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Canadian Tech in 100 Words

CoolIT Sale Delivers Major Employee Windfall

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Hundreds of employees at Calgary’s CoolIT Systems will receive significant payouts following its USD $4.75 billion sale to Ecolab, marking a major liquidity event for the city’s tech sector. Under a broad ownership program introduced by KKR in 2023, all 650 staff held equity, with returns ranging from one to eight years of salary.

The deal highlights the value of employee participation in high-growth firms. CoolIT, a leader in liquid cooling for data centres, has benefited from rising AI demand. The transaction, expected to close in 2026, also delivers strong returns for KKR.

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

Denvr, Dominion Build Sovereign AI Defence Platform

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Calgary-based Denvr has partnered with Ottawa’s Dominion Dynamics to develop a sovereign AI simulation environment for autonomous defence systems. Built on Denvr’s Canada AI Platform, the initiative supports classified workloads within Canadian jurisdiction, avoiding foreign legal exposure. Dominion is advancing Autonomous Collaborative Platforms, unmanned aircraft designed to operate alongside fighter jets.

The project follows Dominion’s $50 million investment and aligns with broader efforts to modernize defence capabilities, including NORAD. The collaboration also highlights Calgary’s growing role in national AI infrastructure as demand rises for secure, domestically controlled computing environments in defence and critical industries.

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

Chexy Raises $14M to Expand Rewards Platform

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Toronto-based fintech Chexy has secured $14 million in Series A funding led by Khosla Ventures, with participation from Air Canada. The company enables Canadians to earn rewards on essential payments such as rent, taxes, and bills—areas traditionally excluded from credit card programs. Chief executive Liza Akhvledziani Carew said the platform unlocks value from non-discretionary spending.

Chexy integrates with partners including Aeroplan and American Express, extending loyalty programs into everyday transactions. Since launching in 2023, the company has grown to over 200,000 users and delivered $35 million in rewards. The funding will support domestic expansion and product development.

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

Soil Is Becoming Data Infrastructure

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Vancouver’s Miraterra has raised $16M to scale a platform that turns soil into structured, machine-readable data. While agriculture and carbon markets increasingly depend on accurate measurement, soil has remained one of the least digitized layers of the economy. Miraterra’s approach combines spectroscopy, genomics, and AI to generate integrated environmental data across biological, chemical, and physical systems.

The oversubscribed round, led by At One Ventures with participation from Farm Credit Canada and others, signals growing investor interest in measurement infrastructure. As MRV becomes critical to climate markets, the ability to quantify soil at scale may become foundational to how carbon and food systems are valued.

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

Stablecorp, Deloitte Partner on Canadian Stablecoin Push

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Stablecorp has formed an alliance with Deloitte Canada to deliver QCAD-based stablecoin infrastructure to financial institutions nationwide. The partnership aims to prepare the sector for anticipated federal legislation, including Bill C-15, governing digital assets. Deloitte’s payments expertise will combine with Stablecorp’s regulated platform to integrate stablecoins into existing banking systems securely.

Executives say the collaboration will enable faster, lower-cost transactions and support innovation in Canada’s payments ecosystem. Stablecorp chief executive Kesem Frank emphasized that trust and compliance remain essential to adoption. The companies believe the initiative will enhance competitiveness and modernize financial services for a digital economy.

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

Embedded Payments Reshape SaaS Revenue Models

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Software-as-a-service firms are increasingly turning to embedded payments as a core growth strategy, moving beyond subscription-based models. By integrating payment processing directly into workflows, companies capture additional revenue tied to transaction volume while improving user experience. Calgary’s Digital Commerce Payments says this shift is redefining SaaS monetization.

Canadian firms including Vancouver’s Clio, Edmonton’s Jobber, and Vancouver-based Jane have adopted embedded payments to streamline billing and accelerate collections. The approach reduces friction and eliminates reliance on third-party tools. As competition intensifies, embedded payments are emerging as a key differentiator, positioning SaaS platforms as financial services providers.

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

RBC Bets on Data Advantage in AI Race

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Royal Bank of Canada’s new artificial intelligence chief Bruce Ross says proprietary data will determine competitive advantage as banks scale AI investments. Appointed in February, Ross noted RBC’s size provides a larger dataset to train models than domestic rivals.

The bank expects AI to generate between $700 million and $1 billion in enterprise value by 2027, with performance gains measured against existing systems and audited before reporting. RBC is deploying AI across commercial banking and capital markets but remains cautious about client-facing use in wealth management. Ross also warned AI may disrupt jobs and said valuations remain elevated.

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

IBM Canada CTO Urges Nuanced Data Sovereignty Approach

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IBM Canada’s chief technology officer Manav Gupta says data sovereignty should not exclude U.S. technology providers, arguing that strict domestic-only requirements are impractical. While storing Canadian data locally offers some protection, Gupta noted it does not fully shield information from foreign access. He cautioned against policies requiring entirely Canadian-built infrastructure, describing such approaches as unrealistic.

Instead, Gupta said global cloud providers can design systems that allow Canadian authorities to maintain control while benefiting from international scale and integration. His comments come as policymakers push for stronger data sovereignty amid renewed geopolitical tensions involving the United States.

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

Ecolab Acquires Calgary’s CoolIT in USD $4.75B Exit

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Ecolab has agreed to acquire Calgary-based liquid cooling firm CoolIT Systems for approximately USD $4.75 billion, marking one of the city’s largest recent tech exits. Founded in Calgary, CoolIT has become a key enabler of AI infrastructure, supplying liquid cooling systems for high-density data centres powered by chips from Nvidia and AMD.

The company was previously acquired by private equity firm KKR in 2023 for roughly USD $270 million. The deal underscores the rapid rise of liquid cooling as AI workloads strain traditional infrastructure, while highlighting Calgary’s growing role in the global data centre supply chain.

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

AI Boom Drives Data Centre Growth in Calgary

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Rising demand for artificial intelligence is accelerating investment in Calgary’s data centre sector, as governments and private firms race to expand compute capacity. Industry leaders warn that access to infrastructure is becoming critical for innovation, with billions already committed and more projects planned.

Alberta’s strategy to attract up to $100 billion in data centre investment reflects growing global competition for AI workloads and digital sovereignty. However, the surge is placing pressure on electricity systems, with demand requests already exceeding current peak capacity. The expansion signals both economic opportunity and infrastructure strain for the province’s rapidly evolving technology landscape.

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