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Canadian Tech in 100 Words

 

Canadian Accelerator Startups Show Lower Revenue, Despite Growth

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A recent report by Innovation, Science and Economic Development (ISED) reveals that Canadian startups in accelerators and incubators generally earned less revenue than non-participating firms, despite initial benefits. The study analyzed data from over 8,000 startups and showed that while accelerator-backed startups had higher employment growth and spent more on research and development, they generated nearly 30% less revenue overall.

Critics, including former BlackBerry co-CEO Jim Balsillie, argue that the report conflates correlation with causality. Some large accelerators, like MaRS, are facing mounting scrutiny over their use of public funds.

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

Beacon Launches First End-to-End Remittance App for Canadian Newcomers

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Beacon Remit, part of the Beacon Super App, offers a revolutionary remittance solution for Canadian immigrants needing to transfer money out of India. As the first app to provide end-to-end remittance services, it simplifies the process for newcomers, ensuring compliance with Reserve Bank of India regulations.

Beacon Remit is about 50% cheaper than traditional bank transfers, significantly reducing wait times and fees. Co-founded by Stuart Szabo and Aditya Mhatre in 2023, the Toronto-based fintech startup aims to ease the financial transition for immigrants, offering additional resources to help them settle in Canada.

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

Apple Introduces iPhone 16, Powered by New AI Operating System

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Apple introduced the iPhone 16, its first device powered by the new AI operating system, Apple Intelligence. The phone will be available on September 20, with the AI tools, including an enhanced Siri, AI-generated emojis, and a new search feature using the camera, rolling out in October.

With nearly 1.5 billion iPhone users worldwide, Apple’s AI integration could revolutionize how people interact with their phones. While Apple relies heavily on iPhone sales, analysts are divided on whether AI features will drive upgrades and reverse recent sales slowdowns.

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

Elevate Festival Returns with Star-Studded Lineup in Toronto

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The sixth annual Elevate Festival, Canada’s largest tech and innovation event, returns to Toronto from October 1-3. Hosted at Meridian Hall and the St. Lawrence Centre for the Arts, the festival will feature prominent speakers, including journalist Lisa LaFlamme, music video director Director X, astronaut Chris Hadfield, and Shopify President Harley Finkelstein.

The event, organized by not-for-profit Elevate, offers attendees discussions, panels, and workshops on technology, business, and social innovation. Elevate aims to inspire the next generation of leaders through thought-provoking conversations and networking opportunities.

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

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.