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Canadian Tech in 100 Words

Beacon Partners with BMO to Aid Immigrants

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Toronto-based fintech Beacon has partnered with BMO to simplify financial services for immigrants. Leveraging BMO’s corporate Money Services Business (MSB) accounts, Beacon’s tools enable fast, affordable cross-border money transfers. Beacon’s digital platform, Beacon Remit, streamlines remittances from countries like India, ensuring compliance with FINTRAC standards.

CEO Stuart Szabo emphasized their mission to empower users with secure financial solutions. Bhavna Gounder, Director of BMO Commercial Bank, highlighted the initiative’s importance for newcomers managing finances across borders. “We’re thrilled to support Beacon’s mission,” she said. This partnership aims to address key challenges faced by immigrants in Canada.

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

Alberta Defines Zones Limiting Wind and Solar Developments

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The Alberta government has delineated 82,000 square kilometres as “visual impact assessment zones,” requiring renewable energy developers to demonstrate that projects do not obstruct scenic views. Additionally, approximately 60,000 square kilometres are designated as “agriculture first” lands, mandating proof that renewable projects can coexist with agricultural activities.

A 70,000-square-kilometre buffer zone prohibits wind development in the Rocky Mountains. These measures follow Premier Danielle Smith’s commitment to regulate wind and solar expansion and address growing rural opposition to renewable energy installations.

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

New Fund Boosts Alberta’s Early-Stage Tech Startups

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Alberta Enterprise Corporation (AEC) has launched Accelerate Fund IV, a $15 million early-stage angel co-investment fund targeting Alberta’s technology startups. The fund aims to raise $25 million to support pre-seed and seed-stage companies in life sciences, AI, digital transformation, and more.

Since 2012, Accelerate Funds have aided 46 startups, including Helcim and DrugBank, driving $10 in private investment for every $1 contributed. “This fund strengthens Alberta’s tech ecosystem,” said Kristina Williams, AEC CEO. Minister Nate Glubish highlighted its role in job creation and tech innovation. Yaletown Partners manages the fund, continuing its legacy of fostering Alberta’s tech leaders.

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

Interac Considers Flat Fee Amid Competition Probe

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Interac plans to introduce a flat fee for e-transfers, replacing its current volume-based pricing model. Smaller institutions currently pay more per transfer than larger ones, prompting scrutiny from the Competition Bureau and parliamentary committees.

Conservative MPs revealed Interac’s fee structure in late October, sparking concerns over competition fairness in financial services. CEO Jeremy Wilmot will testify before Parliament as the Bureau investigates Interac’s pricing practices. Critics, including fintech CEO Daniel Eberhard, argue the tiered model stifles competition. While the flat fee proposal is under review, MPs call for broader systemic reforms.

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

Kevin O’Leary Unveils $70B Wonder Valley Project

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Kevin O’Leary is spearheading Wonder Valley, the world’s largest AI data centre industrial park, in Alberta’s Greenview Industrial Gateway (GIG). Partnering with Greenview’s Municipal District, O’Leary Ventures aims to establish Alberta as a global leader in data infrastructure and sustainable energy.

The $70 billion project includes 7.5 GW off-grid power using natural gas and geothermal energy. Phase one, a $2 billion investment, delivers 1.4 GW of low-cost power. Wonder Valley promises economic benefits, job creation, and partnerships with First Nations. “This sets a new benchmark,” said O’Leary, emphasizing sustainability and innovation.

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

Taylor Swift Fans Break Canadian Data Record

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Taylor Swift’s final Eras Tour concert in Vancouver shattered Canada’s mobile data usage record. Fans on Rogers 5G consumed over 11 terabytes (TB) of data during her BC Place performance, surpassing the 7.4 TB record set earlier in Toronto.

Rogers invested $10 million to enhance BC Place’s 5G network, boosting capacity 38 times with infrastructure upgrades. Over three Vancouver shows, attendees used a staggering 32 TB of data, equivalent to uploading 895,000 photos. The network redesign involved 10,000 hours of planning and 40 technicians. Temporary Cell on Wheels ensured robust connectivity for crowds outside.

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

Canada Invests $240M in Cohere’s AI Data Centre Initiative

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Toronto-based AI firm Cohere will build a multibillion-dollar data centre in Canada, bolstered by up to $240 million in federal funding. The investment marks the first allocation from Canada’s $700-million AI infrastructure fund, part of its $2-billion Sovereign AI Compute Strategy. Expected to go live in 2025, the data centre will support Cohere and other Canadian tech firms.

CoreWeave, a U.S.-based cloud computing startup valued at US$11.5 billion, will construct the facility. Cohere, Canada’s leading AI company with a valuation exceeding US$5.5 billion, is backed by notable investors like Nvidia, Oracle, and Inovia Capital.

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

Federal Government Unveils $2B AI Compute Strategy

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The Canadian government has unveiled its $2 billion Canadian Sovereign AI Compute Strategy, aimed at enhancing AI computing power nationwide. Up to $1 billion will fund public computing infrastructure for AI researchers and startups, while $700 million supports industry and academic projects through the AI Compute Challenge to create secure, affordable AI data centres.

An additional $300 million, launching in Spring 2025, will subsidize AI computing access for small businesses. This initiative follows consultations with over 1,000 stakeholders and reflects Canada’s commitment to strengthening its position in global AI innovation. Applications for funding will open soon.

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

Amazon Employs 46,000 Canadians, Invests $50B Since 2010

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Amazon’s 2024 Canadian report reveals it now employs over 46,000 people across Canada, including 8,000 in technology roles. Vancouver houses 4,500 tech staff, and Toronto employs 3,500 in departments such as AWS, Alexa, and Prime Video. The company has invested $50 billion in Canada since 2010, spanning infrastructure and wages.

Amazon highlights workforce development through programs like AI and machine-learning training, scholarships, and AWS certifications. Partnerships with firms like PwC aim to upskill Canadian workers. The report underscores Amazon’s commitment to competitive pay, benefits, and fostering career growth for Canadians.

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

Spexi Secures $11M Series A for Drone Imaging Network

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Vancouver-based Spexi has closed a US$11 million Series A funding round led by Blockchange Ventures to scale its drone-based imaging network. Spexi aims to replace traditional satellite and airplane imagery with ultra-high-resolution drone data, providing near real-time updates for emergency response, infrastructure inspections, and flood monitoring.

The company boasts 900 times the detail of satellites while maintaining near-zero emissions. CEO Bill Lakeland emphasized Spexi’s role in supporting critical services and advancing AI-powered applications globally. Over 50,000 drone missions across Spexi’s network have created the largest standardized high-resolution imagery base layer. Spexi’s blockchain-powered “Fly to Earn” system ensures data integrity.

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