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Canadian Tech in 100 Words

Ottawa Memo Reveals EV Rebate Shortfall Known Weeks Early

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Internal documents show Ottawa knew Canada’s EV purchase incentive could run out of money weeks before it collapsed in January. A Dec. 18 memo to then-transport minister Anita Anand warned that a surge of applications could deplete funds by early 2025, yet dealerships weren’t alerted until Jan. 10.

Within two days, the program was drained, largely by Tesla, which claimed $43 million. The delay left many dealerships scrambling to secure reimbursements, creating what industry critics called a “chaotic and inequitable” end. Ottawa has pledged to revive the subsidy, but questions linger over design flaws and communication failures.

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

Ultimarii Aims to Modernize Canada’s Regulatory Bottlenecks

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Calgary-based Ultimarii has raised $5.2 million to speed Canada’s major infrastructure approvals. Co-founded by entrepreneur Josh Malate, formerly of Athennian, and ex-Alberta minister Doug Schweitzer, the startup deploys AI to analyze thousands of regulatory filings, assess feasibility in minutes, and flag risks that often cause delays.

Ultimarii already counts 20 enterprise clients, including national law firms and utilities. Investors include Staircase Ventures, Alpaca VC, and Scale Good Fund, alongside support from Alberta Innovates, IRAP, and OCIF. With senior advisors from Canada’s energy regulatory ranks, Ultimarii says it can modernize approval processes critical for ports, energy corridors, and nuclear power.

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

Float Launches Canada’s First Fintech-Built Business Account

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Toronto-based fintech Float has launched Float Business Accounts, touted as Canada’s first fintech-built business account offering zero fees, market-leading 4% interest, CDIC insurance, and instant liquidity. Founded in 2019, Float began with corporate expense management tools before expanding into yield accounts, bill pay, and reimbursements.

Its new accounts integrate with Float’s existing cards and software, creating a unified financial platform. Backed by $120 million in funding, including a $70 million Series B led by Goldman Sachs Alternatives, Float aims to modernize small-business banking. CEO Rob Khazzam says Canadian firms “don’t have to compromise” between speed, cost, and security.

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

Postal-Code Snapshots Bridge Net-Zero Confusion

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Canada’s clean-energy transition faces a “last-mile” challenge as households and businesses remain unsure about costs, incentives, and providers. Vancouver entrepreneur Arshia Jahangiri founded Solenery to close that gap. The AI-powered platform delivers postal-code snapshots showing projected costs, eligible rebates, and savings, then connects users to vetted installers and financing.

Jahangiri, who filed a rooftop energy patent at 15 and has now raised $750,000 in seed funding, believes simplifying decisions will accelerate installations nationwide. Providers also benefit through lower soft costs and qualified leads. Solenery’s pilots and Knowledge Hub are already live, with expansion planned across provinces.

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

MDA Loses $1.8B Satellite Deal as SpaceX Steps In

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Brampton-based MDA Space has lost a $1.8-billion CAD contract with U.S. telecom EchoStar after the latter abruptly terminated the agreement. MDA was set to design and build over 100 satellites for EchoStar’s low-earth-orbit direct-to-device constellation, with options potentially raising the deal to $3.5 billion.

EchoStar’s reversal followed its decision to sell wireless spectrum to Elon Musk’s SpaceX for US$17 billion in stock and cash. MDA emphasized that the termination was unrelated to its performance and confirmed it will be compensated for costs. Shares in MDA fell 20 percent Monday, though the firm maintains a $4.6-billion project backlog.

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

Calgary Startup Purelend Targets Mortgage Paperwork Pain

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Three Calgary entrepreneurs have launched Purelend Technologies, a startup aiming to modernize Canada’s mortgage industry. Founders Wayne Kainu, Lucas Scheer, and Sebastien Hiscock say their AI-powered platform automates document-heavy tasks that have long plagued brokers and lenders. Purelend streamlines income verification, compliance checks, and audit trails, reducing hours of manual work to minutes.

Kainu, formerly with fintech leader Neo, credits that experience with shaping Purelend’s growth mindset. With core values of speed, precision, and customer-first design, the company promises lenders faster approvals and borrowers quicker access to funds. Purelend seeks to redefine mortgage processing through practical automation.

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

Canadian Investors Back Fiat-Backed Digital Currency Initiative

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Calgary-based Tetra Digital Group has raised $10 million to develop Canada’s first stablecoin backed by fiat currency. Investors include Wealthsimple, Purpose Unlimited, Shakepay, ATB Financial, National Bank, Shopify, and Urbana. The stablecoin, slated to launch in 2026, will be fully backed by Canadian dollars and secured through Tetra’s institutional-grade custody platform.

CEO Didier Lavallée said the initiative represents a milestone for Canadian financial sovereignty, uniting established institutions and fintech leaders. Founded in 2019, Tetra operates Tetra Trust, Canada’s first licensed digital asset custodian, and has worked with Coinbase, Coinsquare, and Figment.

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

Klue Snaps Up Ignition in Latest AI Play

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Klue is doubling down on AI. The Vancouver startup just acquired Ignition, an agentic AI platform built for product marketers. Ignition’s tech spans research, roadmaps, launches, and voice-of-customer insights—making it a natural fit for Klue’s Compete and Win-Loss products. CEO Jason Smith says parts of Ignition will also power Klue’s internal AI projects.

Earlier this year, Klue bought Goldpan, a stealth AI firm focused on win-loss research. With back-to-back acquisitions, Klue is cementing its status as an AI-driven leader in competitive intelligence, already trusted by more than 250,000 users across the globe.

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

AI-Powered Stroller Earns Global Recognition for Glüxkind

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Vancouver-based Glüxkind, a finalist for the BC Tech Association’s 2025 Technology Impact Awards in the Startup of the Year category, is earning global recognition with Rosa, the world’s first AI-powered stroller. Designed to assist parents, Rosa features automatic braking, obstacle detection, self-rocking, and white noise integration.

Co-founder Anne Hunger says the product was inspired by Vancouver’s hilly neighbourhoods and parental challenges such as fatigue and multitasking. The company, supported by Canadian innovation programs, has won CES Innovation Awards and secured patents while expanding into five countries. Its nomination highlights Glüxkind’s potential to transform parenting through technology.

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

Ottawa Eyes Military Uses for EV Batteries

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Industry Minister Mélanie Joly says the federal government is exploring defence applications for Canadian-made EV batteries, suggesting they could power ships or submarines. She confirmed Ottawa will continue supporting EV battery plants while requiring manufacturers such as Volkswagen to use more Canadian steel and aluminum.

The announcement comes as Ottawa pauses penalties tied to its EV sales mandate, which automakers had criticized. Joly emphasized that subsidies for battery factories are performance-based, paid only when jobs are created and production begins. She said Canada’s resources and workforce give it a competitive edge as Ottawa develops a defence-focused industrial strategy.

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