, with individual missions and launches excluded.

The company has entered a second construction phase and continues targeting orbital launches by 2028.

The agreement gives Canadian defence planners a foothold in domestic launch infrastructure as NordSpace develops its rockets, satellites, and spaceport to reduce dependence on foreign providers for launches.

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

KORT Adds AptPay to Payments Platform

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KORT Payments has agreed to acquire Toronto’s AptPay, expanding its services beyond card acceptance into account-to-account payments and business disbursements.

AptPay provides a single integration for moving money through payment networks including Interac e-Transfer, Mastercard Send, Visa, and electronic funds transfers.

The combination will broaden KORT’s product offering and support its expansion across North America, including the United States.

AptPay will operate as a KORT division led by chief executive Shams Syed. The deal brings together Canadian payment-processing and payout capabilities as businesses seek simpler ways to accept funds, move money, and manage transactions through fewer technology providers and integrations.

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

Reaction Dynamics Thinks Bigger With Borealis

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Quebec’s Reaction Dynamics has unveiled Borealis, a medium-lift rocket designed to carry six tonnes into low Earth orbit, with a first launch targeted for 2031.

The Longueuil company plans to raise $350 million in additional private investment and expand its workforce from 68 to more than 350 employees by 2031.

Borealis will build on technology developed for Aurora, its smaller rocket targeting an initial orbital flight from Canadian soil in late 2028.

The roadmap includes approximately 375,000 square feet of manufacturing and integration capacity in Quebec, underscoring the investment needed to establish Canadian launch capabilities for commercial and government customers.

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