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Canadian Tech in 100 Words

 

Canada Invests $15.2M in Coveo to Boost AI Innovation and Job Creation

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The federal government has announced a $15.2 million contribution to Coveo through the Strategic Investment Fund to support AI innovation. The funding is part of Coveo’s $100 million project to enhance its platform with generative AI capabilities. This initiative is expected to create and maintain 590 skilled jobs and foster collaboration with Canadian universities and research institutes.

Minister François-Philippe Champagne emphasized that the project will bolster Canada’s leadership in AI, promoting long-term economic growth and new opportunities for workers. The project is a key part of Canada’s national AI strategy.

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

VW Faces Tough Choices, But Canadian Gigafactory Stays on Track

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Volkswagen’s Chief Financial Officer Arno Antlitz issued a stark warning this week, stating the company has “one, maybe two years to turn the tide.” Amidst financial pressures, VW dissolved a 30-year job protection agreement in Germany and is considering closing plants. However, Canada’s St. Thomas battery gigafactory remains on track for a 2027 opening.

Experts like Brendan Sweeney from Western University note VW’s North American operations may not face immediate changes, but challenges persist globally as the automaker contends with European competition and U.S. policy uncertainties. VW’s Canadian deal hinges on subsidies and cheap electricity.

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

Shakepay Pushes for Bitcoin Inclusion in RRSPs and TFSAs

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Shakepay, a Montreal-based fintech, is calling for Bitcoin to be included as a qualified investment in Canada’s RRSPs and TFSAs. The company argues that Bitcoin has matured into a secure and reliable asset, making it a viable option for long-term financial planning.

Shakepay’s CEO emphasizes that direct Bitcoin investments differ from ETFs, offering more control and fewer counterparty risks. With over one million Canadian users, Shakepay believes the inclusion of Bitcoin in registered accounts would provide new diversification opportunities, similar to the U.S., where crypto is already allowed in retirement plans.

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

Energy Disruptors Summit to Showcase Top Canadian Cleantech Companies

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Calgary will host Energy Disruptors: UNITE 2024 this October, featuring CEOs from seven of Canada’s most funded cleantech companies. With over $1 billion invested in revolutionary energy and climate solutions, companies like Carbon Upcycling, Deep Sky, and E3 Lithium will present their innovations. These firms are at the forefront of carbon capture, lithium extraction, and geothermal energy.

The event, set for October 1-2 at Calgary’s BMO Centre, brings together industry leaders, entrepreneurs, and innovators to explore the future of energy. Founded in 2018, Energy Disruptors is the fastest-growing energy summit worldwide.

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

University of Waterloo Ranks First in Canada for Producing Entrepreneurs

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The University of Waterloo (UW) continues to lead in producing successful entrepreneurs, ranking 21st globally and first in Canada in the 2024 PitchBook rankings. UW has produced 562 founders and 478 companies, generating $20 billion USD in capital.

The university’s engineering, computer science, and cooperative education programs are key to its success, according to Adrien Côté, executive director of UW’s startup incubator Velocity. UW is also ranked second in Canada for producing female founders. Velocity’s upcoming move to the Innovation Arena in Kitchener aims to enhance this success.

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

Rising Loan Losses Hit Canadian Fintechs as Borrowers Struggle

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Canadian fintech lenders like Shopify and Lightspeed are facing rising bad debts, similar to the challenges banks are experiencing as high interest rates strain borrowers. According to The Logic’s analysis of financial statements, companies such as Propel, Goeasy, and Mogo have seen an increase in loan losses and provisions, reflecting concerns about borrowers’ ability to repay.

Shopify set aside US$28 million to cover bad loans in Q2 2024, up from US$19 million the previous year. Analysts are concerned about the risks fintechs face, especially without the regulatory frameworks that govern traditional banks.

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

Calgary’s DCPayments Pushes the Boundaries of Fintech

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Calgary-based Digital Commerce Payments (DCPayments) continues to lead Canada’s payments industry with its innovative, tech-driven solutions. Founded by former Shell employees Jeff Smith and Susan Anderson, DCPayments evolved from its roots in ATM services to offer a suite of digital payment technologies, including eTransfer, EFT, and digital wallets.

The company’s success is built on its ability to adapt to market demands and provide integrated payment solutions that streamline financial management. Led by President Pamela Draper, DCPayments focuses on expanding through strategic partnerships and acquisitions, ensuring its continued leadership in the fintech space.

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

Spare Raises $42M in Series B to Expand Transit Solutions

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Vancouver-based Spare has successfully closed its Series B funding round, raising $42 million. Led by Inovia Capital, with participation from Kensington Capital and Nicola Wealth, this funding will help Spare meet the growing demand for innovative transit solutions, particularly in the paratransit sector.

Spare’s AI-driven platform is used by major transit agencies, including Dallas Area Rapid Transit and Bay Area Rapid Transit, to modernize services. The new capital will support Spare’s global expansion and platform development. CEO Kristoffer Vik Hansen expressed gratitude to Inovia for their ongoing support since Spare’s inception in 2015.

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

TSX30 Highlights Energy, Mining, and Industrial Growth in Canada

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The Toronto Stock Exchange (TSX) unveiled its 2024 TSX30®, ranking the top 30 performing companies based on dividend-adjusted share price growth over three years. Leading the list is Hammond Power Solutions, with a 928% increase, driven by advancements in electrification.

The companies on the list represent over $380 billion in market capitalization and reflect strong growth in sectors like energy, industrial products, and mining. This year’s ranking highlights a shift towards value investing, with 63% of the companies paying dividends. TSX CEO Loui Anastasopoulos emphasized the role of these companies in shaping Canada’s economic future.

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

Windsor’s Optimotive Lands $2M Seed Round for Autonomous Robots

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Vancouver’s Version One Ventures has led a $2 million seed round in Optimotive, a Windsor-based company building autonomous robots for extreme environments like construction, mining, and oil and gas. The round also saw participation from Garage and NewLab.

Optimotive’s robots, including IRIS and BOX, are designed to handle repetitive and hazardous tasks, making them cost-effective solutions for tough job sites. CEO Scott Fairley leads the company, which is vertically integrated, controlling both hardware and software development. The investment supports Optimotive’s goal to expand its fleet with new robots like MULE and SCRUBBLES.

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