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Canadian Tech in 100 Words

Clio Completes US$1B vLex Acquisition, Hits US$5B Valuation

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Vancouver’s Clio has finalized its US$1 billion acquisition of vLex, marking one of the largest transactions in legal technology history. The deal coincides with Clio’s US$500 million Series G round led by NEA, valuing the company at US$5 billion, alongside a US$350 million debt facility.

Together, they establish Clio as an AI-first leader uniting legal business and practice through its new Intelligent Legal Work Platform, integrating vLex’s global data and Vincent AI. “This is a defining moment for Clio and the legal industry,” said CEO Jack Newton. The milestone expands Clio’s reach into enterprise legal services worldwide.

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

Canadian Science at the Heart of Nike’s Comeback

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Nike’s latest sneaker innovation has roots in Canada. The concept behind its new performance shoe line began over 20 years ago at the University of Calgary, where researcher Matthew Nurse studied how foot sensations influence athletic movement.

Now leading the Nike Sport Research Lab, Nurse and a team of Canadian scientists are driving the company’s renewed focus on innovation under returning CEO Elliott Hill. After years of slowing growth, Nike is betting on research-led design to reclaim its market dominance. Recent launches—from AI-informed sneakers to calming footwear—mark a science-fueled reset for the sportswear giant.

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

Toronto’s OneVest Modernizes Wealth Tech with Modular Design

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Toronto-based fintech company OneVest has unveiled a refreshed brand identity following its $27-million Series B financing earlier this year from investors including Salesforce Ventures and Luge Capital. The firm’s modular wealth management platform enables banks, RIAs, and asset managers to deploy customizable, no-code digital solutions.

“We’re scaling to meet demand as legacy vendors struggle to modernize,” said CEO Amar Ahluwalia. OneVest’s unified tools—One View, One Flow, and One Hub—create a seamless client-advisor experience. Its new slogan, Tomorrow’s Technology, Today’s Wealth, reflects the company’s mission to unify data and workflows for financial institutions worldwide.

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

1Password Tops $400M Revenue, Eyes AI-Driven Future

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Toronto-based cybersecurity company 1Password has surpassed $400 million USD in annual recurring revenue, up from $250 million last year, while remaining free cash flow-positive. CEO David Faugno said the company is profitable and “could be public today,” though it will wait for greater predictability in the AI market before pursuing an IPO.

The 1,400-person firm serves 180,000 businesses, including nearly one-third of the Fortune 100. Recent leadership hires include president Michael Hughes and chief business officer John Torrey. Founded in 2005, 1Password continues expanding its AI-driven access management platform as it moves toward $1 billion in annual revenue.

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

Clutch Appoints Former BMO Executive Tom Flynn to Board

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Toronto-based Clutch, Canada’s leading online used car retailer, has appointed former BMO Financial Group executive Tom Flynn to its Board of Directors. Flynn brings over 25 years of financial leadership experience, including serving as BMO’s Chief Financial Officer and Chief Risk Officer, and currently sits on TELUS Corporation’s board.

“Tom’s appointment marks a significant milestone for Clutch,” said CEO Dan Park. “His governance experience will help accelerate our national expansion.” Flynn, who holds degrees from Western University’s Ivey School of Business, said he looks forward to supporting Clutch’s continued growth in Canada’s digital automotive marketplace.

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

Canada’s $1-Trillion “Investment Budget” Targets Tech and Security

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Ottawa’s 2025 federal budget, the first under Prime Minister Mark Carney, promises over $1 trillion in investments over five years while projecting a $78.3-billion deficit. Finance Minister François-Philippe Champagne called it an “investment budget” to strengthen Canada’s economic sovereignty.

Key commitments include $17.9 billion for defence, $1.26 billion for AI and quantum research, and $1.75 billion for venture capital. The budget also expands SR&ED tax credits, renews Elevate IP, and introduces “Buy Canadian” procurement rules. Critics warn high deficits risk future taxes, while innovators hail major gains for tech competitiveness and domestic intellectual property.

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

Foresight Canada Names 2025 Cleantech 50 in Calgary

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Foresight Canada, the country’s largest cleantech accelerator, unveiled its 2025 Foresight 50 list in Calgary last night, recognizing 50 of Canada’s most investible cleantech ventures. All honourees are first-time recipients—an unprecedented milestone reflecting the depth of Canada’s innovation pipeline.

Since 2021, past Foresight 50 companies have raised more than $2.6 billion in capital. The ventures featured this year are tackling industrial decarbonization, carbon capture, waste-to-value systems, and climate resilience. With the global clean energy market projected to triple to $2 trillion by 2035, these firms are positioning Canada to lead the global energy transition and economic diversification.

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

Toronto’s Beacon Raises $250M to Scale AI Rollup Strategy

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Toronto-based Beacon Software has raised $250 million USD in Series B financing to accelerate acquisitions of smaller software and services firms and embed artificial intelligence across their operations. The all-equity round was co-led by General Catalyst, Lightspeed Venture Partners, and D1 Capital, valuing Beacon at $1 billion.

Founded in 2023 by former Instacart president Nilam Ganenthiran and ex-Sequoia partner Divya Gupta, Beacon calls itself “the anti-private equity firm,” acquiring profitable companies to grow long-term rather than sell quickly. The company has already partnered with dozens of businesses—including several in Canada—and employs technologists across Toronto, San Francisco, and New York.

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

Spexi Partners with SkyWatch to Expand Drone Imagery Access

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Vancouver-based Spexi has partnered with Kitchener’s SkyWatch to integrate its ultra-high-resolution drone imagery into the SkyWatch Content Store. The collaboration combines satellite, aerial, and drone data through a single platform, allowing users to browse, purchase, and integrate imagery for diverse applications.

Spexi CEO Bill Lakeland said the partnership extends the company’s mission to deliver accessible, high-resolution data that supports critical decisions across industries. Founded in 2017, Spexi has raised over US$20 million, while SkyWatch, established in 2014, continues expanding its geospatial data aggregation platform to simplify global access to Earth observation imagery.

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

Flare Raises $30M to Accelerate Global Cybersecurity Expansion

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Montréal cybersecurity firm Flare has secured an additional $30 million USD to support global expansion, product innovation, and M&A initiatives. The round includes $15 million in new equity financing led by Inovia Capital’s Growth Fund with participation from Base10 Partners and White Star Capital, plus $15 million in debt from the Bank of Montréal.

Founded in 2017, Flare develops software that monitors cyber threats across the dark web and digital platforms. CEO Norman Menz said the company’s recurring revenue grew 160 percent year-over-year. The scaleup now serves clients in over 50 countries and employs 120 people globally.

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