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Canadian Tech in 100 Words

 

Toronto’s MaRS Accelerator Reduces Workforce by 30% Under New Leadership

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MaRS, Toronto’s prominent tech hub, laid off 19 staff this week as CEO Alison Nankivell continues to overhaul the organization’s strategy. The cuts, affecting mid-level and junior employees in legal, IT, and communications, are intended to streamline operations across MaRS’s divisions—real estate, venture capital, and charity.

Nankivell, who took the helm in March, has reduced the workforce by 30%, from 140 to 101 employees. This is the second round of layoffs as part of her plan to ensure long-term sustainability, reduce reliance on government funding, and cut spending. The reorganization aims to position MaRS for future success.

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

    AI Pioneer Geoffrey Hinton Awarded Nobel Prize in Physics for Neural Network Discoveries

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    Canada’s AI industry is celebrating Geoffrey Hinton’s Nobel Prize win, awarded by the Royal Swedish Academy of Sciences for his groundbreaking work in machine learning. Hinton, alongside Princeton’s John Hopfield, received the Nobel in physics for their contributions to neural network technology.

    Hinton began his work at Carnegie Mellon University in the 1980s and continued making significant advances at the University of Toronto over the following decades. His breakthroughs laid the foundation for modern AI and inspired a generation of researchers. Hinton has also become a leading voice in warning of AI’s potential dangers.

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

    Mercedes-Benz Targets Canada for New Incubator Program

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    Mercedes-Benz has launched an incubator program in Ontario, partnering with the Ontario Vehicle Innovation Network to scout promising startups. The program will focus on incubators in Windsor, Kitchener-Waterloo, and Toronto, aiming to foster collaboration on proof-of-concept projects. The automaker also signed an agreement with the University of Waterloo to advance autonomous vehicle algorithms.

    Eileen Böhme, the automaker’s director of strategy for innovations, emphasized Canada’s potential to become the next Silicon Valley. The incubator program, currently in a pilot stage until April 2025, will focus on providing startups access to Mercedes-Benz’s engineering team rather than direct funding.

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

    AI Usage in Law Firms Surges to 79%, Reveals Clio’s 2024 Legal Trends Report

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    Clio has released its ninth annual Legal Trends Report, highlighting key shifts in the legal industry, including rapid AI adoption and increased use of flat fees. The report shows 79% of lawyers now use AI daily, up from 19% last year. Flat fee billing is also on the rise, as firms seek flexibility amid AI-driven efficiencies.

    Law firms are increasing marketing and technology spending, leading to greater profitability. However, a secret shopper study revealed significant gaps in client responsiveness, with just 33% of law firms responding to inquiries. Improving client engagement remains critical for growth.

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

    Carbon Upcycling CEO Highlights Low-Carbon Solutions for Heavy Industry

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    At the Energy Disruptors: UNITE 2024 conference in Calgary, Apoorv Sinha, CEO of Carbon Upcycling, presented an ambitious strategy for decarbonizing hard-to-abate sectors like cement, steel, and mining. The Calgary-based company recently secured $34.3 million in Series A funding to scale its innovative carbon-to-value solutions.

    Carbon Upcycling converts industrial byproducts into low-carbon construction materials, reducing emissions in the cement industry by up to two-thirds. Sinha announced plans for the world’s first full-scale carbon-to-value plant with CRH in Mississauga and emphasized expanding into steel and petrochemicals to achieve gigaton-level impact by 2050.

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

    Canadian Fintech Survey: Wealthsimple Tops, But Trust Gap with Banks Persists

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    A new survey from The Logic reveals that Canadians are warming up to fintech, but trust remains a big barrier. Wealthsimple tops the list, with 46% of respondents using its services—more than double any other fintech. Still, 42% of respondents see fintechs as less trustworthy than big banks. Users want regulation, stability, and transparency to feel more comfortable switching.

    Many cited data security concerns, while others pointed to shady practices at traditional banks. With 56% of respondents calling for more regulation, the industry faces challenges in earning public trust.

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

    General Fusion CEO Presents Bold Vision for Fusion Energy at Calgary Conference

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    At Energy Disruptors: UNITE 2024, General Fusion CEO Greg Twinney outlined how fusion energy could transform the world’s energy landscape by the mid-2030s. He emphasized fusion’s potential as a clean, scalable energy source to meet growing demands and replace fossil fuels.

    Twinney discussed the need for both technological innovation and business viability in achieving commercial fusion success. He noted recent scientific breakthroughs and shared concerns about Canada’s lack of a national fusion strategy. General Fusion is progressing toward commercial power by 2035, aiming to achieve key milestones with its Lawson Machine 26 by January 2025.

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

    Alberta Faces Balancing Act Between Data Centre Growth and Decarbonization Efforts

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    The Energy Disruptors: UNITE 2024 conference in Calgary highlighted the growing role of data centres in Alberta and the challenges they pose to the province’s energy landscape. John Kousinioris, CEO of TransAlta, discussed the electricity-intensive nature of data centres, warning that their increasing demand could complicate Alberta’s goal of achieving a net-zero grid by 2035.

    With six data-centre projects in development, balancing the demands of these hubs with environmental targets will require careful planning. Kousinioris noted that while reliability is a priority for investors, it will be challenging to ensure affordability and decarbonization concurrently.

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

    KOHO Raises $190 Million, Aims for Schedule 1 Bank License

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    Canadian challenger bank KOHO has secured $190 million in new funding, comprising $40 million in equity and $150 million in debt. The round was led by PROPELR Growth, with participation from Rockefeller Capital and existing investors. The capital will support KOHO’s growth, expand its lending services, fund new products, and aid progress toward obtaining a Schedule 1 bank license.

    CEO Daniel Eberhard expressed excitement over the opportunities for expansion, including rent reporting and buy-now-pay-later products. PROPELR’s Managing Partner Sanjiv Samant praised KOHO’s innovation and will join its Board of Directors.

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

    Critical Minerals Vital for Energy Independence, Says Industry Leader

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    Chris Doornbos, CEO of E3 Lithium, addressed attendees at Energy Disruptors: UNITE 2024 in Calgary, emphasizing the importance of critical minerals and energy independence in the shift toward electrification. Doornbos highlighted that Western countries must secure stable supplies of critical minerals like lithium to ensure energy security.

    He pointed out the dominance of China in battery and EV production, with 80% of the world’s batteries coming from China. Doornbos also questioned the impact of protectionism and inflation on EV adoption, urging for collaboration and strategic thinking to navigate the complexities of an electrified future.

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