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Canadian Tech in 100 Words

Canada’s Startup Bank Retreats from Risk

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The Business Development Bank of Canada (BDC) has shuttered its intellectual property financing program and slashed staff in its deep-tech fund amid a worsening capital crunch. The bank, which reported $220 million in venture losses in 2024, is struggling to recoup investments as early-stage firms delay returns.

BDC’s deep-tech fund, once Canada’s largest, will no longer seek new deals. Remaining capital will support its 12 current portfolio firms. Meanwhile, BDC is redirecting $1 billion toward lower-risk, later-stage investments. The restructuring reflects broader early-stage funding challenges, as investors shift focus away from high-risk innovation.

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Damon Taps European Expertise to Revive Delayed Electric Motorcycle

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Damon Motors of Vancouver this week revealed a collaboration with Italy’s Engines Engineering to accelerate the long-delayed HyperSport electric motorcycle. Promising a 200-mile range and top speed, HyperSport features AI-driven 360º collision avoidance. Once hailed as revolutionary, repeated delays tarnished confidence—until now.

Engines Engineering, established in 1979, brings racing pedigree to support validation under track conditions. Interim CEO Dom Kwong says the partnership enables efficient development of Damon’s proprietary powertrain and safety systems. With share prices rebounding 20% post-announcement, investors seem reenergized. Damon still targets a 2025 launch.

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

Canadian Duo Launches AutoUnify to Streamline Car Dealership Tech

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AutoUnify, co-founded by Canadians Joel Milne and Alison Burnham, has launched with $2.5 million in funding to address the automotive industry’s connectivity challenges. Milne, serving as CEO, holds a Bachelor of Engineering from Queen’s University and an MBA from Harvard Business School. Burnham, the company’s CTO, earned her PhD in Statistics from McMaster University.

The Santa Monica-based startup offers a developer-first platform that enables real-time communication between automotive retailers and software vendors, aiming to reduce integration time and costs. The seed funding, led by UP.Partners, will support product development and expansion efforts.

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Kraken Registered as Dealer Under Canadian Rules

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Kraken has received Restricted Dealer registration from the Ontario Securities Commission, solidifying its position among a select group of crypto exchanges meeting Canada’s investor protection standards. The approval follows a years-long pre-registration undertaking, enhancing Kraken’s governance, compliance, and security protocols.

The exchange also announced Cynthia Del Pozo as its new North America GM, highlighting its growth focus in Canada. Kraken has doubled its Canadian workforce, seen rising monthly users, and now holds over $2 billion in assets under custody. This move follows Coinbase’s registration, signalling Canada’s increasing regulatory clarity in the digital asset space.

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

Kensington Expands Into National Security Tech

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Kensington Capital Partners has acquired the venture capital business of Ottawa-based ONE9, led by JTF2 veteran Glenn Cowan, in a strategic push into National Security technologies. ONE9’s future investment activity will now fall under Kensington, positioning the firm as a market leader in cybersecurity, dual-use, and defense-first tech.

Kensington also took a minority stake in ONE9 Capability Labs, with an option to buy more. Legacy investments remain with the vendors. The two firms previously co-invested in firms like Tomahawk Robotics and Strider Technologies, paving the way for this deeper alliance.

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

Rogers Extends NHL Rights in $7.7B Deal

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Rogers Communications has secured exclusive NHL broadcasting rights in Canada for US$7.7 billion, extending its grip on the league through a new 12-year agreement, according to Sportico and the Associated Press. The deal follows Rogers’ landmark $5.2B acquisition in 2013, which displaced the CBC. The current agreement expires after next season.

Shares fell 6.5% Tuesday, as Rogers contends with growing debt and flat 2025 revenue forecasts. The telecom giant recently spent $4.7B to buy Bell’s stake in Maple Leaf Sports & Entertainment, ensuring Leafs broadcast profits stay in-house rather than aiding a rival.

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

Amazon Invests in Ontario’s Cyclic Materials

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Amazon is backing Cyclic Materials, a Canadian rare-earths recycler, through its Series B round, bolstering efforts to strengthen the critical minerals supply chain. Though terms were undisclosed, the investment will help the Toronto- and Kingston-based startup expand into the U.S. and Europe.

Amazon’s Climate Pledge Fund sees value in reclaiming rare earth elements from devices like hard drives, said fund principal Nick Ellis. Cyclic recovers metals from motors, MRI machines, and wind turbines—key components in a growing clean economy. The move aligns with Amazon Web Services’ $100B AI data centre expansion and U.S. priorities under President Trump.

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Toronto’s Ribbon Raises $8.2M to Advance AI Hiring

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Toronto-based Ribbon has raised US$8.2 million in seed funding to advance its AI-driven hiring tools, the company announced. The all-equity round was led by Radical Ventures, with follow-on investments from Social Leverage, Cadenza Ventures, and GD1. CEO Arsham Ghahramani says the funds will support new product development and grow the six-person team to 14.

Ribbon’s AI conducts interviews, transcribes conversations, and ranks candidates. Ghahramani claims its proprietary dataset of real interviews makes it superior to tools like OpenAI. Ribbon is also piloting AI agents for scheduling and messaging, aiming to help clients hire within a day.

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

Tiny Acquires Majority Stake in DJ Software Leader Serato

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Victoria-based Tiny, known for acquiring profitable niche tech companies, is entering the music tech sector with a 66% stake in Serato, a globally recognized DJ software firm. The USD $66 million deal, a mix of cash and stock, is set to close in Q2 2025.

Founded over 25 years ago, Auckland-based Serato has $42.4M in annualized revenue—62% of it recurring—and a 34% EBITDA margin. Tiny expects the acquisition to lift recurring revenue by 45% and EBITDA by 30%. Serato’s co-founders and leadership, including CEO Young Ly, will remain in place to steer continued growth.

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Legal LLMs Could Redefine the Practice of Law

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AI won’t replace lawyers—but legal-specific AI might. That’s the message from Alistair Vigier, CEO of Caseway, who argues the real disruption is coming not from tools like ChatGPT, but from legal LLMs—models trained solely on law.

Caseway is developing what it claims will be the industry’s first legal LLM, capable of understanding binding precedent, drafting enforceable contracts, and transforming legal research. Vigier says traditional AI lacks the depth for serious legal work. With specialized data, a legal LLM could reshape firms’ workflows, reduce costs, and democratize access to law—changing legal practice forever.

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