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Canadian Tech in 100 Words

Microsoft Unveils Breakthrough Quantum Processor

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Microsoft has unveiled Majorana 1, a new quantum chip that could pave the way for million-qubit quantum computers within a single, fridge-sized system. The development—19 years in the making—relies on topological superconductors, a state of matter engineered by Microsoft.

Dr. Chetan Nayak, head of Microsoft’s quantum hardware program, says the company has mapped a path to scalable quantum computing within this decade. The eight-qubit proof-of-concept has already been submitted to DARPA’s US2QC program. If successful, the technology could revolutionize computing power, with 1,000 million-qubit systems surpassing all classical computers combined.

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

TSX Teams Up with Blossom to Feature Top Venture Stocks

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Vancouver-based Blossom has partnered with the Toronto Stock Exchange (TSX) to feature the TSX Venture 50, recognizing the top-performing companies on the TSX Venture Exchange in 2024. This collaboration integrates Venture 50 data into the Blossom app, enhancing access for retail investors.

CEO Maxwell Nicholson called the partnership a milestone, highlighting Blossom’s growing role in investment media alongside Bloomberg. The announcement was made at a TSX market open event, where Blossom engaged with this year’s top-performing firms. Last month, Blossom was named one of Canada’s top 10 fintech startups to watch in 2025.

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

Canadian Fintech Investment Hits Record $9.5B in 2024

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Canada’s fintech sector secured a record $9.5 billion in 2024, fueled by major deals like Nuvei’s $6.3B take-private transaction and Plusgrade’s $1B private equity investment, according to KPMG’s H2’24 Pulse of Fintech report. Excluding these, fintech investment still doubled year-over-year, surpassing $2B.

The most active sectors included crypto/blockchain (34 deals), AI (19 deals), and payments (14 deals). Venture capital remained strong, with $1.09B invested across 90 deals, including rounds for Koho and Neo Financial. KPMG predicts continued fintech growth, though private buyouts may increase as public companies seek regulatory relief.

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

Vancouver Company Partners with MrBeast to Donate Strep A Tests

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Vancouver-based Light AI has partnered with MrBeast Industries to donate AI-powered Strep A tests to underserved communities in Africa. The initiative, featured in a Beast Philanthropy video released on February 16, 2025, aims to improve early detection of Strep A, a bacterial infection linked to Rheumatic Heart Disease (RHD), which causes up to 350,000 deaths annually.

Light AI CEO Peter Whitehead highlighted the technology’s potential to provide instant, accurate diagnoses, while Jimmy Donaldson (MrBeast) emphasized its life-saving impact. The project showcases the power of AI-driven healthcare solutions in addressing global health challenges.

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

    Toronto Tech Week Returns June 2025 with Major Backing

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    Toronto Tech Week will take place June 23-27, 2025, uniting Toronto’s tech ecosystem through panels, demos, hackathons, and networking events. Led by the Canada Tech Week Organization, the initiative is backed by Shopify, Google Cloud, and the City of Toronto. The event will highlight Toronto’s strengths in AI, FinTech, and e-commerce, attracting global investment and talent.

    Over 40 community partners, including BetaKit, DMZ, Wealthsimple, and U of T, will host events. Organizer Satish Kanwar emphasized the week’s goal of retaining top talent and strengthening the city’s global tech standing. The full schedule launches in Spring 2025.

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

    BDC Capital Recapitalizes Growth Funds with $950M

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    BDC Capital is recapitalizing its growth equity investment programs with $950 million, aiming to support Canadian later-stage startups facing economic uncertainty. The investment includes $500M for its Growth Venture Fund and $450M for Growth Equity Partners, both with a five-year investment timeline.

    BDC, Canada’s largest venture capital investor, has backed 66 companies across these funds since 2016. The move comes as private investment retracts, impacting tech firms’ growth and valuations. BDC’s VC portfolio was valued at $2.98 billion as of Sept. 30, despite recent losses. Experts emphasize BDC’s role in ensuring continued capital access for Canadian innovators.

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

    Toronto’s Cohere Takes a Pragmatic Approach to AI Growth

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    Toronto-based Cohere is taking a focused approach to AI, prioritizing business applications over consumer chatbots. The company’s North platform is being developed for industries such as banking (RBC) and telecom (STC Group), with plans to expand into healthcare and government.

    Unlike rivals OpenAI and Anthropic, Cohere builds smaller, industry-specific models, prioritizing privacy and security. The firm is also Canada’s AI anchor tenant, securing $240M in federal funding for a new data center with CoreWeave. Amid U.S. AI dominance, Cohere’s CEO remains optimistic, stating, “We’re building the best tech—and we’re going to keep doing that.”

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

    Calgary Lands Lufthansa Technik, Strengthening Aerospace Sector

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    Lufthansa Technik (LHT) has selected Calgary International Airport as its Western Canada headquarters, reinforcing the city’s status as an aerospace innovation hub. The global leader in aircraft maintenance and repair will create 120 high-skilled jobs and train 80 professionals within four years.

    The new Test Cell Facility, supported by $2.5 million from the Opportunity Calgary Investment Fund, will focus on sustainable aviation fuels and next-generation engine technology. Calgary Economic Development and Mayor Jyoti Gondek praised the investment, which follows WestJet’s expansion and the city’s NATO DIANA test hub designation, solidifying Calgary’s aerospace leadership.

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

    Clio Funds $3M Space for Entrepreneurs at UBC Sauder

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    Vancouver-based legaltech firm Clio has pledged $3 million to UBC Sauder School of Business, supporting entrepreneurship and innovation. The donation—one of the largest for UBC Sauder’s Powerhouse Project—will fund a dedicated collaboration space for students, faculty, and industry leaders. It will also house CDL-Vancouver, an accelerator for science and tech startups.

    Clio CEO Jack Newton highlighted the initiative’s role in fostering game-changing ideas, while Co-founder Rian Gauvreau emphasized its impact on BC’s startup ecosystem. Dean Darren Dahl praised Clio’s commitment, calling it a transformational investment in business education.

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

    RBC Introduces Mobile Mortgage Renewals

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    RBC is modernizing its mortgage renewal process, allowing eligible clients to renew through the RBC Mobile app in minutes. Previously, renewals required an Advisor, but growing demand for digital banking spurred the shift. RBC’s mobile user base has surged 69% since before the pandemic, with app sessions up 139%, according to SVP Rami Thabet.

    The bank also launched an online mortgage application tracking platform. Janet Boyle, RBC’s SVP of Home Equity Finance, emphasized the move’s goal of reducing stress and increasing transparency. This shift aligns with broader Big Bank fintech adoption, as RBC competes with digital-first firms.

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