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Canadian Tech in 100 Words

Wealthsimple Doubles Assets to $84B

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Wealthsimple’s assets under administration surged to $84 billion in Q2, up 94% year-over-year. The Toronto fintech grew its non-tax-filing client base by over 13% during the same period. Power Corp., which holds a 54.2% stake, increased its valuation of the company by 21% to $2.7 billion.

In June, Wealthsimple launched banking-style products, intensifying competition with both traditional banks and fintech rivals. About 5% of Canadian adults are now clients, according to Ipsos, compared to under 3% in 2021. The firm remains best known for its investing products.

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

Uber Freight Founder Joins Toronto’s Waabi

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Toronto-based Waabi has appointed Lior Ron, founder of Uber Freight, as chief operating officer. Based in California, Ron will focus on commercializing Waabi’s autonomous trucking technology through meetings with supply chain executives. Waabi is currently testing driverless trucks in Texas, aiming for deployment without drivers by year’s end.

CEO Raquel Urtasun says expanding the client base is a priority. Ron’s career includes leading Google Maps development and creating early iPhone competitors at Motorola. He praised Waabi’s scalable technology and meritocratic culture, noting Uber Freight’s success serving Fortune 500 clients.

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

NordSpace Breaks Ground on Canada’s First Commercial Spaceport

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NordSpace has broken ground on the Atlantic Spaceport Complex near St. Lawrence, N.L., ahead of Canada’s first commercial space launch later this month. The $10M first phase includes two orbital launch pads and a suborbital site with radar and support systems.

Positioned for a wide range of satellite orbits, the facility will debut Aug. 25 with the Taiga suborbital rocket, powered by NordSpace’s 3D-printed Hadfield Mk III engine. The “Getting Screeched In” mission nods to local tradition. Founded in Markham, Ont., NordSpace plans to expand manufacturing and open a St. John’s operations centre.

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

Clutch Opens Richmond Hub in West Coast Push

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Toronto-based Clutch has opened a 30,000-square-foot facility at 5400 Minoru Boulevard in Richmond, marking a major step in its national expansion. Founded in 2016 by Steve Seibel, the online car retailer previously operated from the same site between 2021 and 2023.

CEO Dan Park says the hub will serve as Clutch’s operational headquarters for B.C., handling vehicle reconditioning and logistics. Each car undergoes a 210-point inspection, with top vehicles earning a Clutch Certified designation. The company, which sells over 10,000 vehicles annually, plans to hire up to 1,000 employees locally within two years.

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

Canada Invests in Domestic Critical Mineral Supply

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The federal government is investing $8.2 million in Northcliff Resources to advance the Sisson Project, a tungsten-molybdenum deposit in New Brunswick. Federal energy minister Tim Hodgson called the project vital to Canada’s supply of critical minerals used in technology, energy storage, defence, and aerospace.

The funding, part of the $4B Canadian Critical Minerals Strategy, will support a feasibility study update and engineering design ahead of a construction decision. Northcliff, founded in Vancouver in 2010, aims to become a reliable domestic producer of these minerals, which are essential to strengthening Canada’s industrial competitiveness.

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

Parks Canada Launches Glacier-Tracking “Icy Initiative”

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Parks Canada, the University of Waterloo, and provincial partners have launched the “Icy Initiative,” a community science project to monitor Alberta’s glaciers. Starting in Jasper National Park and other protected areas, visitors can use cellphone “Icy stands” at glacier viewpoints to photograph and submit images online.

Researchers analyze submissions to track changes over time, supporting glacier preservation efforts. The project builds on the 2021 “Coastie program” for coastal monitoring and is powered by the GeoReach Education Platform. Canada holds one-fifth of global glacial volume, making such data vital for conservation.

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

Calgary Doubles Down on Electric Transit

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Calgary’s going big on clean transit. The city’s adding 120 Canadian-built electric buses from Volvo Group’s Nova Bus to replace aging rides and keep service running smoothly.

It’s part of a massive shift launched with a $165M Canada Infrastructure Bank investment in 2023, aiming for 259 zero-emission buses by 2027 and feeding into Ottawa’s goal of 5,000 ZEBs nationwide. Sharon Fleming of Calgary Transit says the move cuts costs, cleans air, and preps the city for future demand. The new buses hit streets by 2028, echoing similar green fleet moves in Whitehorse and Brampton.

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

Ballard CEO Orders Deep Cuts Amid Hydrogen Market Struggles

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Vancouver-based Ballard Power Systems faces significant restructuring under new CEO Marty Neese, appointed in June. On Monday’s earnings call, Neese announced plans to cut annual operating costs by 30% within a year, citing slow progress in heavy-duty trucking markets.

The hydrogen fuel cell maker has halted China investments, delayed a Texas gigafactory decision, and marked its third round of layoffs in three years. Despite an 11% year-over-year revenue increase and a major boat-engine order, Ballard posted a US$24.3M net loss. Neese forecasts industry downturns, with potential failures, restructurings, and consolidation over two years.

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

OpenText Boots CEO, Bets Big on AI

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Big changes at OpenText. The Waterloo software giant has ousted CEO Mark Barrenechea after 12 years, naming sales exec James McGourlay interim chief. Alongside the shake-up, the company is exploring asset sales to double down on “information management for AI.”

The move comes days after earnings: US$436M profit on US$5.17B revenue, both down after the mainframe-modernization unit sale. Barrenechea led the shift to subscription cloud services and blockbuster deals like the US$6B Micro Focus acquisition in 2022. Now, the board’s betting AI will fuel the next chapter.

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

Doximity Picks Up Canada’s Pathway in $63M Deal

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Doximity just made a major Canadian play, snapping up Montréal’s Pathway Medical for $63M USD. The U.S. telehealth company, known as a “LinkedIn for doctors,” gets Pathway’s AI-powered search engine and massive clinical dataset, calling it “the best at answering physicians’ questions.”

Pathway’s six-person team, half of them doctors, is joining Doximity, which serves 80% of U.S. physicians. A joint product is already in beta with thousands of doctors. Founded in 2018, Pathway raised $6.3M USD and built a global user base of one million. Expect more AI in your doctor’s toolkit soon.

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