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Canadian Tech in 100 Words

 

Wealthsimple Now Profitable After a Decade of Growth

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Wealthsimple, marking its tenth anniversary, has revealed it is now profitable, with revenue and assets surging. The financial platform, known for its low-fee robo-advisory services, has expanded into mortgages and banking, amassing over $50 billion in assets—double from a year ago.

CEO Michael Katchen confirmed that Wealthsimple’s second-quarter revenue rose 88%, reaching $129 million. Despite facing skepticism, Wealthsimple has maintained profitability since last year. The company, backed by Power Corp. of Canada, plans to continue growing its services to rival traditional banks, with future expansions into credit and insurance.

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

BCE to Sell MLSE Stake to Rogers for $4.7 Billion

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BCE Inc. announced today it will sell its stake in Maple Leaf Sports & Entertainment (MLSE) to Rogers Communications for CA$4.7 billion. The deal is expected to close by mid-2025, pending necessary approvals. BCE plans to use the proceeds to reduce debt and focus on its transformation into a tech company.

As part of the agreement, Bell Media’s TSN network has secured long-term broadcasting rights for the Toronto Maple Leafs and Raptors for the next 20 years. BCE will remain the telecom sponsor for the Raptors, Argonauts, and Toronto FC.

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

Salesforce and NVIDIA Join Forces to Elevate Enterprise AI

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Salesforce and NVIDIA announced a strategic collaboration to enhance AI capabilities for enterprises by combining their respective platforms. This partnership integrates NVIDIA’s AI platform with Salesforce’s Agentforce, designed to improve productivity for sales, service, marketing, and IT teams.

By leveraging NVIDIA’s accelerated computing and AI software, Salesforce aims to enhance customer insights and create interactive AI-powered avatars. According to Salesforce CEO Marc Benioff, this collaboration represents the third wave of AI, blending human and AI agents. NVIDIA CEO Jensen Huang added that AI assistants will reshape future workplaces by boosting efficiency and productivity.

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

TELUS Launches SmartEnergy to Cut Energy Costs

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Telus has introduced a new $12-per-month software service to help reduce home energy bills. This service, called SmartEnergy, connects to devices such as thermostats and electrical outlets, providing real-time insights on energy consumption. Customers could see a 15% reduction in their power bills, Telus claims.

Led by Dwayne Benefield, a former T-Mobile and Sony executive, the initiative is part of Telus’ broader smart-home strategy. The company plans to integrate the service into an all-in-one app, adding AI support with its assistant, Jarvis. Telus joins rivals Bell and Rogers in the competitive smart-home market.

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

Mosaic Manufacturing Secures $28M for 3D Printer Expansion

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Mosaic Manufacturing, a Toronto-based 3D printer company, secured $28 million CAD in growth financing, led by Idealist Capital. Previous investor Freycinet Ventures participated, alongside undisclosed private family offices. Idealist’s François Boudreault joins the board with Mosaic co-founders Mitch Debora, Derek Vogt, and Chris Labelle.

Founded in 2014, Mosaic has raised $10 million USD previously, from investors including Techstars and Real Ventures. Mosaic’s latest innovation, the Array, automates 3D printing for factories, addressing supply chain disruptions. CEO Mitch Debora emphasized the importance of scaling amid growing demand.

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

Federal Government Invests $66.5M to Slash Cement Industry Emissions

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The federal government is providing $66.5 million in funding to help reduce emissions from cement and concrete production. Through the Strategic Innovation Fund (SIF), Ottawa is awarding $49 million to Heidelberg Materials for a carbon capture, utilization, and storage (CCUS) system at its Edmonton cement plant, which aims to sequester one megatonne of CO₂ annually by 2026.

Giatec Scientific, an Ottawa-based firm, will receive $17.5 million to develop software that optimizes concrete production, cutting waste and emissions. This initiative supports Canada’s goal of net-zero emissions in the concrete industry by 2050.

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

ApplyBoard Secures $100M to Expand Global Reach

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Kitchener-Waterloo’s ApplyBoard has secured a $100 million credit facility from RBCx to accelerate growth and expand beyond English-speaking countries. CEO Meti Basiri announced that the funds will support international student mobility to 20 new destinations by 2030.

The EdTech company, founded in 2015, already serves over 1,500 post-secondary institutions. The funding may also fuel future mergers, but research and development are priorities. ApplyBoard’s expansion comes amid declining student visa approvals in Canada. “Opportunities exist in these challenges,” said Basiri.

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

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.