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Canadian Tech in 100 Words

 

Cybersecurity Ranked Top Concern Among Canadian Business Leaders

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KPMG’s latest survey highlights cybersecurity as the leading threat for Canadian small and medium-sized businesses (SMBs), with 72% reporting cyberattacks in the past year. Despite this, 71% treat cybersecurity as a “tick-the-box” measure, lacking skilled personnel (70%) and financial resources (69%) for effective defenses.

    The survey also shows rising concern over generative AI threats, with 75% fearing it could increase vulnerability. While 36% are raising cybersecurity investments to counter AI risks, 66% lack a ransomware response plan. KPMG’s Hartaj Nijjar stresses the importance of proactive investment to reduce long-term costs and protect business continuity.

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

    Canada’s AI Workforce Demand Rises Amid Global Competition

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    A new report by the Vector Institute, in collaboration with the Conference Board of Canada and the Future Skills Centre, reveals a 37% increase in demand for core AI skills since 2018, focusing on fields like machine learning and AI ethics. Demand for peripheral skills, however, dropped by 46.4% as automation tools replace them.

    The report emphasizes Canada’s need to strengthen AI education, R&D investment, and governance to retain its talent edge. Alain Francq of the Conference Board warns that slow AI adoption could hinder Canada’s competitiveness, while Noel Baldwin of Future Skills underscores the importance of lifelong learning.

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

    Canadian Startup Tenstorrent Gains Traction with AI Compute Technology Licensing

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    Canadian AI chip company Tenstorrent has found success licensing its AI compute technology to firms and governments aiming for independence from chip giants like Nvidia and Arm. Customers such as Hyundai, LG, and Japan’s government-backed research centre are using Tenstorrent’s high-performance compute IP, built on RISC-V architecture, for improved control and cost savings.

    Tenstorrent’s CEO Jim Keller, renowned for leading custom chip efforts at Apple and Tesla, is capitalizing on rising demand for “sovereign compute” solutions. With its own open-source hardware and software, Tenstorrent now provides an appealing alternative amid global supply chain concerns.

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

    Canadian CEOs Balance Talent and Technology Investments Amid Economic Uncertainty

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    KPMG’s latest Canadian CEO Outlook reveals a rebalancing between technology and talent investments. While 80% prioritized tech in 2022, that figure dropped to 59% this year, with 41% now prioritizing people. CEOs increasingly focus on AI, data governance, and upskilling to fuel long-term profitability. Many CEOs (72%) expect measurable AI returns, despite concerns over AI’s regulatory and technical hurdles.

    Most CEOs envision a return to office, with 83% expecting in-office work within three years, favoring knowledge transfer and organizational continuity. Canadian tech leaders are addressing data management gaps, seeing it as vital to successful AI deployment.

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

    Shopify Targets Larger Clients Amid Shift in E-commerce Strategy

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    Shopify, the Canadian e-commerce giant that began by selling snowboards online, is now targeting larger businesses to boost profit margins. With a more aggressive approach, Shopify has already secured hundreds of former Salesforce clients, including Toys “R” Us and Casper, and recently added high-profile brands like Lionel Messi’s Más+ and Sofía Vergara’s Dios Mío Coffee.

    Post-pandemic shifts in consumer habits prompted Shopify to pivot from small businesses to higher-volume clients. Already powering 10% of U.S. e-commerce, Shopify continues to expand globally, with over half its new merchants in Q2 from non-English-speaking markets.

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

    Communitech CEO Departs Amidst Controversy Over Venture Fund

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    Chris Albinson will leave his role as CEO of Communitech by year’s end to prioritize fundraising for the True North Fund, a venture capital initiative he launched while leading the Waterloo-based tech hub. Albinson, who returned from Silicon Valley in 2021, initially aimed to raise up to $350 million but has so far secured $100 million.

    His tenure faced criticism from local entrepreneurs who felt his dual focus on Communitech and True North conflicted with the hub’s support for local startups. CFO Jennifer Gruber will serve as interim CEO as Communitech’s board seeks Albinson’s replacement.

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

    Canada Leads in Battery Supply Chain as NEO Battery Materials Expands

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    Canada’s lithium-ion battery supply chain dominance continues as Toronto-based NEO Battery Materials advances plans to build a commercial facility for silicon anode production. The company has signed a preliminary lease with an undisclosed Canadian municipality for 8 acres, aiming to construct a multi-building site with a 5,000-ton annual capacity to serve North America’s EV and electronics markets.

    With Canada now ranking first in BloombergNEF’s global battery supply chain, NEO’s project supports the nation’s push for zero-emission vehicles. CEO Spencer Huh cites strong government backing, positioning NEO as a critical player in Canada’s sustainable battery ecosystem.

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

    eStruxture Invests $750M in Alberta’s Largest Data Center

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    eStruxture, Canada’s top AI-ready data center provider, is investing $750 million to build CAL-3, Alberta’s largest data center, near Calgary. Launching in 2026, CAL-3 will offer 90 MW capacity, supporting AI and cloud providers with its high-density, energy-efficient design. Meeting Tier III standards, CAL-3 will cater to next-gen needs, such as GPUaaS, with cabinet densities exceeding 125 kW.

    Customizable data halls and inter-site connectivity strengthen Alberta’s digital infrastructure, positioning the region as a North American tech hub. Todd Coleman, eStruxture’s CEO, sees CAL-3 as key to Alberta’s digital economy, fueling sustainable tech growth in Canada.

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

    Parachute Raises $1.5M to Support Canadians in Financial Wellness Journey

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    Toronto-based fintech Parachute, founded in 2022 by Mark Levitan and Bruce Hodges, recently secured $1.5M in seed funding to support its financial wellness platform. With backing from Adrenaline Fund, Highline Beta, and angel investors, the round raises Parachute’s total capital to over $2M.

    Parachute offers loans, debt consolidation, and a financial education platform to help Canadians manage debt and improve financial habits. The platform employs behavioural science and a unique rebate system, rewarding users for wise financial decisions. Parachute now seeks credit union partnerships to boost distribution and access capital, aligning with its expansion goals in Canada.

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

    Six Canadian Innovators Make Prestigious Global Fintech 100 List

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    Six Canadian fintech firms, including Arteria AI, Boosted.ai, Brim, Conquest Planning, Micruity, and Relay, have earned spots on CB Insights’ 2024 Fintech 100. The list, drawn from 9,000 contenders, highlights high-momentum companies advancing financial services through innovation.

    Arteria AI, specializing in documentation infrastructure, gained special recognition for its generative AI deployment, while others like Boosted.ai and Conquest Planning bring AI solutions to investment and financial planning. According to CB Insights analyst Laura Kennedy, the list reflects advancements in AI, data solutions, and financial inclusivity. This marks Canada’s growing impact on the fintech sector worldwide.

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