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Canadian Tech in 100 Words

 

Brightspark Closes $100 Million Fund, Expands to BC

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Montréal-based venture capital firm Brightspark Ventures has closed its latest fund, BCOF II, with over $100 million CAD in commitments. The fund, initially targeted at $120 million, will continue Brightspark’s strategy of leading seed to Series A rounds for tech startups across Canada.

The firm has also expanded to British Columbia, hiring Vancouver-based Andrew Lugsdin as a new partner to capture more deal flow in the province. Despite challenging VC fundraising conditions, Brightspark’s strong support from existing investors helped secure the fund’s success, with the firm now managing over $500 million in assets.

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AI and Legal Tech Drive Surge in Canadian Venture Capital Funding

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Canadian venture funding reached its highest level since early 2022, with companies raising US$2.8 billion in the third quarter of 2024, according to PitchBook data.

Major deals drove the surge, including a US$500-million round for AI firm Cohere and a US$900-million deal for legal software company Clio, which accounted for half of the total capital raised. However, the number of deals dropped, with just 165 companies securing funding, down from 235 in the previous quarter. Investors noted that while the quality of startups is improving, VC firms continue to face challenges raising new funds.

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Cleantech Startups Struggle as SDTC Funding Stays Frozen

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Canada’s cleantech startups are facing significant challenges as Sustainable Development Technology Canada (SDTC), their largest funding source, remains in limbo. Despite a motion in Parliament calling for transparency in a probe into the agency’s operations, the Liberal government has withheld documents, and SDTC has yet to reopen applications.

Allegations of mismanagement and conflicts of interest froze funding in October 2023, leaving startups in a funding crisis. Although SDTC’s funding capabilities were restored in June, cleantech ventures continue to struggle, leading to layoffs and stalled projects as venture capital funding remains scarce.

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Subscription Cancellations Loom as Living Costs Rise, Adyen Finds

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New research from Adyen reveals that 40% of consumers plan to unsubscribe from recurring payment services in the next 12 months, citing high living costs. The study, part of Adyen’s inaugural Global Digital Report, surveyed consumers across 23 countries. It found that most people are signed up to three subscriptions, spending $19 per subscription monthly.

Services most at risk include TV, music, and food delivery. Despite this, 77% of businesses plan to invest in repeat purchase models, with many expanding their offerings. Adyen’s Trevor Nies emphasized the need for businesses to build lasting relationships through personalization and seamless payments.

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Vancouver’s Semios Rebrands as Almanac, Leading Agtech Innovation

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Vancouver’s Semios has officially rebranded as Almanac, a global leader in agricultural technology. This transformation brings together Semios’ crop management expertise and Agworld’s farm management platform under one brand, covering over 100 million acres of farmland worldwide.

CEO Sumer Johal, who joined in 2023, envisions Almanac as a sustainable, data-driven farming solution, powered by its AI platform Alma. The rebrand solidifies Vancouver’s growing influence in the agtech sector, offering farmers actionable insights to improve crop yields and reduce costs.

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50% of Canadians Delay Medical Care Due to System Barriers

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A new report from Maple, titled Health on Hold, reveals that 50% of Canadians delay seeking medical advice due to barriers in accessing proactive healthcare. Based on a survey by the Angus Reid Forum, the report highlights that 81% of Canadians face obstacles, with many turning to search engines instead of consulting doctors.

The report underscores a critical need to transform Canada’s healthcare system, as lack of access to primary care is leading to costly interventions. Maple CEO Brett Belchetz emphasized that proactive care could improve outcomes and reduce healthcare strain by leveraging technology.

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Hiive Surpasses $1 Billion in Transactions on Private Stock Marketplace

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Vancouver-based fintech Hiive has surpassed $1 billion in transactions on its online marketplace for private company stocks, following its Canadian launch last year. The platform allows accredited investors to buy and sell shares in privately held, VC-backed companies without the need for a broker.

Co-founder Prab Rattan noted this milestone reflects the trust clients have placed in Hiive. With traditional exit paths for VC-backed companies limited, Hiive provides a crucial liquidity solution. The company is now handling more than $100 million in monthly transaction volume and is poised for continued growth.

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Coinbase Expands in Canada, Supporting Crypto Community and Hiring 40+

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Coinbase has expanded its “Stand with Crypto” campaign into Canada, aiming to support the country’s five million coin holders and push for regulatory clarity. According to Coinbase Canada CEO Lucas Matheson, the company is well-positioned to help Canada lead the global crypto economy.

The move follows Coinbase’s growing investment in Canadian startups like MinervaAI and Dapper Labs. Canada is Coinbase’s largest talent hub outside the U.S., and the company is currently hiring over 40 roles in engineering, marketing, and security.

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59% of Canadian Students Use Generative AI in Schoolwork

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A new KPMG in Canada survey reveals that 59% of Canadian students now use generative AI for schoolwork, up from 52% in 2023. Although 75% say these tools improve assignment quality, two-thirds worry they aren’t learning as much. Alarmingly, 82% of students admit they claim AI-generated content as their own work, while 70% turn to AI rather than seeking help from instructors.

With educators facing pressure to set clear guidelines, KPMG’s C.J. James emphasized the importance of balancing AI use with critical-thinking skills. Students want more AI in course planning, admissions, and career services.

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Intuitive AI’s Recycling Tech Powers Portland Trail Blazers’ Moda Center

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Intuitive AI, a Vancouver-based startup, is rolling out its AI Recycling Assistant, Oscar Sort, at Oregon’s Moda Center, home of the Portland Trail Blazers. The technology helps fans sort waste by recognizing compostable, recyclable, and reusable items, diverting them from landfills.

The initiative supports the Moda Center’s Rip City Reuse program, which replaces 500,000 single-use cups annually. Jackie Ventura, VP of Facility Operations for the Trail Blazers, said Oscar will enhance fan engagement and sustainability efforts. Each Oscar unit is energy-efficient and offsets the CO2 equivalent of 10 cars annually.

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