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Canadian Tech in 100 Words

 

Shopify Stock Surges 27% After Strong Q3 Earnings

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Shopify’s Q3 earnings exceeded expectations, sending shares up 27% on Tuesday. The Ottawa-based e-commerce giant reported $2.16 billion in revenue, a 26.1% increase from last year. Customers using Shopify tools sold $69.7 billion in goods, boosted by sectors like food, apparel, and skincare, with notable growth in Europe.

Merchant-solutions revenue hit $1.55 billion, as Shopify earns a percentage of client sales. The addition of enterprise clients, including Watches of Switzerland and The Body Shop, supports Shopify’s infrastructure-expansion strategy. President Harley Finkelstein emphasized long-term goals over short-term growth spikes.

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

Slack Report Highlights AI Adoption Gap Between Executives and Employees

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The Fall 2024 Slack Workforce Index reveals a growing divide between executive enthusiasm for AI and employee apprehension. While 99% of executives plan AI investments, employee excitement has declined by 6% globally. Notably, 48% of workers hesitate to disclose AI usage, fearing perceptions of laziness or incompetence.

Despite 76% expressing an urgent need for AI skills, 61% report minimal training. Employees hope AI will reduce busywork but worry it may increase workloads due to heightened productivity expectations. The report advises leaders to enhance AI training and adjust productivity metrics to integrate AI effectively.

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AppDirect Acquires vCom to Enhance IT Management Capabilities

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AppDirect, a leader in B2B subscription commerce, announced plans to acquire vCom Solutions, an IT lifecycle management firm. This acquisition brings vCom’s vManager® platform, which offers AI-powered IT spend management, into AppDirect’s ecosystem, expanding capabilities for advisors and their clients.

vCom’s Buyers’ Club, QuantumShift, will also join the AppDirect platform, enhancing procurement options for network, cloud, and hardware solutions. AppDirect CEO Nicolas Desmarais emphasized this move as transformative, adding depth to AppDirect’s advisor offerings and driving new revenue streams. The acquisition awaits regulatory approval and involves spinning off vCom’s direct sales team.

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

Sanctuary AI Announces CEO Transition Amidst Recent Partnerships

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Sanctuary AI, the Vancouver-based humanoid robotics firm, announced the departure of CEO and co-founder Geordie Rose in a blog post on Saturday. The company did not disclose the reason for Rose’s exit or his future involvement. Chief Commercial Officer James Wells has been appointed interim CEO.

Rose, a pivotal figure in AI and robotics, previously founded D-Wave and Kindred AI. His departure follows Sanctuary AI’s recent collaboration with Magna International to deploy its robots and a partnership with Microsoft for cloud computing services. To date, the company has secured up to $140 million in funding.

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

Canadian Fintech Neo Financial Lands Major Funding Round

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Neo Financial, Canada’s fast-rising fintech leader, raised $360 million in Series D funding—$110M equity and $250M debt—from renowned investors, including Shopify’s Tobi Lütke and Slack’s Stewart Butterfield.

With backing from existing supporters like Valar Ventures, Neo aims to challenge traditional banks with products such as high-interest savings accounts, premium credit cards, and AI-powered budgeting tools. Founded just four years ago, Neo has rapidly expanded, now offering eight products to Canadians. As part of its growth, Neo opened a new Toronto office on Bay Street.

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

Tenstorrent Relocates to U.S. Amid AI Chip Competition

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Tenstorrent, the AI-focused chip startup, recently transferred its headquarters from Toronto to the U.S., reshaping its corporate structure by filing in Delaware as Tenstorrent Holdings. This follows January 2023’s CEO shift, where renowned chip designer Jim Keller replaced founder Ljubisa Bajic.

Keller, based in Palo Alto, brings experience from Intel, Tesla, AMD, and Apple. Despite relocating, Tenstorrent retains a Toronto office and employs over 120 Canadians within a global workforce of 550. The move underscores Canada’s struggle to secure top AI talent and resources as nations compete for tech leadership.

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

Ontario Schools Sue Social Media Giants for $1.6B

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Twelve Ontario school boards, from Niagara to Rainy River, have filed lawsuits against major social media companies Meta, Snap, and ByteDance, alleging the companies’ apps harm students. The boards, which include publicly funded and private Jewish and Catholic schools, seek damages ranging from $11 million to $1.6 billion.

They claim Facebook, Instagram, Snapchat, and TikTok are designed to be addictive, contributing to learning setbacks, misbehavior, and mental health issues among students. Snap counters that Snapchat lacks features like “likes” and comments, while Meta and TikTok emphasize safety measures. Similar lawsuits have been filed in the U.S.

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

Project Arrow 2.0 Boosts Canada’s Autonomous Vehicle Sector

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Canada’s automotive sector is steering toward a zero-emissions future with Project Arrow, the first all-Canadian-made autonomous electric vehicle (EV). Spearheaded by the Automotive Parts Manufacturers’ Association (APMA), Project Arrow has united over 55 Canadian suppliers in an unprecedented collaboration to showcase Canada’s advanced automotive technology.

Today, Filomena Tassi, Minister for FedDev Ontario, announced $7 million in new funding for Project Arrow 2.0 at Myant Corp. in Mississauga. This initiative builds on previous investments that enabled the creation and global display of Project Arrow, bolstering Canada’s EV supply chain and supporting academic research, talent development, and economic growth.

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

Ericsson Invests $630M in Canadian R&D for Next-Gen Networks

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Ericsson and the Canadian government have signed an expanded funding agreement, with Ericsson committing over CAD $630 million to Canadian R&D, a significant increase from last year. This investment will enhance Ericsson’s facilities in Ottawa and Montreal, creating hundreds of jobs and internships and strengthening its work in 5G Advanced, 6G, AI, quantum, and Cloud RAN technologies.

François-Philippe Champagne, Minister of Innovation, praised the partnership as a boost to Canada’s leadership in next-gen networks. CEO Börje Ekholm emphasized the impact on digital transformation and a low-carbon future.

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

Canada Orders TikTok to Shut Down Canadian Operations

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The Canadian government has ordered the shutdown of TikTok’s Canadian offices following a national security review, citing specific risks tied to its Chinese parent company, ByteDance. Innovation Minister François-Philippe Champagne confirmed the directive on November 6, noting the closure addresses potential threats posed by TikTok Technology Canada, Inc.’s operations.

However, access to TikTok remains unrestricted for Canadian users, with officials urging citizens to exercise caution regarding data security. TikTok responded critically, announcing plans to challenge the order in court, emphasizing the impact on local jobs.

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