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Canadian Tech in 100 Words

Stripe Lays Off 300 Employees, Emails Include Cartoon Duck

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Stripe, the payment processing giant, laid off 300 employees—about 3.5% of its global workforce—during its annual review process. The layoffs, reducing Stripe’s staff to roughly 8,200, were marred by email errors, including incorrect termination dates and an image of a yellow cartoon duck.

Chief People Officer Rob McIntosh apologized for the mishap, confirming corrected notifications were sent. The layoffs follow Stripe’s 14% workforce reduction in 2022 but come as the company plans to grow to 10,000 employees by year’s end. The incident highlights ongoing challenges in tech workforce management.

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

Xanadu Advances Quantum Networking with Aurora System

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Toronto-based Xanadu has unveiled Aurora, a breakthrough quantum computing system that networks 35 photonic chips and 13 km of fiber optics across four server racks. CEO Christian Weedbrook calls it a “baby data centre,” marking the first scalable quantum network that retains critical data.

Published in Nature, the advance uses photonics to minimize data loss and maintain quantum entanglement, solving a key barrier to scaling quantum systems. Backed by US$241M from investors and $40M from Canada’s Strategic Innovation Fund, Xanadu aims to build a full-scale quantum data center by 2029.

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

Novacap Raises $1B for Digital Infrastructure Fund

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Montreal-based private equity firm Novacap has raised over USD $1 billion USD for its first fund dedicated entirely to digital infrastructure. Backed by institutional investors, family offices, and high-net-worth individuals globally, the fund exceeded its original $750-million USD target.

The fund aims to invest up to $100 million in 10 regional companies offering connectivity and data access services. Novacap CEO Pascal Tremblay attributes demand to AI-driven growth.

Initial investments include INdigital, All West Communications, Communications Tower Group, and H5 Data Centers. Founded in 1981, Novacap manages over $10 billion CAD in assets.

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

Amazon Shuts Quebec Warehouses, Lays Off 1,700 Workers

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Amazon is closing all Quebec warehouses, laying off 1,700 regular employees and 250 seasonal workers. Operations will cease at seven sites, including a fulfillment center, sorting centers, and delivery stations, within two months.

Spokesperson Barbara Agrait denied unionization at Laval’s DXT4 warehouse influenced the decision, citing a return to Amazon’s third-party delivery model used until 2020. Employees will receive severance packages, job placement support, and up to 14 weeks of pay.

Many employees expressed shock and frustration, claiming the closures were abrupt and union-related. The layoffs leave workers like single mother Bobbie-Jo Vaughan facing uncertain futures.

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

Salesforce Leaders Predict Agentic AI’s Transformative Future

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Salesforce executives are championing agentic AI—autonomous systems that execute tasks with context-aware decision-making—as the next evolution in artificial intelligence. AI agents promise groundbreaking impacts in industries by automating workflows, collaborating in teams, and providing seamless customer experiences.

Predictions include multi-agent systems tackling complex business challenges, AI becoming the preferred customer engagement channel, and the rise of personal agents entering workplaces. Trust remains paramount, with leaders emphasizing explainability, security measures, and governance frameworks. Agentic AI could transform learning, cybersecurity, and customer journeys while driving loyalty and innovation in businesses across industries.

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

Big Six Shrinks Climate Commitment Amid Criticism

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Scotiabank has joined CIBC, BMO, National Bank, and TD Bank in withdrawing from the Net-Zero Banking Alliance (NZBA), leaving RBC as the sole Canadian member. The alliance, launched in 2021, committed banks to achieving net-zero portfolio emissions by 2050 with detailed plans.

Critics, including U.S. Republicans, argue the NZBA violates fiduciary duties and targets the oil and gas industry. Pressure to abandon climate commitments intensified ahead of Donald Trump’s inauguration, with his administration rolling back climate initiatives like the Paris Agreement. Despite leaving NZBA, banks claim continued commitment to climate goals.

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

DIGITAL Drives Quantum Tech with $5M Co-Investment

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DIGITAL, Canada’s Global Innovation Cluster for digital technologies, announced $5M in co-investments to accelerate quantum technology commercialization. Supported by Canada’s National Quantum Strategy and industry partners, the initiative will leverage $7M in additional contributions.

Projects include Verge Ag’s collaboration with D-Wave to create real-time agricultural decision tools, Quantum Bridge Technologies’ quantum-resistant cryptography solution for critical infrastructure, and Xanadu Quantum’s open-source quantum computing platform.

DIGITAL CEO Sue Paish highlighted quantum’s transformative potential across key sectors, while Minister François-Philippe Champagne emphasized its societal and economic benefits. DIGITAL has driven 185 products and 730 patents since 2018.

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

Hopper Eyes $10 Billion Valuation with IPO Plans

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Montreal-based Hopper plans a dual listing on the TSX and Nasdaq, potentially valuing the company at up to $10 billion. Known for its travel price prediction app, Hopper serves millennials and Gen Z while powering B2B travel platforms for companies like Capital One.

Founder Frederic Lalonde emphasizes profitability before the IPO, highlighting the company’s $1B revenue goal. Backed by $740M from investors including Goldman Sachs and Inovia Capital, Hopper’s competitive edge lies in its AI-driven data algorithms. Lalonde’s journey from hacker to industry disruptor underscores Hopper’s moonshot success.

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

BlackRock’s Decarbonization Partners Fuels Orennia’s Growth

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Calgary’s Orennia has closed its Series C funding round, led by Decarbonization Partners, a joint venture of BlackRock and Temasek. The company’s Ion_AI platform uses cutting-edge AI to deliver actionable insights across power, renewables, and carbon capture.

CEO Brook Papau highlighted the platform’s industry impact, with 95% of clients reporting accelerated workflows. Dr. Meghan Sharp of Decarbonization Partners called Orennia’s tools “critical for enabling decarbonization.”

The funding will expand Ion_AI’s capabilities, empowering global energy transition sectors like hydrogen and data centers. Orennia continues driving innovation to meet the climate challenge.

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

Toronto Panel Tackles Fintech’s Challenges for 2025

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On January 28, 2025, Canada’s fintech leaders will gather at OneEleven, Toronto, for Payments, Platforms + Progress: What’s Next for Fintech in 2025. Hosted by Category Communications, the event will feature Tal Schwartz of Exit North Ventures, Andrew Graham of Borrowell, Sarah Sheikh of Loop, Yvette Wu of Yield Exchange, and Laviva Mazhar of Luge Capital.

Panelists will discuss challenges like stalled open banking legislation, trade tariffs, and the weak dollar while exploring AI’s role in fintech. Startup founders and fintech enthusiasts are invited to register for this exclusive event.

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