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Canadian Tech in 100 Words

Tenstorrent Raises US$1.5 Billion

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Canadian-founded AI chipmaker Tenstorrent has raised US$1.5 billion in Series E funding at a US$6.2 billion valuation. Led by Trace Capital and Innovation X, the round will support Galaxy server manufacturing, next-generation hardware development, and hiring.

Founded in Toronto and now headquartered in California, Tenstorrent is challenging established AI chipmakers with an architecture supported by open-source software. Toronto remains its largest office, employing 200 of its 1,000 staff, while some components are manufactured in Markham.

The financing highlights the global ambitions of Canadian-founded semiconductor companies and the substantial capital required to compete in the rapidly expanding market for AI computing.

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

Inovia Reloads for AI Startups

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Montréal’s Inovia Capital has secured US$200 million in the first close of its sixth early-stage venture fund, moving toward a US$325 million target. Backers include BDC, La Caisse, CIBC, Fondaction, Fonds de solidarité FTQ, Investissement Québec, and Teralys Capital.

Fund VI will target AI-native startups and frontier technologies spanning cybersecurity, infrastructure, energy, computing, robotics, and quantum. Inovia expects to make 15 to 20 core investments in companies from seed through Series A across North America and Europe.

The firm hopes to reach its fundraising target by early 2027, adding capital for founders navigating a challenging environment for venture-backed technology businesses.

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

PlanBase Builds for Canadian Advisors

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Ottawa startup PlanBase is building financial-planning software specifically for Canadian advisors, combining a domestic planning engine with an AI assistant called Finn.

The bootstrapped platform helps import client documents, populate plans, identify gaps, explore scenarios, and draft reports. Advisors retain final approval. Its Canadian focus includes bilingual functionality, provincial probate differences, and distinct Quebec and Canada Pension Plan considerations.

Co-founders Alex Bernier and Charlie Gracie bring financial-planning and software-engineering experience to the business. Operating through advisor subscriptions, PlanBase aims to reduce preparation work across retirement, estate, insurance, and pension planning, giving professionals more time for analysis and conversations with clients.

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

Shopify’s CTO Steps Aside

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Shopify chief technology officer Mikhail Parakhin is leaving the role after just over two years and transitioning to an advisory position, the company confirmed to BetaKit.

The former Microsoft executive joined Shopify in 2024, bringing experience in artificial intelligence and machine learning. During his tenure, the Ottawa-based commerce company expanded AI tools for merchants and deployed the technology internally to accelerate development and improve efficiency.

Shopify has not disclosed the timing or reason for his departure, or named a successor. The leadership change comes as AI becomes increasingly central to how the company builds products and supports merchants across markets.

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

Calgary Startup Gives Robots Depth

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Calgary startup Vision3x is developing camera-based, AI-powered 3D sensing for drones and other autonomous systems, targeting applications in agriculture and defence.

Founder and CEO Uzma Ahmed Din developed an early prototype during her electrical and software engineering PhD at the University of Calgary. The company has received support through university entrepreneurship programs and Innovate Calgary.

Vision3x says its technology can capture up to 95% of a scene in one pass, at one-tenth the cost and half the weight of LiDAR, without GPS. The startup is continuing development and testing in challenging conditions, including extreme weather, as it works toward commercialization.

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

Blue J Joins Legora’s Workspace

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Toronto-based Blue J is bringing its AI tax research into Legora, allowing eligible customers to investigate tax questions without leaving their legal workspace. Answers will include inline citations linking to underlying sources.

Built using the Model Context Protocol, the integration keeps research processing on Blue J’s infrastructure. Customers must subscribe to both platforms, use their own accounts, and hold the necessary permissions to access source material.

Early access will begin with selected joint customers, with general availability planned for November. The partnership expands Legora’s integration ecosystem while giving Canadian-developed specialist tax technology another distribution channel within the legal AI market.

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

Rozvelt Raises for Defence Expansion

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Montréal hardware startup Rozvelt has raised $3.1 million in seed funding to expand from hunting equipment into products for military, law-enforcement, and first-responder customers.

Its Vektr headgear was designed to filter odour from exhaled breath, helping hunters conceal their scent. Interest from defence buyers prompted the company to explore equipment that also filters inhaled particles for protection in hazardous environments.

Angel investors led by Evovest partner Benoit Robert backed the round. Rozvelt plans to begin Canadian production of its consumer product this fall while developing new applications, illustrating how civilian hardware can attract international interest across the growing defence market.

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

Anthropic Lands in Nova Scotia

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Anthropic has signed its first Canadian data centre agreement, securing capacity at EverWind’s planned campus in Point Tupper, Nova Scotia. The Claude developer’s long-term lease brings a major AI customer to a proposed development combining computing infrastructure with new wind generation.

EverWind announced plans for approximately $10 billion in private investment, including $8 billion for the data centre and $2 billion for onshore wind projects. The company projects roughly 2,000 construction jobs and 215 permanent positions. The announcement positions Cape Breton as a potential AI infrastructure hub, while delivery will depend on executing the proposed campus and associated energy projects.

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

Waymo Maps Its Canadian Arrival

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Waymo is bringing its autonomous ride-hailing technology to Toronto, marking its first official expansion into Canada. The Alphabet subsidiary will begin with mapping and testing under a provincial pilot program, using trained human drivers before targeting autonomous passenger service in 2028.

Toronto-based Element Fleet Management will help manage the fleet, with the partners anticipating hundreds of roles in maintenance, validation driving, and customer service. The rollout will test how Waymo’s technology handles Toronto’s distinctive driving conditions. It also brings questions about privacy, congestion, and employment into sharper focus as Canada’s largest city prepares for a potential shift in urban transportation.

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

Banks and Telecoms Join Fraud Fight

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Canada’s major banks and telecom providers are sharing confirmed fraud intelligence through a new platform operated by EnStream. The Cross-Sector Anti-Fraud Exchange, or CSAFE, follows a pilot involving CIBC and Rogers.

Founding participants include Bell, BMO, CIBC, Desjardins, National Bank, RBC, Rogers, Scotiabank, and TELUS. EnStream aggregates and enriches contributed intelligence, while each institution independently applies it to account opening, authentication, and transaction checks. By connecting financial activity with insights into devices, the exchange aims to expose fraud that individual organizations might miss. Additional institutions are invited to join, with AI and machine learning enhancements planned as the platform grows.

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