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Canadian Tech in 100 Words

 

Diagram Ventures Closes $80M ClimateTech Fund, Expands Beyond FinTech Roots

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Montreal-based Diagram Ventures has closed its first ClimateTech Fund, securing $80 million CAD, surpassing its original $60-million target. The fund, backed by Sagard and Investissement Québec, aims to launch and invest in early-stage cleantech startups focused on solutions for climate change and emissions reduction.

Diagram has built a reputation for FinTech ventures but is now expanding into ClimateTech. The fund will deploy $2 to $5 million per startup, targeting 15 to 20 companies in Canada, with a focus on Québec. Partner Amélie Foz-Couture noted the potential to position Canada as a leader in climate innovation.

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

Canadian Developer Peter Todd Refutes Bitcoin Creator Allegations in HBO Documentary

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Peter Todd, a Canadian software developer, is rejecting claims made in the HBO documentary Money Electric: The Bitcoin Mystery that he is the pseudonymous Bitcoin creator, Satoshi Nakamoto. Todd, who contributed to Bitcoin’s core software, stated he would not have participated in the film had he known it would focus on unmasking Satoshi.

The documentary, which aired Tuesday, cites similarities in Todd’s writing style and other circumstantial evidence. Todd called the accusations dangerous and said he has made emergency travel plans to protect himself. He joins many in the Bitcoin community in arguing that Satoshi’s identity should remain anonymous.

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

atVenu Expands Live Event Platform with $130 Million Equity Boost

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Calgary-born atVenu has secured a $130 million equity investment from Sixth Street Growth to further expand into live event markets. Founded in 2012, atVenu’s platform provides inventory management, point-of-sale, and financial settlement services tailored to live events, such as concerts, festivals, and sporting events.

The company, co-founded by Derek Ball, Ben Brannen, and James Seigel, serves major touring artists, record labels, and venue operators, handling over $1.6 billion in annual merchandise and food sales. The new partnership will allow atVenu to grow its presence in the sports and food sectors while enhancing its music merchandise leadership.

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

Alan Health Insurance Expands to Canada, First New Entrant Since 1957

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French health insurance startup Alan is making a historic move by expanding into Canada. It’s the first new health insurance company to launch in the country since 1957. Alan treats health insurance as a software-as-a-service product, offering a subscription-first approach optimized with technology. Known for its innovative claim management system and additional services, like doctor consultations and preventive care, Alan aims to enhance customer satisfaction.

With an OFSI license in hand, Alan plans to hire 50 employees in Canada and onboard one customer per week starting in January 2025. Alan’s CEO, Jean-Charles Samuelian-Werve, envisions the company becoming a global player in the insurance space.

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

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.