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Canadian Tech in 100 Words

Styx Intelligence Raises $2.7M to Combat AI-Powered Threats

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Vancouver-based cybersecurity startup Styx Intelligence has raised $2.7 million in an oversubscribed Seed round to expand its AI-driven digital threat detection platform. Led by BDC’s Seed Venture Fund, with support from FRAMEWORK Venture Partners, Top Down Ventures, and Sprout Fund, the funding will help Styx address emerging cyber risks linked to generative AI. Co-founders Karim Ladha and Santosh Nair, industry veterans, aim to provide real-time external threat protection for enterprises. Investors praised Styx for combining technical sophistication with user-centric design, positioning it as a rising force in the Digital Risk Protection (DRP) market.

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

Proptech Leaders Warn of Rising Costs and Uncertainty

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As U.S.-Canada trade tensions escalate, Canadian proptech leaders are voicing concern over rising costs, reduced investment, and market instability. Tariffs on construction materials and shifting interest rates are driving up housing costs and dampening buyer confidence.

Startups like Hyyve, Zown, Ownright, Pine, and Bidmii say tech adoption is vital—enhancing transparency, enabling smarter sales, and supporting affordability through digital solutions. But leaders warn that without government deregulation and funding, Canada risks losing ground. With only 5% of founders viewing Canada as ideal for scaling, calls are mounting for a strategic response to support innovation and housing access.

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

Canada’s Fintech Sector Defies Economic Gloom

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Despite weak economic forecasts and record-low small business optimism, Canada’s fintech sector is defying the trend. Valuations are rising, and investor interest is rebounding, with US$9.5 billion invested in fintech last year. While GDP growth is expected to stall at 0.7%, fintechs are gaining traction by helping companies cut costs and automate operations.

International firms like the U.K.’s Revolut and Houston’s Zolve are eyeing Canada’s concentrated banking market. Regulatory advances, including open banking and Real-Time Rail, are also fueling confidence. Industry players see these developments as a foundation for continued momentum in 2024 and beyond.

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

Alberta Scraps Video Game Tax Credit Plans

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Alberta has abandoned plans to reinstate a tax credit for video game developers, officials confirmed. Premier Danielle Smith first proposed the measure in 2022 to compete with provinces like Ontario, Quebec, and B.C., which offer game development tax credits ranging from 17.5% to 40%.

Instead, the province will pursue strategic partnerships and investment funding, said Jonathan Gauthier, spokesperson for Innovation Minister Nate Glubish. Alberta’s previous 25% digital media credit, introduced by the NDP in 2018 and scrapped in 2019, briefly grew the industry to 1,310 workers—a figure that has since declined to 810.

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

FreshBooks Secures $125M from Morgan Stanley

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Toronto-based FreshBooks has secured $125 million in senior debt financing from Morgan Stanley Investment Management. The funds, managed by Expansion Capital and Private Credit arms, will be used to refinance existing debt and fuel growth across North America. FreshBooks’ cloud-based SaaS platform serves small and medium-sized businesses, offering tools for invoicing, payments, time tracking, and payroll.

CEO Shaheen Javadizadeh welcomed the partnership, citing shared commitment to empowering small business owners. Morgan Stanley executives highlighted the company’s strong market positioning amid growing demand for digital accounting and e-invoicing solutions. FreshBooks was founded in 2003.

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

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.

Ottawa Invests $8.3M in Alberta Clean Tech Projects

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The federal government has committed over $8.3 million to support 13 clean tech projects in Alberta, with key investments in the Energy Transition Centre and Calgary Region Hydrogen Hub, Minister Anita Anand announced Thursday. The Energy Transition Centre will receive $2 million to expand its downtown Calgary operations and support clean energy startups, building on previous federal funding.

The new Hydrogen Hub will get $1.5 million to strengthen Calgary’s hydrogen capabilities and connect with hubs in Edmonton and Vancouver. Minister Anand called the funding “future-proofing Alberta’s economy” through innovation in energy and natural resources.

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

UniUni Acquires Shippie to Expand North American Reach

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Richmond-based UniUni has acquired Toronto’s Shippie, uniting two Canadian logistics innovators to bolster same- and next-day delivery services across North America. The move combines UniUni’s delivery infrastructure with Shippie’s regional agility, enhancing service for e-commerce brands. Shippie CEO Jax Zheng will become Director of Strategic Partnerships at UniUni.

The acquisition follows UniUni’s appearance on Deloitte’s Technology Fast 50, where it ranked fourth with 12,854% growth from 2020–2023, and a $30M Series C2 raise led by Bessemer Venture Partners. UniUni’s CEO Peter Lu said the deal strengthens its long-term logistics innovation strategy.

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.