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Canadian Tech in 100 Words

Databricks Raises $10B at $62B Valuation to Fuel AI

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Databricks announced a $10 billion Series J funding round, valuing the data and AI company at $62 billion. Led by Thrive Capital and co-led by Andreessen Horowitz, DST Global, and GIC, the oversubscribed round will fund AI products, acquisitions, and international expansion.

Among Databricks cofounders are University of Waterloo and University of Toronto graduates, Matei Zaharia and Reynold Xin. CEO Ali Ghodsi highlighted the platform’s role in democratizing data intelligence across industries. Databricks reported over 60% year-over-year growth, expects to achieve $3 billion revenue run-rate, and hit positive free cash flow this quarter.

The funding reflects booming AI demand and positions Databricks to lead transformative innovation in AI infrastructure.

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

AI Fuels Job Hunt Chaos as Bots Battle Bots

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AI tools now dominate recruitment: job seekers use ChatGPT to apply for AI-written ads, scanned by AI systems, while HR chatbots handle communications.

HR expert Nathan Wawruck calls it a “silly” loop: bots match AI-authored resumes with AI-crafted roles. However, issues abound, from inflated applicant claims to biased AI systems. Ontario recently passed legislation requiring disclosure of AI in hiring.

Some see potential: platforms like Plum focus on personality testing, while HireNext flags inclusive job descriptions. Yet critics say AI merely accelerates flaws in hiring, sidelining the human element and deepening inefficiencies.

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

AI’s Brightest Minds Gather at Vancouver’s NeurIPS 2024

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Over 16,000 researchers, academics, and industry leaders gathered in Vancouver for NeurIPS, AI’s largest annual conference. Once a small academic meeting, the event now draws corporate giants like Google, Microsoft, and Meta, eager to unveil breakthroughs.

AI leaders, including Ilya Sutskever and Fei-Fei Li, explored emerging ideas like spatial intelligence and modular architectures. This year’s buzz centered on improving AI evaluations, test-time compute efficiency, and scaling challenges.

The conference also made history with its youngest-ever contributor, 10-year-old Harini Shravan. As AI reshapes the global economy, NeurIPS remains a hub for groundbreaking advancements and spirited debates.

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

E-Commerce Giant Temu Leads Canada’s App Charts

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Temu has emerged as Canada’s most downloaded iPhone app of 2024, according to Apple’s newly released App Store data. It is the only e-commerce app in Canada’s top 15 free app rankings.

Launched in Canada in February 2023, Temu enabled faster deliveries by connecting sellers to local warehouses, allowing customers to receive products in as little as one business day. Globally, Temu ranks #1 in Canada and 23 other countries, including the U.S., UK, and Germany. Since its 2022 U.S. launch, Temu’s direct-from-factory model has fueled its rapid global expansion across 80+ markets.

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

Chrystia Freeland Steps Down as Finance Minister

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Chrystia Freeland resigned as deputy prime minister and finance minister Monday, derailing the Liberals’ fall economic update. Freeland cited a lack of confidence from Prime Minister Justin Trudeau and differences over Canada’s fiscal path.

    In her resignation letter, Freeland warned of challenges posed by the incoming Trump administration and criticized costly “political gimmicks.” She will remain an MP and plans to run in the next election. Officials delayed the fall economic statement, expected to feature measures boosting business investment, extending tax breaks, and reforming the SR&ED program. The government has yet to confirm its next steps.

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

    Canada Signs $134M Deal with SAS for AI Modernization

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    The Government of Canada has awarded SAS a $134 million CDN Enterprise Licensing Agreement (ELA) to modernize data and AI strategies across 26 federal agencies. This agreement consolidates over 100 contracts into one, enabling seamless access to SAS® Viya®.

    SAS Executive VP Riad Gydien emphasized the partnership’s alignment with Canada’s Digital Ambition, improving IT management, reducing costs, and modernizing legacy systems. Additional benefits include simplified license tracking, enhanced support, and increased efficiency for public servants. This collaboration is a significant step toward advancing Canada’s digital services and reducing technical debt across federal operations.

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

    Fluid Biomed Secures $27M for Brain Aneurysm Stent

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    Fluid Biomed has closed an oversubscribed $27M USD Series A round, co-led by Amplitude Ventures and an undisclosed partner. Investors include IAG Capital, LifeArc Ventures, and others.

    The funding will scale development and trials of the ReSolv™ stent, a bioabsorbable device for treating brain aneurysms, which impact 6.7M Americans annually. Unlike metallic stents, ReSolv™ reduces long-term risks by absorbing into the body. Co-founders Dr. John Wong and Dr. Alim Mitha, neurosurgeons at the University of Calgary, aim to improve global patient outcomes with this breakthrough technology. Clinical trials and pipeline expansion are next.

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

    New Report Highlights Growth Challenges for Canadian Startups

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    Canadian startups trail international peers in exits and growth-stage funding, a new report by Charles Plant reveals. While Canadian startups founded in 2014 raised an average of US$30 million—second only to the U.S.—few advanced to Series B funding, with just 8.4% reaching this milestone.

    Canada leads in IPO rates at 8.1%, but most were on junior exchanges, raising less than international averages. Acquisitions also lag, with only 10.4% of startups being bought, often out of financial necessity. Plant suggests a “go-to-market” gap, urging reallocation of government funds to support scaling efforts over early-stage R&D.

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

    Paystone Acquires Ackroo in $21M Deal

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    Paystone, a fintech firm based in London, Ontario, is acquiring Ackroo, a loyalty marketing and payments provider, for $0.15 per share in a $21M deal.

    Ackroo CEO Steve Levely described the move as a natural step after a decade of scaling through acquisitions. “This creates a liquidity event for shareholders and positions Ackroo’s products and clients to benefit from a larger organization,” said Levely. Paystone, which serves 35,000 merchants across North America, has been consolidating the fintech space with acquisitions like DataCandy and NiceJob. The court-approved transaction underlines Paystone’s strategic growth in payments and loyalty tech.

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

    United, Air Canada First to Support AirTag Integration

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    United and Air Canada are the first airlines to adopt Apple’s “Find My Share Item Location” feature, streamlining the recovery of lost luggage. Integrated with Apple’s Find My app, the feature allows AirTag users to share secure location links with airline customer service, expediting the process.

    Available with Apple’s iOS 18.2, the encrypted link expires after seven days or when the bag is returned. AirTags supplement existing tracking systems, addressing gaps where airline systems fail. Apple plans to expand the feature to nearly 20 additional airlines, enhancing travel experiences worldwide.

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