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Canadian Tech in 100 Words

 

Parachute Raises $1.5M to Support Canadians in Financial Wellness Journey

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Toronto-based fintech Parachute, founded in 2022 by Mark Levitan and Bruce Hodges, recently secured $1.5M in seed funding to support its financial wellness platform. With backing from Adrenaline Fund, Highline Beta, and angel investors, the round raises Parachute’s total capital to over $2M.

Parachute offers loans, debt consolidation, and a financial education platform to help Canadians manage debt and improve financial habits. The platform employs behavioural science and a unique rebate system, rewarding users for wise financial decisions. Parachute now seeks credit union partnerships to boost distribution and access capital, aligning with its expansion goals in Canada.

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

Six Canadian Innovators Make Prestigious Global Fintech 100 List

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Six Canadian fintech firms, including Arteria AI, Boosted.ai, Brim, Conquest Planning, Micruity, and Relay, have earned spots on CB Insights’ 2024 Fintech 100. The list, drawn from 9,000 contenders, highlights high-momentum companies advancing financial services through innovation.

Arteria AI, specializing in documentation infrastructure, gained special recognition for its generative AI deployment, while others like Boosted.ai and Conquest Planning bring AI solutions to investment and financial planning. According to CB Insights analyst Laura Kennedy, the list reflects advancements in AI, data solutions, and financial inclusivity. This marks Canada’s growing impact on the fintech sector worldwide.

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

Google Expands AI Search Summaries to Over 100 Nations, Including Canada

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Google’s AI Overviews, launched in the US in May, are now expanding to over 100 countries, including Canada, Australia, and South Africa. AI-generated summaries will appear in various languages, including English, Hindi, and Spanish, catering to users worldwide.

    While ads were recently introduced in the US AI Overviews, other countries will continue with traditional ad placements. This update also enhances cited webpage visibility in Overviews, following testing since August in markets such as the UK, India, and Brazil. Google aims to streamline multilingual search experiences, offering more accessible information globally.

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

    Canada’s Workforce Sees Four Generations Coexisting in New Era of Work

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    Canada’s workplaces now host four generations—baby boomers, Gen X, millennials, and early Gen Z—each with unique needs. Toronto-based Humi’s latest survey reveals surprising similarities and differences in work values across these groups.

    Key findings show that flexible hours, achievement, and culture are universal priorities. However, Gen Z, Gen X, and baby boomers lean toward hybrid work, while millennials prefer remote work. Job security, a top priority for Gen Z (54%), is less crucial for older workers. Humi’s VP of People, Courtney Lee, encourages managers to align on core values while tailoring experiences to enhance satisfaction.

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

    TELUS Backs Photonic in Canadian Quantum Communication Push

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    TELUS has partnered with Coquitlam-based Photonic to advance quantum communication in Canada. Under this collaboration, TELUS will offer Photonic exclusive access to its fibre-optic network, facilitating tests for quantum innovations.

    Photonic, a leader in quantum technology, aims to strengthen data security across industries by utilizing TELUS’ infrastructure. This project includes a 30-km fibre network in British Columbia, advancing quantum encryption, key distribution, and computing. The collaboration, the first of its kind in Canada, marks a significant move towards a quantum-secure future.

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

    Waymo Raises $5.6 Billion for Expansion of U.S. Robotaxi Service

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    Alphabet-led Waymo’s recent $5.6 billion funding round will accelerate its U.S. robotaxi expansion. The round saw participation from key investors, including Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price, supplementing Alphabet’s $5 billion planned investment in Waymo. Notably, Canadian investors CPP Investments and Magna declined to disclose any renewed involvement.

    Despite a December 2023 software recall due to a Phoenix accident, Waymo reported a tenfold increase in paid rides over the past year. With this funding, Waymo intensifies its competition against Tesla’s upcoming robotaxi launch.

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

    Ocean Tech Firm Planetary Closes $11.4M Series A Round

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    Halifax-based Planetary Technologies has secured $11.4 million USD in Series A funding to advance its ocean alkalinity enhancement technology aimed at reducing atmospheric CO₂. Led by Evok Innovations, the round included BDC Capital, Amplify Capital, DNX Ventures, and Iconiq Capital, bringing total funding to $22 million CAD.

    Planetary’s technology involves adding alkaline substances to seawater to increase CO₂ absorption, reducing ocean acidification and enhancing carbon storage. The funds will support pilot projects and operations expansion. Founded in 2019, Planetary combines scientific rigor with community engagement in the fight against climate change.

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

    Canadian Firms Face Rising Cybersecurity Costs Despite Fewer Incidents

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    A recent StatsCan report reveals one in six Canadian businesses suffered a cybersecurity incident in 2023, with recovery costs doubling to $1.2 billion from 2021. Identity theft, fraud, and ransomware were primary drivers of these costly attacks. While only 12% of ransomware-hit firms paid attackers, some ransoms exceeded $500,000.

    Larger firms remain frequent targets, but small businesses also feel the impact, with over 60% of large firms hit in the past year. Human error caused most incidents, while AI-driven attacks compound risks. Canadian businesses, despite heightened awareness, still bear high cybersecurity costs.

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

    Moment Energy Secures $20.3 Million for U.S. Battery Gigafactory

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    Moment Energy has received a $20.3 million award from the U.S. Department of Energy to build North America’s first certified EV battery repurposing facility in Taylor, Texas. Part of a $428 million clean energy initiative, the Gigafactory will have a 1 GWh production capacity, adhering to UL 1974 certification standards.

    Expected to create over 250 jobs, the project will begin in early 2025. Moment Energy CEO Edward Chiang emphasized the company’s goal of repurposing all retired EV batteries by 2030, aligning with global clean energy efforts.

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

    SAAS NORTH 2024: Canada’s Largest SaaS Gathering Returns

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    SAAS NORTH, Canada’s largest gathering of SaaS and cloud software startups, will host its 9th annual event on November 13-14, 2024, at the Shaw Centre in Ottawa. Presented by National Bank and produced by Cube Business Media, the conference is expected to draw over 2,000 attendees.

    New to this year’s event are “The Masked Investor” and “Founders Feud,” alongside the Firehood Angel Camp and the 8th Annual SAAS NORTH Pitchfest. Attendees will hear from top SaaS leaders, including Stephany LaPierre of Tealbook and Andrew Mcleod of Certn.

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