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Canadian Tech in 100 Words

Finofo Raises $3.3M to Fuel Fintech Growth

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Calgary-based fintech Finofo has closed a $3.3 million oversubscribed seed round to expand its global finance operations platform. Founded by Alberta finance veterans Prateek Sodhi and Charles Maranda, Finofo streamlines international payments for mid-market firms, reducing FX costs and enhancing financial security.

Investors include Watertower Ventures, Motivate Venture Capital, and local backers from its $1.7M pre-seed round. Now serving 180+ North American companies, the platform automates payments, offers multi-currency control, and real-time audit trails. CEO Sodhi says Finofo’s lean, sustainable approach reflects Alberta values. The raise highlights Calgary’s rise as a fintech hub ahead of the G7 Summit.

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

Pine Hits $1B Milestone, Launches Pine Homes

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Toronto-based fintech Pine has surpassed $1 billion in mortgages under administration and unveiled Pine Homes, a new product suite integrating real estate search, financing, and insurance.

The expansion follows Pine’s 2023 acquisition of Properly and brings the entire homeownership process into one digital experience. Since its 2021 founding by Justin Herlick and Jonathan Shih, Pine has approved over $3 billion in mortgage applications for 55,000+ families. Backed by $50 million in funding, Pine uses AI to shorten purchase times and reduce costs. CEO Herlick said the goal is to simplify real estate for Canadians.

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

Samsara, Element Launch Integrated Fleet Platform

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Samsara and Toronto’s Element Fleet have announced an integrated fleet and operations management solution aimed at enhancing safety, efficiency, and sustainability for enterprise and government clients across North America.

The partnership combines Element’s vehicle lifecycle expertise with Samsara’s connected operations platform, offering predictive maintenance, AI-powered incident detection, and electrification insights. The unified system streamlines onboarding and compliance, delivering real-time data across vehicle and equipment assets. Executives from both firms will detail the partnership at Samsara’s Beyond conference in San Diego on June 23–25.

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

CIBC Wins Award for AI-Powered Customer Experience

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CIBC has been awarded the 2025 Digital CX Award for Best Use of AI for Customer Experience by The Digital Banker. The recognition honours the bank’s AI-powered voice assistant, designed to handle routine inquiries and connect clients to the right experts for complex issues. Jane Yuen, Head of Enterprise Channels, noted the tool reflects CIBC’s dedication to innovation and seamless service.

The voice assistant has improved self-serve capabilities while reducing wait times. This follows CIBC’s 2024 rollout of Knowledge Central, an AI solution for internal support, further reinforcing the bank’s client-first digital strategy.

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

Canadian Deep-Tech Firms Still Courting DARPA

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Despite occasional diplomatic friction, four Canadian deep-tech firms—Ranovus, Nord Quantique, Photonic, and Xanadu—are advancing collaborations with the U.S. Defense Advanced Research Projects Agency (DARPA). The firms are participating in DARPA initiatives exploring next-generation computing, seeing the partnership as a gateway to broader U.S. government contracts.

Founders say these ties remain unaffected by cross-border tensions and praise DARPA’s role in de-risking frontier technology. They contrast it with Canadian policy, where startups often struggle to convert federal R&D support into procurement. Washington favours its own innovators; Canada, bound by trade rules, often hesitates.

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

Qualcomm Buys Alphawave in $2.4B Chip Bet

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U.S. semiconductor titan Qualcomm will acquire U.K.-registered, Toronto-run Alphawave Semi in a US$2.4 billion deal, offering £1.83 per share. The transaction, pending regulatory approval, is expected to close in early 2026. Alphawave, a chip IP licensing firm, shifted its legal base to London in 2021 but maintains operations and leadership in Toronto. Qualcomm, dominant in mobile processors, seeks to expand into data centres using Alphawave’s technologies. Alphawave reported a 2024 loss of US$42.5 million on US$307.6 million in revenue, with US$515.5 million in booked sales. Shares surged to £1.88 after the announcement.

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

Winnipeg Startup Turns TVs into Revenue Streams

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Winnipeg adtech startup Taiv has raised $10.5 million USD in Series A funding to expand its AI-powered TV advertising platform across North America. Founded in 2018, Taiv provides bars, restaurants, and retailers with a free device that delivers targeted ads and content through existing televisions.

The company earns revenue through ad sales, which it shares with venues. Backed by IDC Ventures, Garage Capital, and RBCx, Taiv will launch in Canada this July, starting in Winnipeg. CEO Noah Palansky said the company serves over 2,000 locations across 14 U.S. cities and is growing revenue 10 percent month-over-month.

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

Canada Must Stay the Course on Carbon Removal

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Na’im Merchant of Carbon Removal Canada is calling for greater investment in direct air capture (DAC) as Alberta eyes leadership in carbon removal. With carbon dioxide lingering for up to 1,000 years, Merchant argues that DAC is vital for removing historical emissions and addressing hard-to-abate sectors.

Alberta’s new ACCIP incentive and Canada’s federal CCUS tax credit have drawn global attention. But with Climeworks downsizing and U.S. commitments wavering, Merchant warns that innovation must not stall. Comparing DAC to early solar tech, he urges continued research to ensure viable climate solutions emerge.

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

Untether AI Shuts Down, Team Acquired by AMD

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Toronto-based chipmaker Untether AI is shutting down operations and selling its engineering team to U.S. semiconductor giant AMD. In a statement, Untether VP Bob Beachler confirmed the firm “will no longer be supplying or supporting” its products. Founded in 2017, Untether specialized in chips for running AI models more efficiently.

AMD spokesperson Brandi Martina said the company is acquiring “a talented team of AI hardware and software engineers.” Financial terms were not disclosed. Untether had raised US$168 million from investors including CPP Investments and Intel Capital, but hadn’t closed a major round since 2021.

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

Toronto’s Portless Raises $18M to Rethink Retail Logistics

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Toronto-based Portless has raised $18 million USD in Series A funding to help retailers navigate rising import costs and U.S. tariff changes. Led by Commerce Ventures, the round closed in February amid growing trade tensions following U.S. President Trump’s new tariffs on Canadian and Mexican imports. Portless offers direct-to-consumer shipping from China, allowing brands to defer duty payments until goods are sold and shipped.

The model—similar to that of Shein and Temu—has drawn hundreds of mid-sized brands and 300% year-over-year growth. Portless will use the funding to expand into Vietnam and India and enhance logistics operations.

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