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Canadian Tech in 100 Words

 

Luge Capital Fund II Raises $96M to Back Early-Stage Fintech Startups

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Luge Capital announced today the closing of $96 million for its second fintech-focused fund, Luge Capital Fund II. This brings the firm’s total assets under management to over $180 million across two funds. The new capital comes from investors like Venture Ontario, Alberta Enterprise Corporation, and AAF Management, building on previous backing from CDPQ, Desjardins, and BDC Capital.

Luge Capital will continue to focus on early-stage fintech startups in Canada and the US. The firm has already made four investments from the second fund, including Montreal-based inscora. More investments are expected to be revealed soon.

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

Shopify Launches Pilot to Sell Physical Goods in Roblox

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Shopify announced a partnership with Roblox to pilot a new checkout feature allowing developers, creators, and brands to sell physical items within Roblox games. Revealed at the Roblox Developers Conference in San Jose, California, this integration lets players purchase real-life products alongside digital replicas for their avatars using Shopify-powered checkout.

With 80 million daily active users, Roblox offers a vast audience for Shopify sellers. The pilot is set to expand with a larger launch in early 2025. Shopify president Harley Finkelstein described the initiative as a major step in immersive commerce.

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

Canadian Businesses Face Higher Payment Fraud Rates Than Consumers

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A new Payments Canada study reveals that Canadian businesses experience a higher rate of payment fraud than consumers—20% versus 13%, respectively. The most common fraud types include impersonator fraud (25%), intercepted e-Transfers (22%), and credit card fraud (20%). Larger commercial businesses were more likely to experience fraud, with 26% reporting incidents.

Despite growing awareness, fraud rates remained stable from 2023. Many businesses take precautions, such as using trusted sites and enabling two-step authentication, though password management still needs improvement. Notably, 70% of businesses were partially or fully reimbursed by financial institutions.

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

TD Bank Launches eCommerce Platform for Small Businesses

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TD Bank Group has launched TD eCommerce Solutions, a customizable platform designed to help Canadian small businesses sell products and services online. Powered by BigCommerce, the platform offers webstore design tools, inventory management, and payment solutions, providing a seamless and scalable experience.

With eCommerce accounting for nearly 12% of retail sales in Canada this year, TD aims to help businesses easily transition into the digital marketplace. The platform is available to TD Business Banking customers and includes same-day deposits, SEO, and fraud detection.

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

Nu:ionic and HybriGenix Partner on Alberta Hydrogen Power Project

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Fredericton-based Nu:ionic Technologies and Vancouver’s HybriGenix have signed an MOU to develop a clean power and hydrogen production facility in Alberta. The project will demonstrate pre-combustion carbon capture, aiming to reduce greenhouse gas emissions by using hydrogen as a fuel source for gas turbines.

Nu:ionic’s Teal Hydrogen technology and HybriGenix’s gas turbine power solutions will generate 100 MW of electricity, with 50 MW delivered initially. Located near Edmonton, the facility will also produce 1,200 kg/day of high-purity hydrogen. The partnership plans to eventually decarbonize the power generation entirely using hydrogen blends.

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

Canadian Co-Founder Ilya Sutskever’s Startup SSI Secures $1B Funding

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Safe Superintelligence (SSI), a startup co-founded by Canadian OpenAI co-founder Ilya Sutskever, has secured $1 billion USD in funding just three months after its launch. The funding round, led by NFDG, Andreessen Horowitz, Sequoia Capital, DST Global, and SV Angel, values the AI-focused company at $5 billion USD, according to Reuters.

SSI, which aims to advance the safe development of artificial intelligence, will use the funds to expand its team and increase computational capacity. The company will split its operations between Silicon Valley and Tel Aviv. Sutskever remains focused on AI safety as SSI’s chief scientist.

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

Canucks Name Clio as First Official Away Jersey Sponsor

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Canucks Sports & Entertainment (CSE) announced today that Vancouver-based legal tech company Clio will be the official away jersey partner for the Vancouver Canucks. The multiyear partnership will see the Clio logo featured on the Canucks’ away jerseys starting with the 2024 hockey season at the Young Stars Classic on September 13.

This marks the first time the Canucks have had an official away jersey sponsor, building on their 2022-2023 home jersey sponsorship. Clio CEO Jack Newton highlighted the shared values of teamwork and innovation between the two organizations.

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

Communitech Launches MedTech Accelerator Program for Canadian Startups

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Communitech announced today the selection of eight Canadian startups for the inaugural cohort of its MedTech Accelerator Program. This new initiative, supported by MACcelerate, FedDev Ontario, the Province of Ontario, and the City of Kitchener, aims to help early-stage medtech founders scale their companies through expert coaching and support.

Participants, including AiimSense, Hera Fertility, Medreddie, and others, will receive personalized guidance on growth strategies, compliance, and market development. The program, which runs from September 9 to October 4, 2024, is designed to foster innovation and improve healthcare solutions.

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

Amazon Unveils Vancouver Atrium, Plans Toronto Expansion

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Amazon announced expansions at its Vancouver and Toronto Tech Hubs, unveiling new features and office spaces for over 8,500 employees. At The Post in Vancouver, Amazon opened a 43,000-square-foot atrium and revealed plans to complete the North Tower by 2026. The Post, with historical significance as Vancouver’s Main Post Office, now hosts more than 4,500 employees.

In Toronto, Amazon introduced Canada’s first in-office Just Walk Out technology store at its YYZ14 location. This AI-powered store allows employees to grab items and leave without waiting in line. Additional office space at YYZ18 is expected to open in 2024.

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

RetiSpec to Bring Alzheimer’s Screening to Optometrists by 2024

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Toronto-based RetiSpec aims to bring Alzheimer’s screening to optometrists by the end of next year. The company, backed by USD $10 million in new funding, uses retinal imaging technology to detect early signs of Alzheimer’s disease, leveraging an AI algorithm to analyze retinal scans.

RetiSpec’s approach offers a less invasive alternative to PET scans and spinal taps, making Alzheimer’s diagnosis more accessible. The funding round, led by iGan Partners and supported by Eli Lilly and Topcon Healthcare, will help the company scale up and work with regulators. RetiSpec is also exploring applications for Parkinson’s disease.

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