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Canadian Tech in 100 Words

Damon’s Electric Dreams Delayed Amid Funding Struggles

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Vancouver-based Damon, maker of the much-hyped HyperSport electric motorcycle, is facing mounting challenges as it seeks millions in new capital to stay afloat. Founded in 2017, Damon has yet to deliver its flagship product, first announced in 2019.

Production is now delayed until 2026, hindered by funding shortfalls, layoffs, and the departure of key personnel including CEO Jay Giraud and technical leader Derek Dorresteyn. A recent report from RideApart questions whether Damon can meet even its revised timeline. Shares of DMN have fallen 70% since the company’s Nasdaq debut in 2024.

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

Canada Invests $240M in Cohere’s AI Expansion

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The Government of Canada has finalized an investment of up to $240 million in Cohere’s $725 million AI compute project, Minister Anita Anand announced today. The funding will support a new Canadian AI data centre launching this year, boosting domestic compute capacity and enabling Cohere to commercialize large language models and compete globally.

The initiative marks the first award under the AI Compute Challenge, part of Canada’s Sovereign AI Compute Strategy. It also aims to support other Canadian AI firms and researchers by offering access to state-of-the-art infrastructure, reinforcing Canada’s leadership in the global AI race.

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

Build Canada Under Fire for All-Male Policy Authors

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Six weeks after its launch, Build Canada has published 14 policy memos—all authored by men, prompting criticism over its lack of gender diversity. The initiative, backed by prominent tech leaders including former Shopify executive Daniel Debow, aims to shape federal policy ahead of the election.

Of 30 public supporters, just one is a woman—supporting her husband’s memo. Despite Debow and co-organizer Lucy Hargreaves insisting women contribute behind the scenes, critics say policy development must reflect diverse perspectives. Scholars warn male-dominated authorship limits policy relevance. Build Canada has expressed interest in attracting broader participation.

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

Real Estate Startup Addy Hit with Securities Violation

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Vancouver-based Addy has been fined $100,000 by the BC Securities Commission for trading real estate securities without registration—marking a notable first ruling on fractional investing in Canada. Addy allowed investors to buy into properties for as little as $1, facilitating $26 million in trades over five years.

The company tried claiming a crowdfunding exemption, but the BCSC found this did not apply. Addy is now seeking registration as an exempt market dealer. As fintech outpaces regulation, legal experts cite “regulatory lag” in adapting securities laws to new investment platforms.

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

Coinbase Expands Crypto Campaign into Canada

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Canada ranks among the most crypto-aware nations, as Coinbase expands its “Stand with Crypto” campaign northward. The initiative supports regulatory clarity and promotes the legitimacy of cryptocurrency assets. On March 27, Coinbase Canada CEO Lucas Matheson will help launch the campaign’s Vancouver event at Dapper Labs, joined by Dapper CEO Roham Gharegozlou and Vancouver Mayor Ken Sim.

The free event aims to unite Web3 developers, advocates, and businesses to foster blockchain innovation and economic growth. Canada is now Coinbase’s largest market outside the U.S., with over 200 employees and key startup investments like Dapper Labs.

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

Canada Post Partners with Koho to Offer Digital Banking

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Canada Post has introduced spending and savings accounts through a partnership with Toronto fintech Koho, expanding financial services to rural and Indigenous communities. The MyMoney Account allows customers to deposit funds at Canada Post offices or via Koho’s app.

Unlike traditional banks, neither Canada Post nor Koho hold funds—Peoples Trust manages deposits. Only accounts with an interest-earning option are CDIC-insured. Canada Post already offers money orders, remittances, and prepaid cards. A previous TD Bank partnership for small loans ended in 2023. Koho is currently pursuing a banking license to enhance its services.

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

Vancouver Auto Show Drops Tesla Over Safety Concerns

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The Vancouver Auto Show has removed Tesla from its exhibitor list, citing safety concerns following recent vandalism targeting the automaker’s B.C. dealerships. Organizers confirmed the decision Tuesday, as officials investigate whether incidents like arson attacks are tied to global protests against CEO Elon Musk’s political activities.

U.S. Attorney General Pam Bondi condemned the violence as “domestic terrorism,” noting that the DOJ has charged multiple suspects. Beyond protests, Tesla also faces funding pushback in Canada, with B.C. recently disqualifying the company from public EV charger subsidies amid ongoing trade tensions.

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

Canadian AI-Powered Fire Detection to Protect Brazil’s Agribusiness

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Vancouver-based SenseNet has partnered with iez! Telecom to bring its AI-powered wildfire detection system to Brazil. Already used in over two dozen Canadian communities, SenseNet’s system combines AI, long-range cameras, and environmental sensors to detect smouldering fires within one minute.

By leveraging iez!’s private 4G and 5G networks, the technology will help protect Brazil’s vast agribusiness sector, plantations, and infrastructure. CEO Hamed Noori called the collaboration a global benchmark in wildfire management. With rapid deployment underway, the system promises enhanced safety and sustainability for states, municipalities, and private enterprises.

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

TELUS, NVIDIA to Launch Canada’s First Sovereign AI Factory

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TELUS, in partnership with NVIDIA, is launching Canada’s first Sovereign AI Factory, a high-security AI computing facility to advance AI innovation while ensuring data sovereignty. Set to open in Quebec by summer 2025, with expansion to British Columbia, the facility will use NVIDIA’s Hopper- and Blackwell-based GPUs for AI training and inference.

Running on 99% renewable energy, it aims to be one of the most energy-efficient AI hubs globally. TELUS is the first North American telecom to join NVIDIA’s Cloud Partner Program, reinforcing Canada’s AI leadership while keeping sensitive data within national borders.

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

Summit Nanotech Raises $36.5M for Lithium Extraction

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Calgary-based Summit Nanotech has secured $36.5 million to advance its direct lithium extraction (DLE) technology. Led by Evok Innovations and BDC Capital’s Climate Tech Fund, the funding will support the commercial deployment of Summit’s denaLi™ system, which optimizes lithium recovery while reducing water use and costs.

CEO Amanda Hall highlighted the company’s transition to full-scale operations. Recent milestones include commissioning a Chile demonstration plant and qualifying its sorbent technology. With backing from Mitsui Kinzoku, LG Technology Ventures, and others, Summit is strengthening the lithium supply chain to meet growing EV battery demand.

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