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Canadian Tech in 100 Words

Saskatchewan to Host Canada’s First Next-Gen Geothermal Project

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DEEP Earth Energy Production (DEEP) has partnered with SLB to develop Canada’s first large-scale geothermal power project in southeast Saskatchewan. Using advanced horizontal drilling, DEEP plans to generate 30 MW of emissions-free electricity by tapping deep geothermal reservoirs.

SLB will provide expertise in geothermal technology, well construction, and drilling, helping to scale up the project. Phase one includes four wells, expanding to 18 wells in phase two. DEEP CEO Kirsten Marcia says the project will set a new standard for Canada’s geothermal industry, enhancing energy security and reducing emissions.

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

Cybersecurity in 2025: Ransomware, AI, and Social Media Risks

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Cybersecurity threats in 2025 are set to escalate, with ransomware, AI-powered attacks, and deepfake scams posing severe risks to businesses. Ransomware incidents surged in Canada, with 67% of victims paying ransoms in the past three years.

Cybercriminals are leveraging AI to scale attacks, creating highly personalized phishing emails and deepfake impersonations. Social media platforms, particularly LinkedIn, are now prime targets for fraud and identity theft. Experts warn that zero-trust security, AI-driven defenses, and cyber insurance will be essential in mitigating these evolving threats. The time to act is now.

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

IBM Report: Generative AI to Reshape Banking in 2025

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IBM’s 2025 Outlook for Banking and Financial Markets highlights generative AI’s rapid adoption in financial services, with banks moving from pilot projects to enterprise-wide AI integration. The report reveals 60% of banking CEOs recognize the need for calculated risk-taking to stay competitive.

Branchless banking is growing, but institutions are prioritizing higher-value services like embedded finance. IBM’s Shanker Ramamurthy notes banks are leveraging AI for customer experience, efficiency, and risk reduction. The study, analyzing global financial trends, underscores the industry’s ongoing transformation through AI and automation.

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

ENVO Partners with Silicon Valley Firm to Develop Driverless Micro-EVs

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Burnaby-based ENVO Drive Systems has announced a strategic partnership with San Francisco’s Faction Technology to develop driverless light electric vehicles (LEVs) for specialized transport applications.

By integrating ENVO’s Utility Personal Transporter (UPT) platform with Faction’s autonomous technology, the companies aim to create sustainable, adaptable fleet solutions for last-mile delivery, agriculture, and industrial transport.

ENVO CEO Ali Kazemkhani calls this a step toward “rightsizing” mobility, while Faction’s Ain McKendrick sees the collaboration as a breakthrough for autonomous micro-EVs. ENVO, a rising cleantech leader, continues its rapid growth in Canada’s clean transportation sector.

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

SRTX Lays Off 40% of Staff as Proposed U.S. Tariffs Loom

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Montreal-based SRTX is temporarily laying off 40% of its 350 employees in response to proposed U.S. tariffs that could impose a 41% duty on some exports. CEO Katherine Homuth cited financial uncertainty due to tariff risks and delays in securing the final portion of a $23M USD funding round.

SRTX, which manufactures Sheertex pantyhose, recently raised $70M but remains heavily reliant on the U.S. market. Homuth said the company is rushing to ship products tariff-free before the 30-day exemption expires. Without new funding, pivoting to European markets remains unfeasible.

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

DCPayments Introduces Merchant-Focused Digital Payment System

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DCPayments, a subsidiary of Digital Commerce Group (DCGroup), has launched a new transaction acquiring solution to simplify merchant payments while enhancing security and integration. The platform includes DCShop e-commerce tools, API payment gateways, and tap-to-pay technology.

3D Secure (3DS) fraud prevention, widely used in Europe, is also featured. CTO Paul Twigg says the goal is customization without disruption to businesses. Lower transaction fees and end-to-end encryption further strengthen its appeal. With an 18-month innovation roadmap, DCPayments is positioning itself as a leader in Canada’s financial technology landscape.

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

Toronto’s Waabi Partners with Volvo on Autonomous Trucks

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Toronto-based Waabi has entered a strategic partnership with Volvo Autonomous Solutions to develop and deploy autonomous trucks. The collaboration integrates Waabi’s AI-powered Waabi Driver with Volvo’s VNL Autonomous truck, built for safe and scalable self-driving operations.

Waabi CEO Raquel Urtasun emphasizes OEM integration as key to mass adoption. Volvo and Waabi plan to begin testing in 2025, aiming to revolutionize North America’s $1 trillion freight industry. Volvo first invested in Waabi in 2023, later joining its $200M Series B round. This partnership strengthens their push toward safer, more efficient transportation.

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

Canadian Ad Tech Firm StackAdapt Secures $235M Investment

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Toronto-based StackAdapt has raised $235 million in equity funding, led by Teachers’ Venture Growth (TVG), the investment arm of the Ontario Teachers’ Pension Plan. Intrepid Growth Partners and four unnamed investors also participated. The programmatic advertising startup is now valued at approximately $2.5 billion, with $500 million in annual revenue.

Founded in 2014, StackAdapt leverages AI for ad targeting while combating fraud. CEO Vitaly Pecherskiy says demand for cost-effective, AI-driven ad solutions is surging. The funding will support global expansion as StackAdapt strengthens its position in digital advertising.

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

Montreal’s FLiiP Secures $4.6M to Expand Fitness Software

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Montreal-based FLiiP has raised $4.6 million in seed funding to expand its fitness business management software. The round was led by Cultivation Capital, with support from Boreal Ventures. FLiiP simplifies operations for multi-location gyms, functional training centers, and martial arts studios.

CEO David Bourbonnière, a former gym owner, says the platform eliminates the frustration of managing disconnected tools. With triple-digit growth, FLiiP plans to double its team and scale across North America. Investments in AI-driven analytics will further solidify its position in the fitness tech market.

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

Trade War on Hold: Canada, U.S. Reach Temporary Truce

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Prime Minister Justin Trudeau and U.S. President Donald Trump have reached a 30-day pause on U.S. tariffs after Canada pledged new border security measures. The agreement includes appointing a “fentanyl czar” and investing $200 million in intelligence. While business leaders welcome the delay, many warn of ongoing uncertainty.

Critics, including Unifor and the Council of Canadian Innovators, argue the trade war isn’t over. Meanwhile, Trump aides downplay the dispute, framing it as a border security issue, while Trump himself revives annexation rhetoric. The next deadline looms on March 5, leaving Canada’s economy on edge.

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