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Canadian Tech in 100 Words

AI Startup Surge Forces VC Rethink

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The rise of AI application startups like Anysphere and Lovable Labs is reshaping how venture capitalists evaluate new companies, say investors at Montreal’s Startupfest. Some AI firms are reaching $100 million in revenue within months, pushing up benchmarks and limiting opportunities for new entrants.

Toronto-based Georgian is revising its assessment model, while VCs caution that pilot sales may not yield lasting revenue. AI enables startups to grow quickly with lean teams, data shows, but investors warn of a potential bubble. Still, most agree this technological wave will produce a few outsized winners amid the noise.

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

Interac to Adopt Flat E-Transfer Fee by November

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Interac will introduce a flat wholesale fee of 4 to 8 cents per e-transfer by November 1, replacing its current volume-based pricing model that charged financial institutions between 6 and 43 cents per transaction. The Competition Bureau, which launched an investigation following a 2024 parliamentary hearing, says it will monitor the rollout.

Critics argued the prior system disadvantaged smaller banks and credit unions. The Bureau welcomed the change, noting it could level the playing field and foster innovation. Interac’s e-transfer system is one of Canada’s most widely used digital payment tools for sending, receiving, and requesting money.

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

Helcim Unveils Smart Terminal for Modern Merchants

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Calgary-based fintech Helcim has launched its Smart Terminal, a mobile, all-in-one payment device tailored for modern business needs. Designed with merchant input, the terminal features a 6.7-inch HD+ screen, octa-core processor, built-in 4G/Wi-Fi, a 12-hour battery, and a high-speed receipt printer.

The Smart Terminal also connects to Helcim’s full business suite—inventory, invoicing, customer tools, and more. CEO Nic Beique emphasized the goal of delivering reliability and support in critical moments. With transparent pricing and no long-term contracts, the terminal starts at $32 USD monthly. The device is now available for shipping across North America.

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

Cobionix Raises $3M to Launch Medical Robot

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Cobionix, a Kitchener-Waterloo robotics firm, has raised $3 million USD in strategic equity funding to bring its collaborative medical robot, CODI, to market. Led by TitletownTech—with backing from Microsoft and the Green Bay Packers—the round also included Lions Investment, Dr. Paul McBeth, and returning investors.

CODI enables remote ultrasound procedures and will launch hospital pilots in Canada, the U.S., and the U.K. this August. Cobionix also plans to expand CODI’s role to hospital logistics. Founded in 2021, the startup taps top Canadian engineering talent and aims for a U.S. rollout by 2026.

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

Startup Studio Midas Labs Quietly Makes a Mark

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Calgary’s Midas Labs has emerged as a quiet force in Canadian fintech, evolving from the fractional investing startup Flahmingo into a venture studio focused on AI-powered tools for social impact. Founded by former Flahmingo leaders, the distributed team recently built Mariposa, Canada’s first AI debt management agent, in partnership with Credit Canada.

With rising household debt, Mariposa offers 24/7 judgment-free support. Midas Labs exemplifies the venture studio model, balancing client work and in-house innovation. CEO Thomas Battle says the pivot underscores the value of people over product—proof that resilience and impact can thrive outside the typical startup spotlight.

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

Leadership Change at EQ Bank After Andrew Moor’s Passing

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EQ Bank will welcome back Chadwick Westlake as its new CEO following the sudden passing of longtime leader Andrew Moor. Westlake, currently EVP and CFO at OpenText, will rejoin EQ Bank on August 15 after completing OpenText’s fiscal year-end. A former EQ executive, Westlake’s appointment marks a return to familiar territory as the bank navigates a major transition.

Moor, remembered for modernizing EQ Bank and advancing Canada’s challenger bank movement, leaves a lasting legacy in fintech. OpenText has initiated a formal search for Westlake’s successor and expressed condolences to Moor’s family and colleagues in a public statement.

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

Redwood AI Tackles Drug Shortages with Chemistry AI

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Vancouver’s Redwood AI has been named a finalist for the Company of the Year – Startup award at the 2025 BC Tech TIAs. The company is tackling global drug shortages by modernizing outdated chemistry workflows with proprietary AI models built from scratch. Redwood’s platform generates multiple synthetic pathways for drug molecules while factoring in cost, safety, and supply chain realities.

CEO Louis Dron credits BC’s growing biotech and AI ecosystem for Redwood’s momentum, which includes improved model accuracy and a soon-to-close funding round. The recognition underscores Redwood’s mission to bring automation and intelligence to pharmaceutical manufacturing.

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

Canada Lags in AI Maturity Despite High Ambition

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Only 7% of Canadian companies classify as advanced in AI maturity—less than half the 17% global rate—according to a new report by Georgian and NewtonX. While 31% of Canadian firms cite competitive advantage as their main AI motivation, most remain in early development phases.

Talent shortages are the top barrier to scaling, with 48% of Canadian R&D leaders citing a lack of expertise. Privacy concerns also rank higher in Canada than globally. Despite lagging production, Canadian firms lead in piloting new tools. Partners in the report include Vector Institute and Amii, who stress the urgency of bridging scaling gaps.

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

R-LABS Raises $3.5M to Solve Housing Crisis

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Toronto-based real estate venture builder R-LABS has raised $3.5 million to expand its efforts in solving Canada’s housing and real estate challenges. The funding round, led by global professional services firm Hatch, included renewed support from Oxford Properties, Dorsay Development Corp, and LandSure Systems.

Hatch also joins R-LABS’ growing partner ecosystem, contributing engineering expertise to ventures targeting housing affordability, climate resiliency, and community development. R-LABS’ portfolio includes companies like Assembly, a modular housing firm, and NOAH, a flood-risk platform. CEO George Carras said the partnership reflects a national commitment to tackling complex real estate problems through innovation.

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

Rockburst Aims to Decarbonize Mining with CO₂

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Rockburst Technologies, a Vancouver-based cleantech startup, is transforming the mining sector with its breakthrough CoreBurst™ technology. Targeting comminution—the energy-intensive process of crushing rock—the system uses supercritical CO₂ to fracture ore from within, reducing energy use by up to 50% and enabling potential carbon sequestration.

Founded in 2020, Rockburst has secured $5M in non-dilutive funding and is developing a pilot unit while offering CoreBurst™ as a Service to industry partners. Backed by Innovate BC and UBC, the firm is now a BC Tech Awards finalist. CEO Oscar Malpica says the nomination signals growing recognition of innovation in legacy industries.

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