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Canadian Tech in 100 Words

 

Nuclear Energy Startup Raises US$27M Series A to Build Commercial Reactors

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Following a seed round last year, Aalo Atomics has raised US$27 million in Series A funding toward its mission of making small nuclear reactors in gigafactories. The Austin, Texas-based startup was cofounded by Canadian entrepreneur Matt Loszak. Capital hails from 50Y, Valor Equity Partners, Harpoon Ventures, Alumni Ventures, Earth Venture, Garage Capital, and others.

“Investors are backing us with $27M to accelerate our vision of a future where humanity’s growth is untethered from our impact on Earth,” stated Loszak. “We have big, ambitious plans, and we’d like to thank our investors for helping us push towards ushering in the Second Atomic Age.”

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Ottawa, Québec Help Canadian Company Leverage Automation Technology

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The governments of Canada and Quebec, alongside Investissement Québec, are providing more than $1.6 million through CED’s Regional Economic Growth Innovation program to pharmaceutical firm Emballages Façoteck to improve its productivity and production capacity through the adoption of modern of technology, including installing an automated encapsulating machine, a metal detector for quality control, and high-tech vacuums.

“Emballages Façoteck stands out for its innovative spirit,” stated Investissement Québec CEO Bicha Ngo. “By leveraging automation and technology, it has the tools to remain agile and meet its targets, while also maintaining its status as a leader in North America.”

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WELL Health’s Subsidiary Wisp Reaches Major Milestones in U.S. Telehealth Market

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Vancouver-based WELL Health Technologies announced that its majority-owned subsidiary, Wisp, has surpassed one million patients served in the U.S. and achieved over CAD $100 million in run-rate revenue. Wisp, acquired by WELL for USD $41 million three years ago, is now the largest and fastest-growing telehealth platform for women in the U.S., focusing on sexual and reproductive healthcare.

The company’s growth is driven by a 30% year-over-year revenue increase and the successful launch of over ten new products in 2024. Wisp plans further expansion into menopause care, UTI treatment, and at-home testing.

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

Canadian Investor Consortium Reveals $145M for MKB’s Energy Transition Fund

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The Canada Growth Fund, CDPQ, alongside CDPQ, Investissement Québec, and BDC Capital, announced a $145 million combined commitment to MKB, a Québec growth equity firm investing in companies that advancing Canada’s energy transition. MKB is currently raising its third fund to help scale growing innovative companies in North America. Fund III will target growth-stage businesses which are commercializing proven emission reduction technologies.

“Through its cleantech funds strategy, CGF is seeking to provide further investable capital to Canadian managers to speed up the growth of Canadian cleantech champions,” stated Patrick Charbonneau, CEO of Canada Growth Fund Investment Management.

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General Energy Recovery Goes for Gold at Global Awards in Texas

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General Energy Recovery has been named a finalist at the Gulf Energy Information Excellence Awards, placing it alongside some of the world’s top energy solution providers. The technology company is focused on Canada’s energy transition, offering solutions for heavy-oil recovery that can increase oil production while reducing greenhouse gas emissions.

As the only startup to be shortlisted in the Best Enhanced Oil Recovery Technology category, General Recovery is competing with industry giants like CNPC, Halliburton, and Saudi Aramco. With a slogan of “Recover More, Emit Less,” the company leverages patented technology to help oil producers achieve the balance of increasing oil recovery, reducing emissions, and performing financially.

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

Freshly Funded Biotech Startup Launches from Stealth to Address Kidney Disease

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Vancouver-based RNA medicines company Borealis Biosciences has emerged from stealth with $150 million in financing from investors Versant Ventures and Novartis to combat kidney disease remain. The company builds upon the success Chinook Therapeutics, which Versant founded in 2019 before Novartis acquired it last year.

Borealis’ 25-person team has worked at the forefront of kidney research and RNA therapeutics for more than a decade, cultivating “an ideal environment for an exceptional founding team to continue to pioneer renal science and drug discovery,” according to Fiona Marshall, president of biomedical research at Novartis. Borealis’ research site is based in Vancouver at the 23,000-square-foot operating site formerly leased by Chinook. 

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Committing to ‘Responsible’ Technology, TELUS Joins AI Safety Institute Consortium

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TELUS has joined more than 280 stakeholders participating in an initiative to support the development of trustworthy and safe artificial intelligence. Established by the Department of Commerce’s National Institute of Standards and Technology in February, the U.S. AI Safety Institute Consortium brings together AI creators and users, academics, government, and industry researchers.

“Our involvement in the U.S. AI Safety Institute Consortium underscores our commitment to responsible AI, ensuring that AI is developed and deployed in a trustworthy, ethical manner that is safe and benefits everyone,” stated Pam Snively, Chief Data and Trust Officer at TELUS. “We look forward to collaborating with other industry leaders, academics, and organizations.”

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Spellbook Launches First Full-Fledged AI Agent for Legal Work

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Spellbook, the creators of AI tools for lawyers, announced the launch of Spellbook Associate, the first AI agent designed specifically for legal work. This groundbreaking tool allows AI to perform tasks traditionally handled by junior associates, enhancing efficiency within legal teams.

Unlike chat-based AI, Spellbook Associate can plan, execute, and adapt to complete complex assignments like drafting financing documents or reviewing large sets of legal files. The tool empowers small and medium-sized law firms to compete with larger firms by reducing time spent on routine tasks, enabling lawyers to focus on higher-value activities. Early access is now available.

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Montreal AI Startup Emerges from Stealth with $11M Seed Round and Plans to Expand

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‍Montreal’s Reliant AI has launched out of stealth with $11 million in seed funding through a round co-led by Tola Capital and Inovia Capital. Founders Karl Moritz Hermann, Marc Bellemare, and Richard Schlegel are passionate about how generative AI can solve information challenges to reduce repetitive mental labor and accelerate decision making for enterprises.

The company says it is initially targeting the biopharma industry and that it will use the funding to hire engineering talent to expand its technology investment and footprints in North America. Reliant’s first product, Reliant Tabular, is an AI workbench that helps life science analysts find evidence for their decisions through automated systematic reviews, asset scans, and a customizable data platform. 

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Canada’s E3 Deepens Collaboration with Pure Lithium as Pair Advance Battery Tech

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Calgary’s E3 Lithium is partnering with Pure Lithium, a Boston-based vertically integrated lithium metal battery technology company, to advance the design of a lithium metal anode and battery pilot plant in Alberta. Under a joint development agreement, the two firms will complete a preliminary economic assessment of a commercial lithium metal battery facility.

E3 announced earlier that a lithium metal battery had been made by Pure Lithium from E3 lithium concentrate. At that time, the two companies signed a Memorandum of Understanding to complete further testing and validation work. The firms have been collaborating to produce lithium metal cells that have higher energy density than today’s lithium-ion batteries and do not contain nickel, cobalt, or graphite.

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