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Canadian Tech in 100 Words

Chrystia Freeland Steps Down as Finance Minister

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Chrystia Freeland resigned as deputy prime minister and finance minister Monday, derailing the Liberals’ fall economic update. Freeland cited a lack of confidence from Prime Minister Justin Trudeau and differences over Canada’s fiscal path.

    In her resignation letter, Freeland warned of challenges posed by the incoming Trump administration and criticized costly “political gimmicks.” She will remain an MP and plans to run in the next election. Officials delayed the fall economic statement, expected to feature measures boosting business investment, extending tax breaks, and reforming the SR&ED program. The government has yet to confirm its next steps.

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

    Canada Signs $134M Deal with SAS for AI Modernization

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    The Government of Canada has awarded SAS a $134 million CDN Enterprise Licensing Agreement (ELA) to modernize data and AI strategies across 26 federal agencies. This agreement consolidates over 100 contracts into one, enabling seamless access to SAS® Viya®.

    SAS Executive VP Riad Gydien emphasized the partnership’s alignment with Canada’s Digital Ambition, improving IT management, reducing costs, and modernizing legacy systems. Additional benefits include simplified license tracking, enhanced support, and increased efficiency for public servants. This collaboration is a significant step toward advancing Canada’s digital services and reducing technical debt across federal operations.

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

    Fluid Biomed Secures $27M for Brain Aneurysm Stent

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    Fluid Biomed has closed an oversubscribed $27M USD Series A round, co-led by Amplitude Ventures and an undisclosed partner. Investors include IAG Capital, LifeArc Ventures, and others.

    The funding will scale development and trials of the ReSolv™ stent, a bioabsorbable device for treating brain aneurysms, which impact 6.7M Americans annually. Unlike metallic stents, ReSolv™ reduces long-term risks by absorbing into the body. Co-founders Dr. John Wong and Dr. Alim Mitha, neurosurgeons at the University of Calgary, aim to improve global patient outcomes with this breakthrough technology. Clinical trials and pipeline expansion are next.

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

    New Report Highlights Growth Challenges for Canadian Startups

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    Canadian startups trail international peers in exits and growth-stage funding, a new report by Charles Plant reveals. While Canadian startups founded in 2014 raised an average of US$30 million—second only to the U.S.—few advanced to Series B funding, with just 8.4% reaching this milestone.

    Canada leads in IPO rates at 8.1%, but most were on junior exchanges, raising less than international averages. Acquisitions also lag, with only 10.4% of startups being bought, often out of financial necessity. Plant suggests a “go-to-market” gap, urging reallocation of government funds to support scaling efforts over early-stage R&D.

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

    Paystone Acquires Ackroo in $21M Deal

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    Paystone, a fintech firm based in London, Ontario, is acquiring Ackroo, a loyalty marketing and payments provider, for $0.15 per share in a $21M deal.

    Ackroo CEO Steve Levely described the move as a natural step after a decade of scaling through acquisitions. “This creates a liquidity event for shareholders and positions Ackroo’s products and clients to benefit from a larger organization,” said Levely. Paystone, which serves 35,000 merchants across North America, has been consolidating the fintech space with acquisitions like DataCandy and NiceJob. The court-approved transaction underlines Paystone’s strategic growth in payments and loyalty tech.

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

    United, Air Canada First to Support AirTag Integration

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    United and Air Canada are the first airlines to adopt Apple’s “Find My Share Item Location” feature, streamlining the recovery of lost luggage. Integrated with Apple’s Find My app, the feature allows AirTag users to share secure location links with airline customer service, expediting the process.

    Available with Apple’s iOS 18.2, the encrypted link expires after seven days or when the bag is returned. AirTags supplement existing tracking systems, addressing gaps where airline systems fail. Apple plans to expand the feature to nearly 20 additional airlines, enhancing travel experiences worldwide.

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

    Ottawa Expands SR&ED with $26B in Tax Breaks

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    The Canadian government has revamped the Scientific Research and Economic Development (SR&ED) program, allocating $26 billion in tax incentives to bolster R&D. Publicly-traded firms can now claim 35% of eligible expenditures, up from 15%, while refundable credit limits rise from $3 million to $4.5 million.

    The changes address long-standing complaints about accessibility and paperwork, but critics highlight increased benefits for large foreign-owned subsidiaries. Ottawa will add $1.9 billion to SR&ED funding over six years, with $4 billion distributed annually. These reforms aim to drive innovation and make the program more valuable for both private and public companies.

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

    Canada’s $100M Tech Club Eyes IPO Opportunities

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    Canada boasts 71 private tech companies with $100M+ annual revenue, including PointClickCare and GeoComply. These firms represent a new class of profitable scaleups resisting early sell-offs and exploring IPOs amid strong private backing.

    While some firms, like Wealthsimple and 1Password, prepare for public markets, others prefer private equity to sustain growth. Critics highlight market volatility and stricter IPO readiness standards, with $300M+ revenue seen as a benchmark for success. Canada’s tech evolution offers a robust future, with leaders aiming to create enduring, generational companies that may reshape public market tech investments.

    Want to know more? Check out the source code on The Globe and Mail.

    Vancouver Moves to Become Bitcoin Capital

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    Vancouver is aiming to be North America’s bitcoin capital. City Council approved Mayor Ken Sim’s motion to explore bitcoin-friendly policies, including accepting bitcoin for taxes and holding it in reserves.

    Sim, a vocal crypto enthusiast, believes bitcoin’s performance and inflation hedge make it a smart addition to the city’s portfolio. Vancouver’s crypto history includes hosting the first bitcoin ATM and Canada’s first crypto-accepting nightclub.Critics warn of risks from bitcoin’s volatility and legal challenges under municipal and federal laws. The council’s findings will determine if Vancouver can lead in municipal cryptocurrency adoption.

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

    D-Wave Raises $175M to Advance Quantum Computing

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    D-Wave Quantum has raised $175 million USD to support technical development and operations, ending 2024 with an expected $160 million in cash. CEO Alan Baratz called the funding “a substantial improvement” to the company’s financial strength.

    Despite 25 years of development, D-Wave remains in early stages, facing heavy losses. Q3 revenue dropped 27% year-over-year to $1.9 million, while net losses rose 41% to $23 million. Founded in Canada and now headquartered in Palo Alto, D-Wave retains strong ties to Burnaby, BC. Shares, trading at $3.91, reflect both challenges and recent growth.

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