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Canadian Tech in 100 Words

 

Neo Financial and CI Financial Announce Partnership to Deliver New Financial Products

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Calgary-based Neo Financial is partnering with CI Financial to launch a new suite of deposit and credit products aimed at providing a seamless financial experience for clients of CI’s wealth management businesses. The collaboration integrates Neo’s advanced technology with CI Financial’s wealth platform, offering clients streamlined applications, instant transfers, and enhanced cashback rewards linked to deposit balances.

Neo clients will also gain access to in-person financial advisory services through CI’s platform. Neo CEO Andrew Chau highlighted the partnership’s goal to blend technology with exceptional service, while CI’s Christopher Enright emphasized the security and convenience it brings to customers.

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

Legal Scholar Nita Farahany Highlights Dangers of Neurotechnology

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At the ClioCon conference in Austin, Nita Farahany, a leading expert on the ethical implications of emerging technologies, delivered a keynote on the rise of neurotechnology and artificial intelligence (AI). Farahany, a professor at Duke University, emphasized the risks posed by wearable neurotechnology, which could monitor brain activity and potentially compromise privacy. She advocated for the right to cognitive liberty to protect individuals’ control over their mental experiences.

Farahany highlighted advancements in AI-driven brain interpretation, calling on the legal community to shape ethical regulations as neurotechnology becomes more prevalent in everyday life.

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

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.