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Canadian Tech in 100 Words

Rails Raises $14M, Launches Crypto Platform in U.S.

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Canadian-founded crypto startup Rails has raised $14 million USD to support the U.S. launch of its hybrid trading platform. The Miami-headquartered firm, co-founded by Toronto entrepreneurs Satraj and Megha Bambra, aims to combine the speed of centralized exchanges with the security of decentralized platforms. Backers include Slow Ventures, Kraken, and Toronto’s Round13 Capital.

Despite retaining a strong engineering base in Toronto, Rails chose Miami for its crypto-friendly climate. CEO Satraj Bambra says Canada’s regulatory stance has deterred innovation. “We’ve lost that balance,” he said. Funds will be used to deepen liquidity, grow the team, and expand platform offerings.

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

Global Energy Show to Highlight Clean Tech Leaders

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The 2025 Global Energy Show Canada, running June 10–12 in Calgary, will spotlight over 500 exhibitors and welcome 30,000 attendees from 100+ countries. A focal point will be five Canadian clean energy firms featured in this year’s awards: Enaimco (offshore asset performance), Forefront Energy (zero-emissions generators), Greengate Power (solar mega-projects), GHGSat (satellite methane tracking), and VL Energy (AI-based emissions reduction).

The Energy Influencers conference, with speakers from AWS and Siemens, will address decarbonization and tech-led transformation. Together, these innovators showcase Canada’s growing role in sustainable energy development.

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

FNBC, BDC Launch $100M Indigenous Acquisition Fund

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The First Nations Bank of Canada (FNBC) and the Business Development Bank of Canada (BDC) have launched a $100-million joint initiative to help Indigenous communities finance business acquisitions. The loans, issued by FNBC and guaranteed by BDC, aim to support Indigenous-led purchases of established companies as a wave of small business owners prepare to retire.

BDC President Isabelle Hudon called the fund a step toward economic reconciliation. FNBC CEO Bill Lomax highlighted the opportunity for Indigenous ownership to increase competitiveness, particularly through procurement advantages. The fund is part of BDC’s broader Community Banking strategy.

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

Balsillie-Backed Think Tank Taps New Leaders

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A new think tank funded by former BlackBerry co-CEO Jim Balsillie has appointed ex-Sonos CEO Patrick Spence as chair and policy expert Vass Bednar as managing director. The Canadian Shield Institute, launched with a $10-million donation through the Council for Canadian Innovators, will focus on shaping Canada’s economic and defence policies.

Though affiliated with CCI, Bednar says Shield has a distinct mandate, aiming to influence innovation, infrastructure, tax reform, and strategic sectors like mining and health. Board members include CCI leaders Benjamin Bergen and John Ruffolo. Shield aims to fill a policy vacuum for Canada’s digital economy.

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

B.C.’s Hydrogen Cluster Gets Federal Boost

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British Columbia’s hydrogen sector received a $500,000 boost this week as PacifiCan invested in the Canadian Hydrogen Association to support global expansion efforts. B.C. is home to over half of Canada’s hydrogen and fuel cell companies, employing nearly 1,400 workers. The funding, delivered through the Regional Innovation Ecosystem program, will help attract investment, promote exports, and showcase B.C. innovation internationally.

Minister Gregor Robertson praised the sector’s role in advancing clean energy and job creation. Local leaders, including Ekona Power, continue to scale cutting-edge solutions in low-emission hydrogen production and decarbonization.

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

Google Launches $13M AI Fund in Canada

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Google Canada has launched a $13 million AI Opportunity Fund to upskill over two million Canadians in artificial intelligence. The initiative supports four organizations—Amii, First Nations Technology Council, Skills for Change, and the Toronto Public Library—to expand workforce training across diverse communities.

Amii will lead a national AI education consortium for students, while the First Nations Technology Council and Skills for Change focus on Indigenous and marginalized populations. The Toronto Public Library will offer free AI programs citywide. Google says the investment ensures Canadians are ready for an AI-powered economy, citing potential $230 billion in economic impact.

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

Canada’s Balatro Honoured by Apple for Game Design

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Canadian indie developer LocalThunk has won in the “Delight and Fun” category at the 2025 Apple Design Awards for Balatro, a hit digital card game blending poker, roguelike, and deck-building mechanics. Sharing the award with China’s CapWords, LocalThunk beat out nominees including Ubisoft’s Prince of Persia.

Based in Regina, LocalThunk remains pseudonymous and is represented by publisher Playstack. Balatro has sold over five million copies and previously won Game of the Year at the Game Developers Conference. Apple’s award precedes WWDC and highlights standout creative use of its platforms.

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

Canadian Artists See Spotify Royalties Surge

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Canadian artists earned nearly $460 million in Spotify royalties in 2024—double what they made five years ago, according to the company’s latest economic report. However, Spotify noted it cannot confirm how much of that income reaches artists due to label and distributor contracts.

Ninety-two percent of royalties for Canadian music came from international listeners. Spotify’s Bryan Johnson called this reach “very difficult” in the CD era. In 2024, Spotify changed its royalty policy to only pay tracks with over 1,000 plays. The company also raised Canadian subscription prices following a federal mandate to support local content.

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

Fintechs Push for Access to Better Serve SMEs

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Peloton Technologies CEO Craig Attiwill says small and medium-sized businesses (SMEs), which form Canada’s economic backbone, remain underserved by traditional banks. In an interview, he emphasized fintechs’ growing role in tailoring services for this diverse sector, despite regulatory hurdles.

Attiwill called for open banking, access to central payment systems, and faster progress on real-time payments—standards already adopted in the UK, Singapore, and Australia. Without these, Canadian fintechs remain reliant on banks. Attiwill believes fintechs can thrive by focusing on niche markets and staying prepared for policy change. “There’s room for many winners,” he said.

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

Eavor Secures $138M to Scale Clean Power Tech

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Canada Growth Fund (CGF) is investing up to $138 million in Calgary-based Eavor Technologies to advance its closed-loop geothermal system, Eavor-Loop™, which delivers clean, dispatchable power without fracking or aquifers. The commitment includes an $89 million initial investment and $48 million contingent on performance.

Eavor has made major progress since CGF’s first $90 million investment in 2023, including commercial deployment in Germany and Canadian-developed innovations like Rock-Pipe™ and Eavor-Link™. CGF CEO Yannick Beaudoin praised the deal as a cleantech milestone. This marks CGF’s 13th investment since 2023, bringing its portfolio to $2.7 billion.

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