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Canadian Tech in 100 Words

Epstein Invested in Blockstream Seed Round

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Documents released by the U.S. Department of Justice show Jeffrey Epstein invested about US$500,000 in a 2014 seed round for Montreal-founded Bitcoin firm Blockstream. The investment was made via Kyara Investments III, co-owned with former MIT Media Lab director Joi Ito.

Blockstream chief executive Adam Back said the stake was sold months later due to conflicts and that neither Epstein nor his estate has any financial connection today. Digital Garage later invested in subsequent rounds. Emails indicate meetings in 2014 and an increased allocation despite oversubscription. Blockstream declined further comment.

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AI Data Centres Face B.C. Power Limits

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BC Hydro has opened applications for 400 megawatts of electricity over two years, forcing artificial intelligence data centres to compete for limited power. Final project selections are expected in September. Mining, forestry, manufacturing, and hydrogen projects are exempt.

B.C. Jobs Minister Ravi Kahlon said the rationing aims to avoid grid strain seen elsewhere. In the U.S., surging data-centre demand has raised wholesale prices and consumer bills. Major operators in B.C. include Bell and IREN. The province has already barred new crypto data centres from the grid, while Alberta and Ontario pursue similar controls.

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Synapse Plans $10B Alberta Data Centre

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Synapse Data Center announced plans for a one-gigawatt data facility in Alberta, a $10 billion private investment slated over two years. The proposed campus in Olds would be ten times larger than existing Canadian data centres and create about 2,000 construction jobs, plus more than 1,000 permanent high-skilled roles once operational.

Chief executive Jason van Gaal said Olds offers a strategic location between Calgary, Edmonton, and Red Deer with access to talent. Mayor Dan Daley called it among Canada’s most significant digital infrastructure investments. Synapse said it will pursue approvals with the Alberta Utilities Commission and Alberta Energy Regulator accordingly.

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Hootsuite Faces Backlash Over Government Client

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Hootsuite, the social media management firm, is facing scrutiny over its decision to retain United States Immigration and Customs Enforcement as a client. Protest group Democracy Rising demonstrated outside the company’s Vancouver office, criticizing the relationship amid market pressures and public sensitivity.

Chief executive Irina Novoselsky said Hootsuite works with governments without endorsing policies and does not provide individual surveillance. Founded in 2008, Hootsuite rose in the 2010s before competition, platform changes, and AI tools reshaped the sector. The company is balancing reputational risk against revenue tied to the account.

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OpenText Sells Vertica for $150M

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OpenText Corporation announced an agreement to divest Vertica, a non-core analytics asset, to Rocket Software for US$150 million in cash. The sale advances OpenText’s strategy to focus on secure information management for enterprise AI and cloud solutions. Executive chairman P. Thomas Jenkins said rationalizing non-core assets strengthens capital allocation and long-term growth.

Vertica generated about US$80 million revenue in fiscal 2025. Interim CEO James McGourlay said the deal places Vertica with a committed owner and supports customers during transition. Proceeds will reduce debt. Rocket Software is backed by Bain Capital.

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

Amazon Layoffs Spark Concern in Vancouver

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Amazon remains a major employer in British Columbia, with more than 10,000 workers provincewide, including roughly 4,500 corporate staff in downtown Vancouver. However, the company’s plan to cut 16,000 jobs globally has raised local concerns.

City councillor Peter Meiszner said Amazon’s Vancouver employees work in high-value fields like AI and web development, adding that recent expansion plans offer reassurance. Industry observers describe the layoffs as a post-pandemic correction following aggressive hiring during COVID-19. University of Manitoba professor Adam Donald King said the cuts reflect workforce resizing, not artificial intelligence displacement. Amazon declined to specify potential local impacts.

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AI Engine Powers Faster Manulife Decisions

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Manulife is introducing a redesigned electronic life insurance application alongside an enhanced version of its AI underwriting engine, MAUDE, enabling automatic approvals in as little as two minutes for eligible applicants. The update uses adaptive questioning to reduce medical inquiries by up to 40 percent while improving consistency through standardized inputs.

Chief Underwriter Karen Cutler said 58 percent of eligible cases were auto-approved by December, up 56 percent from pre-launch. Applications requiring review are escalated to human underwriters. MAUDE evolved from Manulife’s 2018 AIDA system and operates under responsible AI principles, supporting faster, accurate decisions for advisors and clients.

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

HydroGraph Advances Scalable Graphene Production

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Vancouver-based HydroGraph Clean Power has begun construction on two additional Hyperion graphene reactors, expanding production of its FGA-1 ultra-pure fractal graphene. Each reactor, slated for February commissioning, is designed to produce 10 tons annually using the company’s proprietary explosion-synthesis process.

Chief executive Kjirstin Breure said the build strengthens scalable, repeatable capacity and supports adoption in large-scale manufacturing. The units are being assembled in Kansas before relocation to Texas, allowing controlled validation, testing, and optimization prior to permanent installation. Identical systems help confirm process consistency while boosting supply through 2026. Founded in 2017, HydroGraph touts graphene’s exceptional strength, conductivity, and impermeability.

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

Canada’s Tech Job Market Turns Brutal

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Canada’s technology job market has tightened sharply following years of layoffs and a prolonged hiring slowdown. Ottawa-based project manager Rick Dolishny has submitted more than 500 applications over 16 months without securing an offer. Data from Indeed show Canadian tech postings fell in mid-2023 and remain 19 per cent below pre-pandemic levels.

Recruiters cite an imbalance between job seekers and vacancies, compounded by layoffs at firms like Amazon and Shopify. While demand for AI talent and senior roles remains stronger, junior and generalist candidates face steep competition, lengthy interview processes, and frequent rejection. Economists expect stability rather than a rapid rebound.

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Waabi Lands Largest Canadian Tech Round

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Toronto-based autonomous vehicle startup Waabi raised US$750 million in all-equity Series C financing, the largest funding round in Canadian tech history. Founder and chief executive Raquel Urtasun said the primary capital accelerates Waabi’s physical AI platform, commercial self-driving trucks, and expansion into robotaxis through an exclusive partnership with Uber.

The round was co-led by Khosla Ventures and G2 Venture Partners, with participation from Nvidia, Porsche, Volvo, Radical Ventures, BDC Capital, Export Development Canada, BlackRock-managed funds, and others. The raise surpasses Canadian megadeals and brings Waabi’s funding to US$1.28 billion globally.

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