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Canadian Tech in 100 Words

Artificial Intelligence

CIBC is Building Up Its Talent Base with ‘AI Focused Roles’

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CIBC announced plans to hire for 200 AI-related roles.The emphasis aligns with CIBC’s new AI-focused strategy, which includes a strengthening of its relationship with the Vector Institute, a nonprofit corporation dedicated to advancing the field of AI.

“Now is the right time to add to our talent base through hiring and up-skilling in data and AI focused roles, as we leverage this new technology to do more for our clients and deliver a better experience for team members,” stated Christina Kramer, Group Head of Technology, Infrastructure, and Innovation for CIBC. “AI talent is in demand across the industry and we have a compelling value proposition.”

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CIBC Deepens Commitment to Advancing, Adoption A.I.

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CIBC announced a strengthening of its relationship with the Vector Institute, a nonprofit dedicated to advancing the field of AI through research and application since inception in 2017. The enhanced partnership furthers CIBC’s commitment to the AI ecosystem, according to a Dave Gillespie, who serves as Executive Vice President of Infrastructure, Architecture, and Modernization at CIBC.

“As we look to the future of this field, there continues to be so much potential for innovation,” he stated. “Deepening our relationship with Vector at this time is an important and proud next step in CIBC’s commitment to AI learning and research.”

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US Firm Buys Canadian Startup for AI-Powered Sales Tech

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Dooly has been acquired. The Vancouver-born AI-powered startup confirmed it is now a part of Mediafly, a business-to-business software firm based in Chicago with clients such as Databricks, Nvidia, Intuit, and Nestle. Moving forward, Dooly and Mediafly “share one goal,” Dooly’s founder said: to boost sellers’ productivity and efficiency by reducing time spent on admin tasks so they can focus on making sales.

Together, Dooly and Mediafly bring to market “everything you need to assess, convert, engage, and sell more effectively than ever before, without the hassle of managing umpteen procurement processes, and without sacrificing quality,” Kris Hartvigsen stated.

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Competition Bureau Hosting National Event to Address ‘Market Dynamics in the AI Era’

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As the use of rapidly evolving artificial intelligence increases across sectors of the economy, competition authorities around the world continue to work toward solutions to new challenges posed by the growth of both emerging tech and Big Tech. On September 16, Canada’s Competition Bureau will host a summit in Ottawa dedicated to this complex topic.

A full-day event also accessible online, “Canada’s Competition Summit 2024: Market Dynamics in the AI Era,” aims to bring together domestic and international regulators, businesses, lawyers, and academics. The Summit will feature a keynote speech by Lina Khan, Chair of the U.S. Federal Trade Commission.

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VitalHub to Acquire AI-Powered MedCurrent in $34 Million Deal

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VitalHub announced the acquisition of MedCurrent for $34 million. MedCurrent’s OrderWise, a clinical decision support tool, uses AI to improve medical imaging orders’ appropriateness, enhancing patient care and reducing costs. This aligns with VitalHub’s goal to streamline healthcare delivery through advanced technology. MedCurrent’s solutions are used in over 80 installations globally, aiming to address inefficiencies in healthcare diagnostics.

The acquisition will see MedCurrent become a VitalHub subsidiary, pending regulatory and shareholder approvals, with completion expected in September. “This acquisition represents a significant step forward in our mission to enhance healthcare delivery through technology,” stated VitalHub CEO Dan Matlow. 

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More Canadians are Turning to AI for Help with Money Management, Survey Finds

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A BMO survey reveals that one-third of Canadians utilize AI for financial management, with top uses being learning personal finance (45%) and updating budgets (43%). AI is garnering praise for its impersonal nature in investing. Gen Z shows the highest usage at 55%.

Despite varied adoption, over half of Canadians think AI aids in making better financial decisions. “By making it easier to help manage finances, AI is proving a powerful tool to build financial literacy and make informed financial decisions,” says Gayle Ramsay, Head of Everyday Banking Segment & Customer Growth for BMO.

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Major Canadian Bank Doubles Patent Portfolio with Emphasis on AI Tech

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At its annual tech and innovation day, TD Bank showcased new AI-driven solutions, such as a customer service chatbot and AI models for quick mortgage and insurance approvals. Canada’s second-largest bank, emphasizing productivity and customer satisfaction, highlighted its newly expanded patent portfolio, which at more than 2,500 filings is increasingly focused on artificial intelligence technology.

Developed by the Layer 6 team, TD’s new AI tools aim to streamline retail banking operations. However, TD did not disclose if the advancing tech would be employed to address anti-money laundering efforts following recent legal challenges.

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Recyclorobo Looks to Revolutionize Sustainable Recycling with AI

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Recyclorobo.ai, based in New Westminster, has introduced an AI-driven vision technology to revolutionize beverage container recycling. The Canadian company claims its innovate system reduces customer serving time by 97%, CO2 emissions by 91%, facility footprint by 56%, and storage space by 86%.

By utilizing advanced image recognition, the startup accurately identifies and sorts recyclable containers, optimizing overall efficiency. Recyclorobo.ai’s solution includes a densification system that reduces container volume by 90%, enhancing storage and transport efficiency. The technology also features an gamified interface and a reward platform to encourage participation.

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Canadian Tech is Grappling with a ‘Crazy Talent War’ for AI Skills

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The demand for AI talent is surging, but as companies like Newfoundland’s Spellbook seek to expand their workforce, CEO Scott Stevenson notes significant time spent on recruiting amid fierce industry competition. Data shows that U.S. tech giants are offering massive pay packages to attract top AI talent, while Canadian companies are increasing AI job postings. Elon Musk this year called the situation “the craziest talent war I’ve ever seen.”

    Despite the talent rush, firms can focus on building teams with complementary skills rather than competing for rare specialists. Still, as AI only becomes more prevalent, finding the right talent remains a priority for Canadian businesses.

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    Seed Capital for Gumloop to Power Drag-and-Drop AI Workflow Platform

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    Vancouver-based Gumloop has closed a $3 million seed round led by First Round Capital, with participation from Y Combinator and other investors. Gumloop’s platform allows users to create AI-powered workflows through a drag-and-drop interface, eliminating the need for coding.

    “Users can create powerful AI powered workflows that integrate directly with their data, no coding experience needed,” stated cofounder Max Brodeur-Urbas. The entrepreneur says early customers range from “independent indie hackers to unicorn startups.”

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