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Canadian Tech in 100 Words

GTMfund Raises $54M to Back Early-Stage Startups

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GTMfund, a VC firm founded by Max Altschuler, has closed its second fund at $54 million, surpassing its $50 million target. The firm specializes in operator-led investing, with 300 LPs from AWS, OpenAI, Procore, and Snowflake, along with six institutional investors such as Bain Capital Ventures and Inovia Capital.

Fund I backed startups like Writer, Atlan, and Vanta, and the latest fund will support 40 early-stage companies at pre-seed to Series A, with check sizes from $500K to $1.5M. Altschuler calls GTMfund a “labor of love” for founders and operators alike.

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

Alberta’s Energy Resources Attract Major AI Data Centre Projects

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Alberta is positioning itself as Canada’s top AI data centre hub, aiming to secure $100 billion in investment over the next five years. With abundant natural gas, competitive energy prices, and strategic locations, the province is drawing interest from tech firms.

Fort McMurray’s Prairie Creek Business Park, Gryphon Digital Mining in Pincher Creek, and O’Leary Ventures in Grande Prairie are among key projects. Technology Minister Nate Glubish calls Alberta a “destination of choice” for AI infrastructure. As development accelerates, Alberta must balance economic growth with environmental concerns in this fast-evolving sector.

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

Wealthsimple Officially Launches Margin Trading in Canada

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Wealthsimple has officially launched margin trading, allowing eligible clients to borrow funds against their portfolios for greater trading power. Vice President of Product Swapnil Parikh called it a highly requested feature, emphasizing a rigorous approval process and built-in risk management tools like a margin health tracker.

The Toronto-based fintech, led by CEO Michael Katchen, continues its mission to make sophisticated investing products more accessible. Wealthsimple, which is profitable and growing, will also roll out educational materials to ensure clients understand margin trading risks and rewards.

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

Saskatchewan to Host Canada’s First Next-Gen Geothermal Project

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DEEP Earth Energy Production (DEEP) has partnered with SLB to develop Canada’s first large-scale geothermal power project in southeast Saskatchewan. Using advanced horizontal drilling, DEEP plans to generate 30 MW of emissions-free electricity by tapping deep geothermal reservoirs.

SLB will provide expertise in geothermal technology, well construction, and drilling, helping to scale up the project. Phase one includes four wells, expanding to 18 wells in phase two. DEEP CEO Kirsten Marcia says the project will set a new standard for Canada’s geothermal industry, enhancing energy security and reducing emissions.

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

Cybersecurity in 2025: Ransomware, AI, and Social Media Risks

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Cybersecurity threats in 2025 are set to escalate, with ransomware, AI-powered attacks, and deepfake scams posing severe risks to businesses. Ransomware incidents surged in Canada, with 67% of victims paying ransoms in the past three years.

Cybercriminals are leveraging AI to scale attacks, creating highly personalized phishing emails and deepfake impersonations. Social media platforms, particularly LinkedIn, are now prime targets for fraud and identity theft. Experts warn that zero-trust security, AI-driven defenses, and cyber insurance will be essential in mitigating these evolving threats. The time to act is now.

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

IBM Report: Generative AI to Reshape Banking in 2025

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IBM’s 2025 Outlook for Banking and Financial Markets highlights generative AI’s rapid adoption in financial services, with banks moving from pilot projects to enterprise-wide AI integration. The report reveals 60% of banking CEOs recognize the need for calculated risk-taking to stay competitive.

Branchless banking is growing, but institutions are prioritizing higher-value services like embedded finance. IBM’s Shanker Ramamurthy notes banks are leveraging AI for customer experience, efficiency, and risk reduction. The study, analyzing global financial trends, underscores the industry’s ongoing transformation through AI and automation.

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

ENVO Partners with Silicon Valley Firm to Develop Driverless Micro-EVs

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Burnaby-based ENVO Drive Systems has announced a strategic partnership with San Francisco’s Faction Technology to develop driverless light electric vehicles (LEVs) for specialized transport applications.

By integrating ENVO’s Utility Personal Transporter (UPT) platform with Faction’s autonomous technology, the companies aim to create sustainable, adaptable fleet solutions for last-mile delivery, agriculture, and industrial transport.

ENVO CEO Ali Kazemkhani calls this a step toward “rightsizing” mobility, while Faction’s Ain McKendrick sees the collaboration as a breakthrough for autonomous micro-EVs. ENVO, a rising cleantech leader, continues its rapid growth in Canada’s clean transportation sector.

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

SRTX Lays Off 40% of Staff as Proposed U.S. Tariffs Loom

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Montreal-based SRTX is temporarily laying off 40% of its 350 employees in response to proposed U.S. tariffs that could impose a 41% duty on some exports. CEO Katherine Homuth cited financial uncertainty due to tariff risks and delays in securing the final portion of a $23M USD funding round.

SRTX, which manufactures Sheertex pantyhose, recently raised $70M but remains heavily reliant on the U.S. market. Homuth said the company is rushing to ship products tariff-free before the 30-day exemption expires. Without new funding, pivoting to European markets remains unfeasible.

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

DCPayments Introduces Merchant-Focused Digital Payment System

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DCPayments, a subsidiary of Digital Commerce Group (DCGroup), has launched a new transaction acquiring solution to simplify merchant payments while enhancing security and integration. The platform includes DCShop e-commerce tools, API payment gateways, and tap-to-pay technology.

3D Secure (3DS) fraud prevention, widely used in Europe, is also featured. CTO Paul Twigg says the goal is customization without disruption to businesses. Lower transaction fees and end-to-end encryption further strengthen its appeal. With an 18-month innovation roadmap, DCPayments is positioning itself as a leader in Canada’s financial technology landscape.

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

Toronto’s Waabi Partners with Volvo on Autonomous Trucks

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Toronto-based Waabi has entered a strategic partnership with Volvo Autonomous Solutions to develop and deploy autonomous trucks. The collaboration integrates Waabi’s AI-powered Waabi Driver with Volvo’s VNL Autonomous truck, built for safe and scalable self-driving operations.

Waabi CEO Raquel Urtasun emphasizes OEM integration as key to mass adoption. Volvo and Waabi plan to begin testing in 2025, aiming to revolutionize North America’s $1 trillion freight industry. Volvo first invested in Waabi in 2023, later joining its $200M Series B round. This partnership strengthens their push toward safer, more efficient transportation.

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