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Canadian Tech in 100 Words

Former OMERS Exec Exits High-Profile Cleantech Venture

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Damien Steel has stepped down as CEO of Deep Sky, the Quebec-based carbon removal startup founded by Hopper CEO Frederic Lalonde. Steel, previously managing partner at OMERS Ventures, joined Deep Sky in August 2023. In a LinkedIn post, he cited personal reasons, stating he could no longer give the role his full energy.

Chief operating officer Alex Petre will take over. Deep Sky focuses on direct-air and ocean-based carbon capture. Last year, it secured major deals with RBC and Microsoft, and a US$40 million grant from Breakthrough Energy. Questions remain about the scalability of its technology.

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

Vancouver Startup Aims to Simplify Creator Marketing

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Vancouver startup Endlss has launched its flagship AI platform, Endlss Copilot, to streamline influencer marketing for lean brand teams. Founded by the creators of Penny AI, Endlss addresses rising costs and capacity issues in scaling creator partnerships. Its all-in-one platform manages discovery, outreach, gifting, coordination, and analytics.

Features include AI-personalized messaging and “Smarter Links” for precise attribution. Early users like DTC brand No Rivals praise its intuitive design and time-saving tools. CEO David Abbey says the platform aims to help brands turn influencer activity into real commerce at scale.

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

Coinbase Backs Canadian Dollar Stablecoin

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Toronto-based Stablecorp has raised $2.5 million in strategic capital to upgrade QCAD, its Canadian dollar-denominated stablecoin. The round was led by Coinbase Ventures and Side Door Ventures. Funds will support QCAD’s infrastructure overhaul, including independent reserves, transparent reporting, and new payment and FX integrations.

QCAD will be backed by a dedicated trust and offer direct redemption to Qualified Holders. With stablecoins processing $30 trillion globally last year, Stablecorp aims to digitize Canadian commerce. President Alex McDougall called stablecoins “financial superconductor[s],” while Coinbase Canada CEO Lucas Matheson said Canada must modernize its digital currency infrastructure.

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

Made-in-Canada Cement Disrupts Imports

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Calgary’s ZS2 Technologies has launched its second-generation magnesium cement platform, offering a fire-resistant, low-carbon alternative to traditional gypsum, OSB, and imported MgO. Backed by $9.9 million in grant funding and third-party certifications, the Gen 2 product line uses Canadian industrial by-products to reduce emissions and supply chain risks.

Highlighted by ZS2TechTile™, a new raised flooring system rated non-combustible, the platform targets data centres and modular builds. CEO Scott Jenkins says builders are ready for local, reliable, and sustainable options. Already spec’d into projects, Gen 2 positions ZS2 as a cleantech leader.

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

Beacon AI Launches Massive AI Data Centre Project in Alberta

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Alberta’s emergence as a data centre powerhouse is underscored by a new collaboration between Stantec and Beacon AI Centers. Calgary-based engineering powerhouse Stantec has been selected as lead consultant for a sweeping AI data centre development program backed by Nadia Partners.

The project will span six sites across five municipalities and create thousands of construction jobs and 1,200 permanent roles. Beacon’s new CEO, Josh Schertzer, formerly of Blackstone, will lead its rapid scale-up. With Alberta’s energy advantage, low tax rates, and skilled talent, the province is poised to lead in next-generation digital infrastructure.

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

NorthX to Co-Host Climate Innovation Zone at Web Summit

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The B.C. Centre for Innovation and Clean Energy has rebranded as NorthX Climate Tech, signaling a national commitment to advancing climate hard tech. Under CEO Sarah Goodman, NorthX aims to accelerate tangible decarbonization technologies by providing early capital and industrial partnerships.

The group will co-host the Climate Innovation Zone at Web Summit Vancouver, spotlighting women founders, carbon removal, and wildfire tech. Backed by strong provincial leadership, NorthX emphasizes local collaboration and global ambition. Goodman, recently named a BC Business Woman of the Year, calls this a pivotal moment for Canada to lead in cleantech innovation.

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

Verdi Raises $6.5M to Scale Smart Irrigation

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Vancouver-based agtech startup Verdi has raised $6.5 million in an oversubscribed seed round, bringing its total funding to $9.5 million. Led by SVG Ventures with backing from NEC, GenomeBC, and others, the round follows a breakout year where Verdi’s retrofit irrigation tech was deployed on over 5,000 acres.

The platform enables row-level irrigation control and remote leak detection, helping growers cut labor by up to 90%, water use by 70%, and increase yields by 20%. CEO Arthur Chen says the capital will support geographic expansion and AI development. Verdi now employs 24 specialists in AI, agronomy, and hardware.

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

Seasoned Operator Joins Amplify Amid Fund III Push

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Toronto-based Amplify Capital has welcomed Craig Hunter as a partner as it advances toward closing its third impact-focused venture fund. A seasoned tech operator, Hunter brings experience from Uber, Ritual, and Bitmaker, alongside an active angel investing track record.

Amplify Fund III, already 70% raised, will back early-stage cleantech, healthtech, and edtech startups across North America with $1–$3 million cheques. Backed by RBC, Fondaction, and federal programs like VCCI and SFF, the fund has invested in five ventures to date. Hunter aims to help convert hard science into scalable impact through hands-on founder support.

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

Purpose Launches New Core Crypto ETFs

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Toronto-based Purpose Investments has launched two new crypto funds—Purpose Core Bitcoin ETF and Purpose Core Ether ETF—on the Toronto Stock Exchange. Designed for long-term investors, these “core” offerings aim to provide simple, low-fee exposure to Bitcoin and Ether, with the Ether ETF staking up to 50% of its holdings.

Purpose, which pioneered the world’s first spot Bitcoin ETF in 2021, now claims Canada’s most complete digital asset ETF lineup. With $24 billion in assets under management, including $4 billion in crypto, the firm continues to expand access to regulated digital assets.

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

Early-Stage Deals Dip, AI Startups Surge

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Osler has released its Deal Points Report: Venture Capital Financings 2024, analyzing 160 preferred share financings totalling US$3.73 billion. Covering 646 deals since 2020, the report reveals early-stage rounds comprised 76.3% of 2024 financings but only 22.7% of invested dollars.

Series B deals rose, while Series C and later-stage rounds—just 12% of deals—accounted for 54.6% of capital due to mega-rounds. AI and IT companies represented 41.2% of deals and over a quarter of total capital. Ontario, B.C., and Québec dominated activity, while Alberta posted growth, capturing 12.5% of deals.

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