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Canadian Tech in 100 Words

NorthX to Co-Host Climate Innovation Zone at Web Summit

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The B.C. Centre for Innovation and Clean Energy has rebranded as NorthX Climate Tech, signaling a national commitment to advancing climate hard tech. Under CEO Sarah Goodman, NorthX aims to accelerate tangible decarbonization technologies by providing early capital and industrial partnerships.

The group will co-host the Climate Innovation Zone at Web Summit Vancouver, spotlighting women founders, carbon removal, and wildfire tech. Backed by strong provincial leadership, NorthX emphasizes local collaboration and global ambition. Goodman, recently named a BC Business Woman of the Year, calls this a pivotal moment for Canada to lead in cleantech innovation.

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

Early-Stage Deals Dip, AI Startups Surge

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Osler has released its Deal Points Report: Venture Capital Financings 2024, analyzing 160 preferred share financings totalling US$3.73 billion. Covering 646 deals since 2020, the report reveals early-stage rounds comprised 76.3% of 2024 financings but only 22.7% of invested dollars.

Series B deals rose, while Series C and later-stage rounds—just 12% of deals—accounted for 54.6% of capital due to mega-rounds. AI and IT companies represented 41.2% of deals and over a quarter of total capital. Ontario, B.C., and Québec dominated activity, while Alberta posted growth, capturing 12.5% of deals.

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

Svante Opens World’s First Carbon Capture Gigafactory

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Svante has officially opened its Redwood Facility in Burnaby, B.C., the world’s first gigafactory dedicated to commercial-scale carbon capture filter production. The 141,000-square-foot site can produce enough filters to capture 10 million tonnes of CO₂ annually—equivalent to emissions from 27 million cars.

Funded by US$145 million, the plant is backed by Chevron, Temasek, GE Vernova, and others. The MOF-coated filters target sectors like pulp and paper, ethanol, and waste-to-energy. CEO Claude Letourneau called Redwood a historic step toward building infrastructure for a global carbon marketplace.

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

Inside Shopify’s Retreat from Equity Commitments

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Shopify has shuttered its equity-focused programs, ending initiatives that supported Black, Indigenous, and women entrepreneurs. Internal discord began after executive Kaz Nejatian pledged to restore a Sir John A. Macdonald statue, sparking debate over the company’s commitment to inclusion.

Former staff allege that diversity was used as marketing, not mission. Programs like Build Native and Build Black, once heralded, were quietly cut in 2025. Executives now frame DEI work as “virtue signalling.” Staff say the closures came abruptly, erasing support for merchants who brought in real revenue. For some, it marked a cultural turning point—and a political one.

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

StackDX Streamlines Energy Software Portfolio

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Calgary-based StackDX has rebranded its energy sector software products under a single unified identity, marking the company’s third anniversary and the onboarding of its 50th enterprise client. The platform is now used by over 40% of Canadian oil and gas producers by volume to manage documents, integrate data, and automate workflows.

Formed through the merger of Petro Niche Technology and Working Interest, StackDX’s updated offerings include StackDX Maps, Intel, and content management tools. The rebrand reflects a long-term strategy to reduce complexity and support digital transformation in the sector.

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

Canada’s VC Deal Count Hits Five-Year Low

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Canadian startups raised $1.26 billion in Q1 2025, but from just 116 deals—the fewest since early 2020, according to CVCA. Early-stage investment has notably slowed, prompting CEO Kim Furlong to warn of long-term risks to the innovation economy. Venture debt hit $283 million, a record high, as founders seek non-dilutive capital amid tighter equity markets.

Private equity remained steady at $18.2 billion, skewed by GardaWorld’s $14B recapitalization. However, M&A and IPO exits collapsed. Just seven VC-backed exits closed, down from 14 last year. The report links the downturn to trade uncertainty and cautious U.S. acquirers.

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

BC’s Novarc Launches Groundbreaking Welding System

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North Vancouver-based Novarc Technologies has unveiled NovAI, an artificial intelligence platform for robotic and mechanized welding. Announced at Automate 2025 in Detroit, the system brings real-time vision and adaptation to welding tasks, improving quality while reducing waste.

NovAI includes modules such as Capture, Control, Autonomy, and the NovSync Dashboard, combining machine vision, human expertise, and AI-driven autonomy. CEO Soroush Karimzade says the platform builds on 20 years of research and the success of its Spool Welding Robot. Novarc recently closed a $50 million Series B round led by Export Development Canada and backed by Seaspan, InBC, and Graham Partners.

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

Crypto Push: Robinhood Buys WonderFi, Bitbuy, Coinsquare

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Robinhood Markets will acquire Toronto-based WonderFi in a $250 million all-cash deal, offering $0.36 per share—a 41% premium on WonderFi’s last TSX close. The transaction brings 1.7 million users, $2.1 billion in client assets, and crypto platforms Bitbuy and Coinsquare under Robinhood’s control.

WonderFi’s team will join Robinhood’s Canadian operations, which already employ 140 staff in Toronto. The deal is expected to close in the second half of 2025, subject to regulatory approvals. Robinhood aims to grow its Canadian footprint and expand in crypto, as deregulation efforts under U.S. President Donald Trump reshape the sector.

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

Canada’s First University VC Fund Moves Fast, Backs Five

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Velocity Fund II, a venture capital fund spun out of the University of Waterloo’s startup incubator, has secured a $10 million USD first close. It’s the first Canadian university-backed VC fund, with Waterloo contributing $2 million USD from its $525 million endowment.

The $25 million fund targets pre-seed and seed investments in the Waterloo region, with cheque sizes ranging from $25,000 to $1 million USD. Managed independently, the fund has already backed five companies, including Phoenix and Voltra Energy. Investors include Graphite Ventures and AngelList. The fund prioritizes quick decisions, aiming to empower founders and catalyze local tech growth.

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

B.C. Climate Tech Firm Targets Billion-Tree Goal

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Vancouver-based Veritree Technologies has raised $9.1 million in Series A funding to scale its nature-based restoration platform, bringing total investment to over $15 million. A 2022 spinout from sustainable clothing brand tentree, Veritree uses LiDAR, drones, and blockchain to verify environmental outcomes in reforestation projects.

The funds will support the addition of AI features and global expansion. Led by CEO Derrick Emsley, Veritree has planted 100 million trees and aims to reach one billion by 2030. With high data integrity and transparent monitoring, Veritree enables corporate investors to track impact with confidence.

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