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Canadian Tech in 100 Words

Photonic Raises $180M to Scale Quantum Systems

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Photonic has raised $180 million in the first close of a new funding round, advancing its bid to commercialize distributed quantum computing. The round was led by Planet First Partners, with new backing from RBC and TELUS and continued support from BCI and Microsoft, bringing total funding to $375 million.

Photonic’s Entanglement First™ Architecture combines silicon qubits and photonic networking to enable scalable, fault-tolerant systems. The capital will fund product milestones, hiring, and partnerships. CEO Paul Terry cited growing confidence across finance, telecom, and sustainability. The Coquitlam firm also joined Canada’s Quantum Champions Program.

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Ten B.C. Startups Signal Strong 2026 Outlook

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British Columbia’s innovation economy is entering 2026 with renewed momentum as a cohort of homegrown startups reaches key inflection points. Spanning cleantech, fintech, AI, agtech, biotech, and food systems, these companies emphasize deployment over hype.

From Baerfell’s plant-based insulation and FireSwarm’s wildfire drones to Fuse Power’s grid-connected EVs and Simuhealth’s healthcare infrastructure, execution defines the group. Several firms posted measurable performance gains, secured major funding, or earned national awards in 2025. Together, they reflect B.C.’s growing strength in applied technologies designed for real-world complexity, resilience, and sustainability across essential industries.

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

Nvidia–Groq Deal Delivers Windfall for Canadian Investors

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Over the holidays, Nvidia struck a $20 billion USD licensing deal with AI infrastructure startup Groq, setting up payouts for Canadian investors. Framed as non-exclusive, the agreement licenses Groq IP to Nvidia, moves executives over, and leaves Groq independent. Critics call it acquisition-like amid Nvidia’s dominant chip position.

Canadian backers include Garage Capital, whose Mike McCauley called it a “fabulous outcome,” and Social Capital’s Chamath Palihapitiya. Groq employs about 90 Canadians, maintains a Toronto office, and supplies chips for Bell data centres, underscoring Canada’s role in global AI infrastructure.

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

Boreal Promises Evidence-Based Artificial Intelligence

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Toronto-based Formic AI has launched Boreal, an explainable language model built for organizations demanding artificial intelligence. Instead of probabilistic text generation, Boreal transforms unstructured documents into a structured knowledge graph. Answers are checked against original sources, with reasoning steps logged end to end.

Chief executive Daniel Escott said trust depends on reviewing conclusions and evidence paths. The system blends neuro-symbolic analysis with generative drafting, blocks unsupported claims, and lowers compute needs through precomputed graph traversal. Boreal supports on-premises, air-gapped deployment and governance over existing tools.

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

TransLink Taps Vancouver’s Spare for Digital Upgrade

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Vancouver-based Spare has secured a contract with TransLink to modernize HandyDART, Metro Vancouver’s door-to-door accessible transit service handling more than 1.2 million annual trips. The deal replaces decades-old systems with a digital platform enabling online booking, real-time tracking, and service updates.

TransLink CEO Kevin Quinn called HandyDART a lifeline central to its Customer-First Plan. Spare’s software unifies registration, dispatch, routing, and reporting, improving oversight and performance. CEO Kristoffer Vik Hansen said technology strengthens rider independence. The partnership may guide other agencies. Spare raised $42 million Series B in 2024.

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McRock Capital Closes Largest Fund Amid VC Headwinds

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Toronto-based McRock Capital, a veteran industrial technology venture firm, has closed its third fund at more than $120 million, its largest raise despite difficult market conditions. Managing partner Scott MacDonald said disciplined focus and returns to investors drove success. Fund III adds Caterpillar and Autodesk to LPs, joining EDC, BDC Capital, and others.

McRock, with $300 million AUM, backs Series A and B industrial software, targeting $5–$20 million revenue firms and global growth across Canada, the United States, Europe, and Israel, deploying capital cautiously amid tightened fundraising cycles.

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Wealthsimple Doubles Assets to $100B in 2025

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Wealthsimple chief executive Michael Katchen says 2025 marked a milestone year for the Toronto-based fintech, as assets under administration surpassed $100 billion, doubling in 12 months. In a year-end memo, Katchen said the firm added more than 650,000 clients, with users gaining $10 billion through market appreciation and earning $200 million via high-interest chequing accounts.

Wealthsimple expanded its platform with features including mobile cheque deposit, USD savings, international transfers, margin trading, options strategies, and self-directed RESPs. The company also raised nearly $1 billion at a $10 billion valuation while remaining profitable. In 2026, Wealthsimple plans to scale advice and broaden access to sophisticated investment opportunities.

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

Court Orders Shopify to Preserve Merchant Data

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Shopify must preserve merchant records during an appeal of a tax dispute with the Canada Revenue Agency, the Federal Court of Appeal ruled. The order pauses Shopify’s practice of deleting inactive files after two years while Ottawa challenges a 2023 ruling that limited its data request.

Judge Nathalie Goyette criticized the government’s delay in seeking preservation and called its arguments unclear, questioning claims of irreparable harm. Still, she said maintaining potential evidence during an appeal serves the public interest as the CRA presses its case over merchant tax reporting continuing.

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Shopify Merchants Gain Direct Access to Temu Marketplace

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Temu has launched a new app allowing Shopify merchants to list and manage products on Temu directly from their Shopify accounts. Available through the Shopify App Store, the app provides access to Temu’s Local Seller Program across more than 30 markets, including Canada, the United States, the United Kingdom, Germany, Spain, and Australia.

Merchants can synchronize product catalogs, manage inventory, and coordinate fulfillment from a single interface. Temu introduced its Local Seller Program in 2024 to support in-market fulfillment and faster delivery. The company said the integration lowers operational barriers and helps businesses reach new customers without building separate infrastructure.

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CADD Stablecoin Moves Between Banks in Milestone Trial

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Canadian fintech Tetra Digital Group says CAD Digital has completed testnet transactions for CADD, a fiat-backed Canadian-dollar stablecoin targeting a Q1 2026 launch. Tests moved CADD between Wealthsimple and National Bank and across Purpose, ATB Financial, and others, marking the first inter-institution transfers of a CAD stablecoin.

Tetra says CADD will be issued by a financial institution, backed one-to-one by Canadian dollars held domestically, and built on regulated custody and compliance rails. New design partners include Aquanow, Cybrid, Float, KOHO, Sling Money, Tempo, and WealthONE, expanding development amid stablecoin rules.

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