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Canadian Tech in 100 Words

Startup Studio Midas Labs Quietly Makes a Mark

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Calgary’s Midas Labs has emerged as a quiet force in Canadian fintech, evolving from the fractional investing startup Flahmingo into a venture studio focused on AI-powered tools for social impact. Founded by former Flahmingo leaders, the distributed team recently built Mariposa, Canada’s first AI debt management agent, in partnership with Credit Canada.

With rising household debt, Mariposa offers 24/7 judgment-free support. Midas Labs exemplifies the venture studio model, balancing client work and in-house innovation. CEO Thomas Battle says the pivot underscores the value of people over product—proof that resilience and impact can thrive outside the typical startup spotlight.

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

Leadership Change at EQ Bank After Andrew Moor’s Passing

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EQ Bank will welcome back Chadwick Westlake as its new CEO following the sudden passing of longtime leader Andrew Moor. Westlake, currently EVP and CFO at OpenText, will rejoin EQ Bank on August 15 after completing OpenText’s fiscal year-end. A former EQ executive, Westlake’s appointment marks a return to familiar territory as the bank navigates a major transition.

Moor, remembered for modernizing EQ Bank and advancing Canada’s challenger bank movement, leaves a lasting legacy in fintech. OpenText has initiated a formal search for Westlake’s successor and expressed condolences to Moor’s family and colleagues in a public statement.

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

Redwood AI Tackles Drug Shortages with Chemistry AI

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Vancouver’s Redwood AI has been named a finalist for the Company of the Year – Startup award at the 2025 BC Tech TIAs. The company is tackling global drug shortages by modernizing outdated chemistry workflows with proprietary AI models built from scratch. Redwood’s platform generates multiple synthetic pathways for drug molecules while factoring in cost, safety, and supply chain realities.

CEO Louis Dron credits BC’s growing biotech and AI ecosystem for Redwood’s momentum, which includes improved model accuracy and a soon-to-close funding round. The recognition underscores Redwood’s mission to bring automation and intelligence to pharmaceutical manufacturing.

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

Canada Lags in AI Maturity Despite High Ambition

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Only 7% of Canadian companies classify as advanced in AI maturity—less than half the 17% global rate—according to a new report by Georgian and NewtonX. While 31% of Canadian firms cite competitive advantage as their main AI motivation, most remain in early development phases.

Talent shortages are the top barrier to scaling, with 48% of Canadian R&D leaders citing a lack of expertise. Privacy concerns also rank higher in Canada than globally. Despite lagging production, Canadian firms lead in piloting new tools. Partners in the report include Vector Institute and Amii, who stress the urgency of bridging scaling gaps.

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

R-LABS Raises $3.5M to Solve Housing Crisis

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Toronto-based real estate venture builder R-LABS has raised $3.5 million to expand its efforts in solving Canada’s housing and real estate challenges. The funding round, led by global professional services firm Hatch, included renewed support from Oxford Properties, Dorsay Development Corp, and LandSure Systems.

Hatch also joins R-LABS’ growing partner ecosystem, contributing engineering expertise to ventures targeting housing affordability, climate resiliency, and community development. R-LABS’ portfolio includes companies like Assembly, a modular housing firm, and NOAH, a flood-risk platform. CEO George Carras said the partnership reflects a national commitment to tackling complex real estate problems through innovation.

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

Rockburst Aims to Decarbonize Mining with CO₂

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Rockburst Technologies, a Vancouver-based cleantech startup, is transforming the mining sector with its breakthrough CoreBurst™ technology. Targeting comminution—the energy-intensive process of crushing rock—the system uses supercritical CO₂ to fracture ore from within, reducing energy use by up to 50% and enabling potential carbon sequestration.

Founded in 2020, Rockburst has secured $5M in non-dilutive funding and is developing a pilot unit while offering CoreBurst™ as a Service to industry partners. Backed by Innovate BC and UBC, the firm is now a BC Tech Awards finalist. CEO Oscar Malpica says the nomination signals growing recognition of innovation in legacy industries.

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

BVCU Becomes First Credit Union to Offer Bitcoin

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Bow Valley Credit Union has become the first Canadian credit union to launch a direct Bitcoin purchasing platform. The Bitcoin Gateway, developed in partnership with Bull Bitcoin and Balance, allows members to buy insured Bitcoin straight from their BVCU accounts—no exchanges or third parties required.

Unlike pooled or derivative-based crypto services, users retain full ownership, with custody handled by Balance. CEO Brett Oland says the platform removes barriers to Bitcoin access. Bull Bitcoin provides pricing and liquidity, while the offering targets both new and experienced investors. The move positions BVCU as a leader in digital asset innovation in Canadian banking.

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

Workleap Acquires Barley to Expand HR Platform

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Workleap, a Montréal-based HR software firm, has acquired Toronto’s Barley, a compensation planning startup, to expand into pay management and support its upcoming AI tool. Founded in 2021, Barley helps businesses structure and analyze employee compensation. Its six-person team, led by Loopio co-founder Jafar Owainati and Reelhouse’s Billy Mainguy, will join Workleap post-acquisition.

CEO Simon De Baene called the deal a strategic fit that unites performance management with pay transparency. The Barley product will integrate by October, while Workleap AI launches this week to help HR teams surface insights from employee data. Deal terms were not disclosed.

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

Moonvalley AI Launches Filmmaker-Focused Marey Model

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Toronto-based Moonvalley AI has unveiled Marey, a new video-generation model designed specifically for film industry professionals. Unlike general-use tools such as OpenAI’s Sora or Google’s Veo, Marey offers enhanced controls for filmmakers, including camera and character functions tailored for creative production.

CEO Naeem Talukdar emphasized the platform’s intent to complement rather than replace artists. Trained on licensed content from Vimeo, YouTube filmmakers, and production firms across North America, West Africa, and East Asia, Marey reflects a global creative approach. Moonvalley believes studios are seeking refined, specialist AI tools rather than broad consumer-focused options.

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

VitalHub Acquires Novari in $48.6M Deal

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Toronto-based VitalHub has acquired Novari Health of Kingston, Ontario, in a deal worth up to $48.6 million CAD. The acquisition includes $35.8 million in cash, $7.8 million in shares, and up to $5 million in performance bonuses. Novari, a developer of referral and waitlist management software, posted $12 million in annual recurring revenue and was nearing EBITDA breakeven.

VitalHub called the deal strategic, reinforcing its leadership in Canada’s patient flow and referral tech space. CEO Dan Matlow praised Novari’s long-standing impact and hinted at global ambitions, particularly in the U.K., leveraging VitalHub’s expanding international reach.

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