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Canadian Tech in 100 Words

 

Canadian Firms Face Rising Cybersecurity Costs Despite Fewer Incidents

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A recent StatsCan report reveals one in six Canadian businesses suffered a cybersecurity incident in 2023, with recovery costs doubling to $1.2 billion from 2021. Identity theft, fraud, and ransomware were primary drivers of these costly attacks. While only 12% of ransomware-hit firms paid attackers, some ransoms exceeded $500,000.

Larger firms remain frequent targets, but small businesses also feel the impact, with over 60% of large firms hit in the past year. Human error caused most incidents, while AI-driven attacks compound risks. Canadian businesses, despite heightened awareness, still bear high cybersecurity costs.

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

Moment Energy Secures $20.3 Million for U.S. Battery Gigafactory

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Moment Energy has received a $20.3 million award from the U.S. Department of Energy to build North America’s first certified EV battery repurposing facility in Taylor, Texas. Part of a $428 million clean energy initiative, the Gigafactory will have a 1 GWh production capacity, adhering to UL 1974 certification standards.

Expected to create over 250 jobs, the project will begin in early 2025. Moment Energy CEO Edward Chiang emphasized the company’s goal of repurposing all retired EV batteries by 2030, aligning with global clean energy efforts.

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

SAAS NORTH 2024: Canada’s Largest SaaS Gathering Returns

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SAAS NORTH, Canada’s largest gathering of SaaS and cloud software startups, will host its 9th annual event on November 13-14, 2024, at the Shaw Centre in Ottawa. Presented by National Bank and produced by Cube Business Media, the conference is expected to draw over 2,000 attendees.

New to this year’s event are “The Masked Investor” and “Founders Feud,” alongside the Firehood Angel Camp and the 8th Annual SAAS NORTH Pitchfest. Attendees will hear from top SaaS leaders, including Stephany LaPierre of Tealbook and Andrew Mcleod of Certn.

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

BC Tech Honors Innovators at Annual TIAs

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The BC Tech Association hosted its 31st annual Technology Impact Awards (TIAs) gala at the Parq Vancouver, celebrating excellence in British Columbia’s tech sector. The event honored winners across nine categories, highlighting remarkable contributions to the industry. Jane won Company of the Year (Anchor), while RaceRocks took home the award for Excellence in Company Culture.

Oxygen8 was recognized as Company of the Year (Scale), with DarkVision winning the Gamechanger award for Ambition. Other notable winners included 7Gen for Climate Leadership and TRIUMF for Industry Innovation. The TIAs continue to showcase BC’s tech excellence and growth.

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

Coinbase Becomes CFL’s First Crypto Partner

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Coinbase has been named the Official Crypto Partner of the Canadian Football League (CFL) and the 111th Grey Cup, marking the first crypto partnership in the league’s history. As part of the agreement, Coinbase will sponsor the opening coin toss at the Grey Cup championship in Vancouver on November 17th.

Coinbase’s Canadian CEO, Lucas Matheson, highlighted Canada’s importance, with 13% of the population holding cryptocurrency. Fans can receive $25 in bitcoin and participate in giveaways, including a grand prize of $50,000 in bitcoin. Coinbase aims to enhance Canadians’ engagement with cryptocurrency.

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

Two-Thirds of Canadian SMBs Struggling With Cash Flow

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A recent survey by Float Financial highlights financial and operational challenges facing small and medium businesses (SMBs) in Canada. Although 87% of Canadian SMBs expressed confidence in their performance, two-thirds report ongoing cash flow struggles. Float’s CEO, Rob Khazzam, points to outdated banking practices and insufficient financial tools as key obstacles stunting business growth.

The survey also found 60% of SMBs feel more optimistic than in 2023, but high operating costs and lack of access to capital persist. Float believes fintech innovations will better serve SMBs by addressing key areas of speed, access, and ease.

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

Rising Fuel Costs and Environment Driving Gen Z’s Interest in EVs

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Volvo Car Canada’s 2024 Mobility Trend Report reveals a growing shift among Gen Z and Millennials toward electrified vehicles, especially Plug-In Hybrid Electric Vehicles (PHEVs). While 91% of Canadians still drive gas-powered cars, 51% of Gen Z and 54% of Millennials are eyeing PHEVs, driven by rising fuel costs and environmental concerns.

Key motivators include reducing fuel expenses and the flexibility of combining electric and gas power. Volvo’s fixed pricing model also appeals to younger buyers, who value price transparency over negotiation. Volvo continues to prioritize sustainability as it expands its electric vehicle offerings.

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

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.

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

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.

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

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.

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