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Canadian Tech in 100 Words

40% of Shopify’s Interns Come From University of Waterloo

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Tobias Lütke, CEO and co-founder of Shopify, praised the University of Waterloo’s talent pipeline during a fireside chat with university president Vivek Goel. Lütke revealed Shopify hires 40% of its interns from Waterloo, lauding its co-op students as among the best globally. He emphasized Canada’s potential to lead in tech through domestic talent.

Waterloo’s co-op program links over 8,000 employers with students, enriching Canada’s innovation ecosystem. Shopify is now hiring for Fall 2025 Engineering & Data Internships, running September 2 to December 19. Applications open April 7.

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

Markets Sink as Trump Tariffs Spark Panic

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U.S. stocks plunged for a second consecutive day as investor anxiety mounted over sweeping tariffs announced by President Trump. The S&P 500 dropped 5.97%, the Dow fell 2,231 points (5.5%), and the Nasdaq slid 5.8%, entering bear territory. The two-day market loss of $6.4 trillion surpasses records from March 2020.

Tech and media giants including Apple, Disney, and Netflix led declines. Trump’s tariffs, effective April 9, target all imports, with steep rates on Chinese and Asian goods. China condemned the move as “bullying.” Analysts warn of recession risks and reduced consumer spending.

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

Vancouver’s Sanctuary AI Eyes US$175M, Targets U.S. Expansion

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Sanctuary AI, a Vancouver-based robotics firm, is preparing a US$175 million capital raise, per The Logic. To bolster funding, it’s selling a majority stake in Texas-based Apptronik, acquired in 2022 for US$10M. The stake’s value soared after Apptronik’s US$350M round earlier this year.

Sanctuary may secure up to US$125M from the sale and another US$50M from U.S. venture firms. Funds will support operations and the acquisition of U.S. rival Rapid Robotics. Sanctuary builds the Phoenix humanoid robot, powered by its proprietary AI, Carbon. The firm hopes to close the round by May.

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

Shopify Execs Challenge Ottawa’s Grip on Innovation

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A combative turn in Canadian tech discourse saw Shopify executives publicly rebuke federal policy. COO Kaz Nejatian, President Harley Finkelstein, and ex-VP Daniel Debow criticized government overreach, sparking debate on X. Their complaints helped rally a tech-led reform group, Build Canada, promoting AI-driven governance and deregulation.

Observers worry this rising “broligarchy”—inspired by U.S. tech’s political incursions—undermines democratic norms. Though claiming neutrality, Build Canada aligns with conservative populism and seeks systemic disruption. Critics fear tech elites mistake disruption for governance. As government trust falters, this shift could reshape policymaking—or democracy itself.

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

Apple Leads Market Drop Amid Trade Fears

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Technology stocks fell sharply Thursday following President Donald Trump’s announcement of sweeping new tariffs on imported goods, triggering widespread investor alarm. Apple, which manufactures in Asia, plunged 8%, while the Nasdaq Composite dropped 5%—its worst session in five years. Meta and Amazon declined 7%, Nvidia and Tesla over 4%.

Semiconductor firms such as Arm, Broadcom, and Lam Research dropped 8%+, with Micron tumbling 14%. Trump’s tariffs include a 34% duty on China, sparking criticism from Beijing. Microsoft and Alphabet also slipped. The selloff reflects market fears of a global trade war and deepening concerns over U.S. economic stability.

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

Canada’s Startup Bank Retreats from Risk

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The Business Development Bank of Canada (BDC) has shuttered its intellectual property financing program and slashed staff in its deep-tech fund amid a worsening capital crunch. The bank, which reported $220 million in venture losses in 2024, is struggling to recoup investments as early-stage firms delay returns.

BDC’s deep-tech fund, once Canada’s largest, will no longer seek new deals. Remaining capital will support its 12 current portfolio firms. Meanwhile, BDC is redirecting $1 billion toward lower-risk, later-stage investments. The restructuring reflects broader early-stage funding challenges, as investors shift focus away from high-risk innovation.

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

Damon Taps European Expertise to Revive Delayed Electric Motorcycle

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Damon Motors of Vancouver this week revealed a collaboration with Italy’s Engines Engineering to accelerate the long-delayed HyperSport electric motorcycle. Promising a 200-mile range and top speed, HyperSport features AI-driven 360º collision avoidance. Once hailed as revolutionary, repeated delays tarnished confidence—until now.

Engines Engineering, established in 1979, brings racing pedigree to support validation under track conditions. Interim CEO Dom Kwong says the partnership enables efficient development of Damon’s proprietary powertrain and safety systems. With share prices rebounding 20% post-announcement, investors seem reenergized. Damon still targets a 2025 launch.

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

Canadian Duo Launches AutoUnify to Streamline Car Dealership Tech

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AutoUnify, co-founded by Canadians Joel Milne and Alison Burnham, has launched with $2.5 million in funding to address the automotive industry’s connectivity challenges. Milne, serving as CEO, holds a Bachelor of Engineering from Queen’s University and an MBA from Harvard Business School. Burnham, the company’s CTO, earned her PhD in Statistics from McMaster University.

The Santa Monica-based startup offers a developer-first platform that enables real-time communication between automotive retailers and software vendors, aiming to reduce integration time and costs. The seed funding, led by UP.Partners, will support product development and expansion efforts.

Want to know more? Check out the source code here.

Kraken Registered as Dealer Under Canadian Rules

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Kraken has received Restricted Dealer registration from the Ontario Securities Commission, solidifying its position among a select group of crypto exchanges meeting Canada’s investor protection standards. The approval follows a years-long pre-registration undertaking, enhancing Kraken’s governance, compliance, and security protocols.

The exchange also announced Cynthia Del Pozo as its new North America GM, highlighting its growth focus in Canada. Kraken has doubled its Canadian workforce, seen rising monthly users, and now holds over $2 billion in assets under custody. This move follows Coinbase’s registration, signalling Canada’s increasing regulatory clarity in the digital asset space.

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

Kensington Expands Into National Security Tech

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Kensington Capital Partners has acquired the venture capital business of Ottawa-based ONE9, led by JTF2 veteran Glenn Cowan, in a strategic push into National Security technologies. ONE9’s future investment activity will now fall under Kensington, positioning the firm as a market leader in cybersecurity, dual-use, and defense-first tech.

Kensington also took a minority stake in ONE9 Capability Labs, with an option to buy more. Legacy investments remain with the vendors. The two firms previously co-invested in firms like Tomahawk Robotics and Strider Technologies, paving the way for this deeper alliance.

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