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Canadian Tech in 100 Words

 

Canadian Banks Lead in AI Adoption, RBC Ranks Third Globally

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Canadian banks are leading the world in artificial intelligence (AI) adoption, with all five of the country’s major lenders ranked in the top 25 of a global AI maturity report by London-based Evident. For the second year, Canada has held the highest overall regional score, ahead of the U.S.

RBC ranked third globally for AI maturity, driven by its Borealis Institute for AI research. TD Bank entered the top 10, moving from 11th to 9th, while CIBC improved significantly, jumping from 41st to 22nd due to better transparency in managing AI risks.

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

Helcim Launches Tap to Pay on iPhone in North America

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Helcim, a Calgary-based payment solutions provider, has launched Tap to Pay on iPhone for North American customers. This feature allows merchants to accept in-person contactless payments using credit, debit cards, and digital wallets directly on their iPhone, without additional hardware. CEO Nic Beique called it a “game-changer” for small and medium-sized businesses.

The launch follows the introduction of Helcim’s gross deposit funding system in September. Helcim, founded in 2006, continues to expand its offerings, which include a Contract Buyout Program and Automated Invoice Payments for QuickBooks.

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

Canada Invests $20M in Kepler’s Aether Satellite Network

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The Canadian government is investing $20 million in Kepler Communications to support the development of the Aether constellation, an in-orbit high-speed connectivity network. This project, valued at $280.3 million, will enhance Canada’s satellite communications with advanced optical intersatellite link laser technology.

The investment, through the Strategic Innovation Fund (SIF), will create 95 full-time jobs and 346 co-op positions at Kepler’s Toronto headquarters. In addition, Kepler received $2 million from the Canadian Space Agency in September 2024. This initiative strengthens Canada’s leadership in space exploration and satellite innovation.

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

Fintech Giant Wealthsimple Plans Major Alberta Hiring Drive

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Wealthsimple, a Toronto-based fintech giant, has announced plans to triple its workforce in Alberta by the end of 2025. The expansion will increase the company’s Alberta-based employees to 105, roughly 10% of its total workforce. Wealthsimple is recruiting for roles in engineering, product development, sales, and client experience.

Alberta’s young population and high average income have made the province a key market, with more than 400,000 Albertans trusting the platform. The Alberta government supports Wealthsimple’s growth, viewing it as a boost to the province’s fintech sector.

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

Ocean Startup Challenge Selects 16 Startups for 2024 Cohort

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The Ocean Startup Project has announced 16 companies for its annual Ocean Startup Challenge, offering each up to $25,000 in non-dilutive funding and a support package to accelerate their ocean-focused solutions. This year, the Challenge drew over 50 applicants across Canada, with seven startups hailing from British Columbia.

The cohort, tackling sustainable seafood, renewable ocean energy, and marine biotech, includes Celerity Craft, Fibr.Bio, and Ocean AID. Natasha Legay, Director of the Challenge, praised the creativity and drive of the participants, emphasizing their potential to address real-world ocean challenges.

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

Canadian Families Could Save Hundreds Monthly with Clean Energy Upgrades

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A new report highlights significant savings for Canadian families adopting clean energy technologies. By switching to electric vehicles (EVs), installing heat pumps, and making energy-efficient upgrades, households in cities like Toronto could save up to $550 per month, while Vancouver families might save $777.

These changes can also cut a home’s carbon footprint by over 90%. However, challenges remain, as government rebates like the Greener Homes Grant have ended, and affordable EV models are harder to find. The report stresses the need for government action to make clean energy upgrades more accessible across the country.

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

Li-Cycle’s Financial Troubles Stall Key EV Recycling Hub

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Li-Cycle, once a leading name in North America’s EV supply chain, is facing significant setbacks. The Toronto-based battery recycling company’s factory in Rochester, N.Y., has been paused since October 2023 due to escalating costs. Li-Cycle’s financial troubles, including layoffs, lawsuits, and stock declines, now threaten its ambitious goal of challenging China’s dominance.

Despite securing a US$375-million loan commitment from the U.S. Department of Energy, the company is struggling to meet conditions for the funds. Co-founder Ajay Kochhar remains optimistic, but delays have dampened confidence in the project.

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

FinTech Founders Launch Deck with $6.2M to Tackle Utility Data

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Deck, a new API startup from the founders of Flinks, has raised $6.2 million CAD to streamline energy consumption tracking for businesses. Co-founders Yves-Gabriel Leboeuf and Frédérick Lavoie aim to simplify sustainability reporting by connecting businesses with private utility data.

Deck’s platform centralizes energy, water, and fuel data, allowing companies to automate what was once a manual process. The Toronto-based funding round was co-led by Golden Ventures and Better Tomorrow Ventures, with support from Luge Capital. Deck’s long-term vision is to provide an infrastructure for user-permissioned data across industries.

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

Calgary’s EnviCore Raises $4.2M to Scale Sustainable Cement Technology

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Calgary-based EnviCore has secured $4.2 million in seed funding to advance its low-carbon cement technologies. The startup produces supplementary cementitious materials (SCMs) from recycled and natural feedstocks, helping reduce cement’s carbon footprint by up to 30%. Investors include CSN Inova Ventures, Heidelberg Materials, and Techstars.

EnviCore plans to expand production capacity and partner with Heidelberg on a pilot SCM facility. CEO Shahrukh Shamim called the investment pivotal for scaling the technology, which offers a sustainable alternative to traditional cement. The funds will also support research, development, and business growth.

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

ClioCon Celebrates Innovation and Customer Connection

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Clio’s annual Clio Cloud Conference, or ClioCon, has become a cornerstone event in the legal technology industry. This year, CEO Jack Newton kicked off the event with gratitude, thanking attendees for their support during Clio’s 16-year journey. The conference, attended by over 5,000 legal professionals, celebrates Clio’s customer-centric approach.

Senior Vice President Jenny Dingus shared stories of how Clio has transformed lives, while Chief People Officer Marina Harris highlighted the event’s role in fostering employee engagement. ClioCon is more than just a marketing tool—it’s a reflection of Clio’s deep connection with its customers and mission.

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