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Canadian Tech in 100 Words

 

Canada’s EV Industry at Crossroads as General Motors Considers Situation

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Canada’s electric vehicle industry stands at a crossroads as General Motors and Unifor Local 88, representing workers at the BrightDrop EV plant in Ontario, enter crucial contract negotiations. The outcome of these talks will provide insight into GM’s commitment to its $2 billion investment in Canadian EV production.

The BrightDrop plant, once a symbol of Canada’s promising EV future, faces challenges as GM grapples with layoffs and project delays. Despite broad uncertainty around the nation’s EV sector, workers remain optimistic about BrightDrop’s potential. Their contract ends September 17.

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RCMP Warns of ‘Violent Online Groups Targeting Youth’ via Games and Apps

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The Royal Canadian Mounted Police is warning parents their youth may be at risk from threat of violent online groups. The organization’s National Security Program is working in tandem with the National Child Exploitation Crime Centre to address rising concerns of “Ideologically Motivated Violent Extremist entities … targeting youth online with the intention of getting them to record or live-stream acts of self-harm, suicide, animal torture and/or produce child sexual abuse material. “

These dangerous gangs operate on publicly available platforms, the RCMP says, including gaming platforms and social media sites popular with youth. There are “many major crimes being committed by these groups,” according to a statement.

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Commerce Giant Shopify Unveils Microsoft A.I. Veteran Mikhail Parakhin as CTO

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Shopify has brought on board Mikhail Parakhin as the Ottawa commerce giant’s new Chief Technology Officer. Described by Shopify as “one of the finest machine learning crafters on the planet,” Parakhin hails from Microsoft and Yandex, where he developed various digital and A.I. products as chief of tech.

“Mikhail’s career is a testament to his ability to build critical infrastructure and invent key technology that has made a significant impact on the broader tech industry,” reads a statement from Shopify. “As CTO, Mikhail will oversee our engineering and data organizations and push Shopify to the cutting edge.”

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Canada’s Largest Clean Hydrogen Facility Garners Multi-Billion-Dollar Investment

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Multinational chemical company Linde has signed a long-term agreement for the supply of clean hydrogen to Dow’s Fort Saskatchewan Path2Zero Project.  The company will invest more than $2 billion to build, own and operate a world-scale integrated clean hydrogen and atmospheric gases facility in Alberta.

Linde’s new on-site complex will use autothermal reforming, combined with Linde’s proprietary HISORP carbon capture technology, to produce clean hydrogen and will also recover hydrogen contained in off-gases from Dow’s ethylene cracker.  Upon completion in 2028, Linde’s new complex in Alberta will be the largest clean hydrogen production facility in Canada, and one of the largest globally.

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

ChopValue Secures $4M to Innovate Supply Chain with Circular Solutions Tech

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Global circular product solutions manufacturer ChopValue this week announced a $4 million investment from InBC Investment, a fund created by the Province of British Columbia aimed at driving financial returns alongside positive impact. The government capital builds on private fundraising from last year.

ChopValue will leverage InBC’s investment to make strategic key hires on their Business Development and Design teams, according to statement from the firm, as well as accelerate the development and implementation of their solutions to solidify a leadership position within Canada’s circular manufacturing sector. Founded in 2016, ChopValue’s urban harvesting approach has diverted over 170 million chopsticks from the landfill.

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

Uni-one Raises $10M to Expand Food Supply Chain Tech Throughout North America

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A Vancouver-born startup innovating food supply chains with a technology-based platform has raised financing to expand its offering across North America. Uni-one’s online app, powered by a proprietary intelligence system, offers a one-stop shop to browse products, place orders, and track trends for restaurants, grocers, and wholesalers alike.

The company has secured $10 million in a Series A round from Celtic House Asia Partners, Red River Investments, Banyan Pacific Capital, and others, which values the company at $60 million. Uni-one was founded in 2017; today the rapidly growing company services 15,000 annual deliveries, working with notable chains such as H-Mart, T&T Supermarket, and Loblaws.

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

Bank of Canada to Regulate Non-Bank Payment Services, Registration Begins Nov. 1

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Starting November 1, non-bank businesses offering payment services in Canada must register with the Bank of Canada under a new regulatory regime aimed at protecting consumers. The Bank estimates the regime will apply to around 3,000 companies, including fintechs and other firms involved in online payments.

The move follows global trends in countries like the U.S. and U.K. to regulate non-bank payment providers. However, determining which businesses need to register is complex, with exemptions for incidental activities and internal transactions. Firms that miss the deadline but act quickly may avoid penalties, according to Bank of Canada officials.

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

Four Canadian Startups Successfully Complete Six-Month SportsTech Accelerator

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This year 10 companies from around the world secured their spot in the 2024 Class of the Comcast NBCUniversal SportsTech Accelerator, and the chosen 10—selected from over 1,500 applicants across more than 50 countries—included a remarkable four Canadian picks: two from B.C., one from Alberta, and one from Ontario.

The four firms representing the North—StellarAlgo, Plantiga, Fobi, and Mobii Systems—have all established partnerships or pilots with major brands such as Premier League and Compact Spectator through connections developed during the accelerator program, which wraps up this week at Rally Innovation in Indianapolis.

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

Vault Launches Latest Fintech Feature Targeting Payments for Businesses

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A digital financial platform for Canadian businesses this week released an automated vendor payment functionality. Toronto’s Vault says the new functionality is designed to increase payment accuracy with enhanced accounting software integrations and is set to “transform how businesses manage their payable processes [by] offering a true 2-way sync.”

Businesses can now manage and pay hundreds of bills simultaneously, reducing the time spent processing payments. To further enhance financial control, Vault provides multi-level payment approval workflows, the company says, which ensures all payments comply with internal processes prior to funds being sent to different vendors.

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

Shift4 Payments Set to Acquire Toronto’s Givex for $200M in All-Cash Transaction

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Givex is being acquired by Shift4 Payments. Shift4 has agreed to acquire all issued and outstanding shares of Givex in an all-cash deal. Shareholders of Givex will receive $1.50 in cash per share, implying an aggregate equity value for the fintech of approximately $200 million.

“The Givex Team looks forward to joining the Shift4 family and bring our enterprise gift card capabilities and loyalty programs to hundreds of thousands of new customers,” stated CEO Don Gray. “By combining Shift4’s end-to-end payment solution with our value-added engagement services, we can deliver an unparalleled package to both of our customer bases.”

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