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Canadian Tech in 100 Words

Balsillie Launches $10M Think Tank for Canada’s Innovation Future

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The Council of Canadian Innovators (CCI) has launched the Canadian Shield Institute, a new think tank funded by a $10-million donation from CCI chair and former BlackBerry co-CEO Jim Balsillie. The institute will focus on economic and defence policy, aiming to strengthen Canada’s innovation sector and protect intellectual property. It will publish reports and host events on energy, infrastructure, technology, and governance.

Balsillie criticized federal policies as inadequate and called for strategies to secure Canada’s economic sovereignty. The institute launches ahead of a likely Conservative election victory, positioning itself as a key player in shaping national policy.

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

Moment Energy Secures USD $15M to Scale EV Battery Storage

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Vancouver-based Moment Energy has secured USD $15 million in Series A funding, co-led by the Amazon Climate Pledge Fund and Voyager Ventures. The funds will accelerate the development of Moment’s battery energy storage systems (BESS) made from retired electric vehicle batteries.

Moment plans to build the world’s first EV battery repurposing gigafactory in the U.S., supported by a USD $20.3 million U.S. Department of Energy grant. CEO Edward Chiang highlighted the company’s role in enhancing grid stability and lithium security. Moment Energy’s affordable second-life batteries support renewable energy and circular economy goals.

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

Boardy AI Secures $8M to Revolutionize Networking

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Toronto-based Boardy AI has raised US$8 million in a seed round led by Stockholm’s Creandum, with support from Garage Capital and angel investors like ex-Bonobos CEO Andy Dunn and TaskRabbit founder Leah Solivan.

Founded by Andrew D’Souza, former Clearco CEO, Boardy uses AI to streamline professional networking by automating introductory calls and connecting users with shared interests. The company credits its technology for facilitating its latest funding round. This investment follows a US$3 million pre-seed round in October 2024. Boardy plans to expand its user network with the new capital.

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

Canada Lands Nine Firms on Global Cleantech 100 List

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The 2025 Global Cleantech 100 list highlights nine Canadian companies, tying Canada with the UK for second place behind the U.S. Recognized firms include Cyclic Materials, Enersion, e-Zinc, Ionomr Innovations, Mangrove Lithium, Pani, pH7 Technologies, Summit Nanotech, and Svante.

These companies reflect Canada’s strengths in energy storage, carbon capture, and battery supply chains. However, this marks a decline from 13 Canadian firms in 2024, raising concerns about waning momentum. Industry leaders urge greater collaboration and investment to maintain Canada’s cleantech leadership globally.

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

Ex-Plooto CEO on Trial for Sexual Assault

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Hamed Abbasi, co-founder and former CEO of Toronto-based fintech firm Plooto, is currently on trial for an alleged sexual assault that occurred in November 2023. Abbasi was arrested by Toronto Police on November 26, and the case is being heard in the Ontario Court of Justice.

Plooto announced Abbasi’s departure in March 2024 without explanation. The fintech firm, backed by investors like Deloitte Ventures and Inovia Capital, employs 130 people and serves over 10,000 customers. Abbasi’s lawyer, Gerald Chan, maintains his client’s innocence and stated Abbasi has fully stepped away from Plooto.

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

Canada’s Digital Gig Workforce Soars 44% in 2024

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Canada’s digital gig economy grew by 44% in 2024, with nearly 700,000 Canadians working through platforms like Uber, SkipTheDishes, and YouTube, according to Statistics Canada. This rise, up from 468,000 in 2023, increased the proportion of gig workers aged 15 to 69 from 1.7% to 2.3%.

Food and goods delivery led with 266,000 workers, though other sectors like content creation and coding fuelled growth. New immigrants and racialized Canadians are overrepresented in this sector. In response, provinces like B.C. and Ontario are introducing minimum wage laws and new protections for app-based workers.

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

Uvaro Acquires Lighthouse Labs to Boost Tech Training

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Kitchener-based Uvaro has acquired Lighthouse Labs, merging workforce development and tech education to create a nationwide skills platform. Uvaro, known for sales and customer success training, will integrate Lighthouse Labs’ expertise in coding, cybersecurity, and IT education.

Lighthouse Labs will operate as a wholly owned subsidiary, benefiting from Uvaro’s automation technologies. CEO Joseph Fung emphasized the companies’ aligned missions, while Lighthouse CEO Jeremy Shaki becomes Uvaro’s Chief Revenue Officer. This strategic move supports Canada’s digital skills development and aims to equip underrepresented groups and mature workers for AI-driven job market shifts.

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

Ritual’s Fall: Founders Exit for Shopify, Sale in Progress

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Toronto-based Ritual Technologies, once a promising food-takeout app valued at US$300 million, has struggled since the pandemic decimated its office-worker customer base. Co-founders Ray Reddy and Larry Stinson, along with select engineers, have joined Shopify, where Reddy will serve as VP of Retail.

Ritual will continue under new leadership as Shopify focuses on talent acquisition. The company’s revenue declined sharply, falling from US$50 million in 2019 to US$3.9 million in mid-2024. A sale of Ritual as a going concern is underway, with two buyers in due diligence.

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

AI and Ransomware Drive Global Cyber Threats Higher

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Check Point Software Technologies’ State of Global Cyber Security 2025 report reveals a 44% surge in global cyber-attacks. Generative AI-driven disinformation campaigns and deepfake scams have intensified, compromising trust in digital systems. Infostealer attacks rose 58%, primarily targeting personal devices in BYOD environments.

Ransomware shifted to data exfiltration and extortion, heavily impacting healthcare with a 47% attack increase. Edge devices like routers and VPNs were exploited by state-sponsored actors. Check Point advises CISOs to bolster BYOD security, enhance patch management, and fortify edge device protection to combat these evolving cyber threats.

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

Alberta Fintech Sector Gets Boost from Luge Capital Investment

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Luge Capital has secured a $10 million investment from Alberta Enterprise Corporation (AEC) to boost Alberta’s fintech sector. The funding, part of Luge’s $93-million Fund II, will support early-stage fintech startups with capital and industry connections. Luge, managing $180 million across two funds, has already invested in Edmonton-based HonestDoor and Calgary’s OneVest.

To strengthen its regional presence, Luge appointed Chelsea Gillett as Alberta’s full-time investment manager. General Partner David Nault emphasized Luge’s commitment to fostering Alberta’s fintech growth. AEC’s backing positions Alberta to become a major fintech hub in Canada.

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