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Canadian Tech in 100 Words

 

Loop Raises $6.4M to Expand International Finance Platform

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Toronto-based fintech Loop has announced a $6.4 million funding round, raising its total to over $10 million. Founded in 2015 as a financing provider, Loop pivoted in 2022 to simplify international finance for small- and medium-sized businesses (SMBs). Loop’s platform addresses cross-border payments, currency exchange, and treasury management, areas where SMBs are often underserved by traditional banks.

The funding, led by Luge Capital and other venture partners, will fuel Loop’s international expansion and product development. CEO Cato Pastoll emphasized the company’s mission to help businesses grow globally by reducing financial barriers.

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

Amazon Mandates Full In-Office Workweek Starting January 2025

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Amazon CEO Andy Jassy announced that corporate employees must return to the office five days a week starting January 2, 2025, in all but extenuating circumstances. For the past 15 months, Amazon required employees to work in-office at least three days a week, a move Jassy said has strengthened collaboration and company culture.

The policy shift also includes a reduction in middle management, with teams expected to increase the ratio of individual contributors to managers by 15% by the end of Q1 2025. The decision aligns with a broader trend in Canada, where many employers are mandating office returns.

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

Salesforce Introduces Slack Innovations for AI-Driven Collaboration

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Salesforce has unveiled new Slack innovations aimed at transforming how organizations work by integrating data, AI, and collaboration into a unified system. The updates include Agentforce in Slack, a new user interface that allows teams to engage with AI agents, access insights, and perform tasks. Third-party AI agents from partners like Adobe and Cohere can also be integrated.

Salesforce channels will now connect CRM records with Slack conversations to improve collaboration. Additional features include enhanced AI-powered search, automation tools, and pre-designed templates to increase productivity across departments. Salesforce reports these innovations boost team productivity by 47%.

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

Canada Launches Public Consultations on First AI Strategy for Government

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The Honourable Anita Anand, President of the Treasury Board, has launched public consultations on Canada’s first artificial intelligence (AI) strategy for the federal public service. The consultations, announced at the Symposium on Digital Trust and Cyber Security, aim to gather feedback on how AI should be used in government operations.

Earlier consultations with experts, civil society, and Indigenous communities emphasized the need for a human-centered, secure, and collaborative AI strategy. Once finalized, the strategy will guide responsible AI adoption in the federal public service to enhance productivity, science, and service delivery for Canadians.

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

Salesforce Ventures Expands AI Investments to $1 Billion

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Salesforce Ventures has announced a new $500 million AI fund, doubling its total commitment to AI innovation to $1 billion over the past 18 months. The fund aims to support high-growth companies and visionary founders driving advancements in artificial intelligence.

Salesforce Ventures has invested in over two dozen AI companies, including Anthropic, Cohere, and Hugging Face. The new fund will build on existing partnerships, providing capital, industry expertise, and access to Salesforce’s ethical and responsible AI resources. The goal is to help startups scale AI solutions while balancing growth and trust.

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

Wheaton Precious Metals Launches $1M Future of Mining Challenge

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Vancouver-based Wheaton Precious Metals has launched the inaugural Future of Mining Challenge, offering USD $1 million to a winning venture for advancing mining technology. The initiative focuses on reducing environmental impacts, improving mining efficiencies, and contributing to climate solutions.

Wheaton’s President and CEO, Randy Smallwood, emphasized the importance of fostering innovation to make mining practices more sustainable. The challenge, supported by Foresight Canada, invites cleantech companies to submit solutions aimed at reducing greenhouse gas emissions in mining operations. Applications open on September 18, 2024, with the winner announced in March 2025.

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

Ballard Restructures as Hydrogen Infrastructure Progress Slows

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Burnaby’s Ballard Power Systems has announced a global restructuring plan to cut costs due to delays in hydrogen infrastructure development and slower fuel cell adoption. The plan involves workforce reductions, consolidating operations, and cutting capital expenses, though product deliveries and customer commitments are expected to remain unaffected.

Ballard CEO Randy MacEwen stated that the restructuring will save over 30% in annual operating expenses, with significant savings realized by 2025. Earlier this year, Ballard secured its largest order to date, supplying 1,000 hydrogen fuel cell engines to Solaris Bus & Coach for the European transit market.

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

Canada Invests $14.9 Million to Install 3,000 EV Chargers Nationwide

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The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced $14.9 million in federal investments to support 20 projects installing over 3,000 electric vehicle (EV) chargers across Canada. The funding also aims to raise awareness of zero-emission vehicles (ZEVs) through educational initiatives, including $1.5 million for Plug ‘N Drive.

The investment aligns with Canada’s goal of having all new light-duty vehicle sales be ZEVs by 2035. The projects contribute to positioning Canada as a global EV leader, while creating sustainable jobs and reducing greenhouse gas emissions. These efforts are supported by investments from automotive and battery manufacturers.

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

Salesforce’s Agentforce Brings Autonomous AI Agents to Businesses

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Salesforce has launched Agentforce, a suite of autonomous AI agents designed to revolutionize service, sales, marketing, and commerce. Agentforce enables companies to deploy digital AI agents to handle tasks like customer inquiries and sales lead qualification, offering seamless scalability.

CEO Marc Benioff calls Agentforce the “Third Wave of AI,” capable of operating autonomously and driving customer success with real-time data. Unlike traditional chatbots, Agentforce adapts to changing conditions and can complete complex tasks without human intervention. Companies like Wiley have already reported significant improvements, including a 40% increase in case resolution.

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

Canada Invests $2.14 Billion in Telesat’s Lightspeed Satellite Network

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Prime Minister Justin Trudeau, alongside Quebec Premier François Legault, announced a $2.14 billion loan to Telesat to support the completion and operation of the Lightspeed satellite network, Canada’s largest-ever space program. The Telesat Lightspeed network will expand high-speed Internet and 5G connectivity across rural and remote areas of Canada, supporting 2,000 jobs.

Telesat’s investment in the Canadian economy will exceed $4.4 billion over the next 15 years, creating jobs, scholarships, and co-op opportunities. The program will also enhance Canada’s satellite communications capabilities for NATO and NORAD. Construction is underway on MDA’s manufacturing facility in Quebec.

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