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Canadian Tech in 100 Words

 

Government Invests to Help Aerospace Institute Upgrade Programs, Equipment

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The federal government announced an investment of $4.5 million for the First Nations Technical Institute to expand its aerospace training programs and acquire specialized equipment. Funding will support the expansion of FNTI’s aviation programming options by establishing helicopter training curriculum.

“The First Nations Technical Institute is … helping to fill critical gaps in the aerospace and aviation ecosystem,” stated Filomena Tassi, minister responsible for the Federal Economic Development Agency for Southern Ontario. “Today’s support is an investment not only in the future of our aerospace and aviation industry, but is also helping to empower Indigenous youth to build meaningful and impactful future careers in this growing sector.”

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Canadian Fintech Secures Seed Capital to Fuel Company’s Next Phase of Growth

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Montreal’s YouSet, helping customers shop for insurance online, announced $3.5 million in seed capital from a range of new and repeat angel investors. The investment will be used to expand the company’s team and network of partners. The Canadian fintech also released a new product that allows users to bundle home and auto policies from different insurers to unlock lower prices.

“If YouSet’s growth to date has taught us anything, it’s that Canadians are very eager to find better home and auto insurance at a lower cost,” stated cofounder Xavier Freeman, who serves his startup as chief executive. “We’re dedicated to making it a reality.”

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

How Toronto Tech Plays an Important Role in the Global AI Industry

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Toronto is becoming a key player in the global AI chip industry for both hardware contributions as well as crucial software that powers these advanced semiconductors, a new report suggests. For example, big names like AMD, Intel, and Amazon Web Services are tapping into Toronto’s talent pool to create software that makes AI chips more efficient and competitive.

Local startups like Untether AI and Tenstorrent are also gaining ground, with teams dedicated to writing the code that controls these chips. This synergy between hardware and software is turning Toronto into a hotbed for AI chip innovation.

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

Canada Funds ‘Bioproducts Cluster’ to Convert Agricultural Waste to Energy

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Canada announced more than $6 million in funding through the federal AgriScience Program to support national nonprofit Bioindustrial Innovation Canada. The funding will empower BIC to forge the Bioproducts Cluster, a project which will aim to develop specialized technologies that turn renewable resources like agricultural residues into useful bio-fuels and bio-materials like ethanol and biodegradable plastics.

“This funding will provide new opportunities for our farmers to profit from agricultural by-products that would otherwise go to waste,” stated minister Lawrence MacAulay. The revenue from Canadian industrial bio-products in 2015 was estimated at $4.3B; by 2030, the global bio-economy is projected to reach $10T CAD annually, with Canada’s estimated share up to $240B.

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Ditching the Physical Wallet, Canada’s Gen Z Prefers to Pay via Digital Methods

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Gen Z in Canada has embraced the mobile wallet, with a majority often leaving their physical wallet at home. Use of the so-called “mobile wallet”—paying via smartphone or smartwatch versus a physical card—is most popular with Gen Z (60%), followed by Gen X (44%), Boomers (27%), and the Silent Gen (10%), according to transaction data from Interac and an online Ledger poll conducted by Hill & Knowlton.

“Choosing your default payment method may feel like a small step, but it can play a big role in shaping Canadians’ ongoing spending habits,” commented Glenn Wolff, Chief Client Officer at Interac.

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

Major Energy Player in UK Taps OpenText to Leverage Cloud Tech Features

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Serica Energy, a key player in the UK’s oil and gas sector, has partnered with Canadian tech firm OpenText to enhance its operational efficiency. By implementing OpenText Content Cloud and Extended ECM for Engineering, Serica aims to streamline its engineering information management, reduce risk, and accelerate project completion times, according to a statement from the firms.

“Energy companies are under intense pressure to deliver more reliable and sustainable energy without compromising the health of their employees, the safety of the communities they serve, or the environment in which they operate,” observes Muhi Majzoub, Chief Product Officer at the publicly traded OpenText.

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

Canada Invests $9.14 Million in Clean Hydrogen Innovation

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Canada’s Minister of Energy and Natural Resources, Jonathan Wilkinson, announced a $9.14 million investment in six projects to bolster the country’s clean hydrogen sector. The funding includes $2.74 million through the Energy Innovation Program, supporting projects like the University of British Columbia’s pilot plant for low-cost hydrogen production and Enbridge’s Markham Virtual Hydrogen Hybrid Demonstration in Ontario.

Additionally, $6.4 million from the Clean Fuels Fund will support hydrogen blending studies by Enbridge in Ontario and Trans Québec & Maritimes Pipeline in Quebec. These initiatives aim to position Canada as a global leader in clean energy innovation.

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

Government Invests Major Money into Canadian Carbon Capture Upstart Svante

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Burnaby’s Svante has secured an investment of up to $137 million from the Canada Growth Fund to accelerate the company’s development and construction of commercial-scale carbon capture and removal projects. The clean tech company manufactures filters and carbon capture machines for heavy-emitting industries such as cement, steel, hydrogen, and oil and gas. The government says the investment will ensure local intellectual property remains Canadian-owned (Svante owns over 120 global patents).

“By investing in cutting-edge Canadian innovators, we are decarbonizing industries and making energy more affordable, while reducing emissions and creating good-paying jobs,” stated federal finance minister Chrystia Freeland.

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

In Canada, Investors ‘Continue to Navigate the Environment Cautiously’: Report

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Venture capital investments in Canada in the first half of 2024 reached $3.6 billion across 279 deals, uplifted by a major boost of dollars invested in Q2, a CVCA report finds. Despite this, overall deal volume sits at its lowest since 2020. Seed investments have particularly struggled, raising concerns about Canada’s future pipeline.

“The second quarter of 2024 continued the momentum we saw earlier in the year,” stated CVCA CEO Kim Furlong. “This performance is driven by investors doubling down on companies with proven track records and strong fundamentals, as they continue to navigate the environment cautiously.”

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New Zealand’s Xero Unveils Upgraded Fintech Stack for Clients in Canada

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Fintech Xero continues to upgrade its offerings in Canada. At Xerocon Nashville this week, the New Zealand firm unveiled a “huge number of improvements … to make things easier for small businesses and their advisors.” For example, Xero has “heavily invested” in an enhanced bank feed experience, with plans to add hundreds more direct feeds over the next year. Other enhancements are on the docket, including improved bank feed monitoring and a new client insights dashboard.

“These announcements underscore Xero’s dedication to addressing the specific needs of our customers in the US and Canada,” a chief executive stated. “We’re excited about the future in the US and Canada.”

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