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Canadian Tech in 100 Words

 

Fintechs Urged to Strengthen Cyber Defenses as Threats Grow, Mastercard Exec Advises

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Amisha Parikh, Mastercard’s VP of Security Solutions, shares insights on the cybersecurity challenges facing fintechs and small businesses in today’s digital economy. Parikh stresses cyber hygiene basics like software updates and strong passwords, while recommending multi-factor authentication (MFA) to safeguard financial data.

AI is also a focus; cybercriminals leverage AI for phishing, but Mastercard combats threats with AI-powered fraud detection. Mastercard’s Trust Centre provides fintechs with tools, including a Cybersecurity Assessment, to assess risks and enhance defenses. Parikh underscores emerging trends like biometric authentication, advising fintechs to remain vigilant as cyber threats become more sophisticated.

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

Canadian Banks Back Deep Sky’s Ambitious Carbon Removal Initiative

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Deep Sky, a Montreal-based carbon removal developer, secured $2.5 million from National Bank of Canada and BMO to advance its carbon removal infrastructure. The funding will support planning and geological surveys in Québec, with target areas in Bécancour and Thetford Mines, chosen for their renewable resources and skilled workforce.

Deep Sky CEO Damien Steel hailed this as a significant step toward curbing climate change, noting the potential for increased financial backing. National Bank’s Debby Cordeiro emphasized the bank’s commitment to low-carbon solutions. Deep Sky’s future projects aim to establish CO2 removal sites in Alberta and Québec.

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

Canadian VC Hits $6.41 Billion in 2024, Reliance on U.S. Investment Grows

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Canadian venture capital reached $6.41 billion by Q3 2024, with U.S. investors contributing $3.74 billion. British Columbia reclaimed second in VC funding behind Ontario, and biotech surpassed cleantech in sector investment. Financial services struggled, securing just 4.2% of VC disbursements, down from 8.3% in 2023.

Richard Rémillard, President of Rémillard Consulting, emphasized Canada’s need to diversify from U.S. capital due to protectionist trends and limited domestic funding. The report also noted that Canadian government funding ($628 million) exceeded private VC disbursements ($613 million), spotlighting the ongoing challenges facing private Canadian VC fundraising.

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

Vancouver’s New V2 Initiative Aims to Foster Creativity Across Fields

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A new initiative, V2, has launched in Vancouver to inspire cross-disciplinary creativity and innovation in British Columbia. Spearheaded by Scott Langille, V2 is an open collective designed to unite creators from technology, art, and science. With a vision to harness Vancouver’s “latent potential,” V2 aims to amplify local talent through co-working spaces, residency programs, and demo events set for next summer.

By creating spaces for knowledge exchange and experimentation, V2 hopes to foster projects with lasting societal impact. Langille shared the initiative’s goals at BetaKit’s Town Hall in Vancouver, inviting all creatives to join.

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

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.