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Canadian Tech in 100 Words

Cohere Secures $500M, Adds Former Meta, Uber Execs

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Toronto AI scaleup Cohere has raised $500M USD, boosting its valuation to $6.8B USD. The round was led by Radical Ventures and Inovia Capital, with AMD Ventures, Nvidia, PSP Investments, Salesforce Ventures, and newcomer HOOPP participating.

Cohere also appointed Joelle Pineau, former Meta VP of AI research, as chief AI officer, and Francois Chadwick, ex-Uber acting CFO, as chief financial officer. Pineau will lead research from Montréal, working with Mila. Chadwick’s background spans Uber’s IPO and CFO roles at tech startups. Cohere will use the funds to expand enterprise AI globally.

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

Rogers Offloads Data Centres, Keeps Connectivity Role

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Rogers Communications has agreed to sell its portfolio of nine Rogers Business data centres to InfraRed Capital Partners, part of Sun Life. Rogers will continue selling data centre services for InfraRed and provide network connectivity.

The deal, part of Rogers’ plan to divest non-core assets, is expected to close by year-end 2025 pending regulatory approval. Proceeds will be used to repay debt. The sale does not include Rogers’ corporate data centres used for network and IT operations. InfraRed, an experienced digital infrastructure owner, will work with Rogers to ensure a smooth customer transition.

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

Saskatoon Scaleup Launches Conversations AI Platform

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Saskatoon-based Vendasta has launched Conversations AI, a suite of AI agents for small businesses, beginning with a virtual receptionist capable of booking appointments, generating quotes, and making sales. The tool can be deployed on websites, messaging apps, or via phone, and customized with local flair.

Vendasta partners with digital agencies to deliver its software to independent retailers, salons, and service providers seeking easy-to-manage AI solutions. Founded in 2008, Vendasta has raised US$161.5M in venture capital and now generates $100M+ in annual recurring revenue. Additional AI agents for sales and content creation are planned this year.

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

TD Report Finds AI Potential High, Training Low

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A TD Bank Group survey finds most Canadian workers see AI as a productivity booster, yet many feel unprepared to use it effectively. The 2025 TD AI Insights Report shows 56% of AI users report higher productivity, with Gen Z and Millennials most optimistic. Still, 64% say their employer hasn’t provided adequate AI training, and 58% believe colleagues lack understanding of the technology.

TD says targeted training, such as Microsoft Office 365 Copilot and GitHub Copilot programs, is boosting adoption internally. Leaders stress that trust, training, and thoughtful rollout are key to AI’s workplace success.

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

Leadership Changes at Calgary’s Virtual Gurus

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Virtual Gurus founder Bobbie Racette is stepping down as CEO after eight years, becoming founder and president, while COO Elliot Schneier assumes the chief executive role.

Racette built the Calgary-based firm from a $300 concept into an award-winning virtual assistant marketplace, the first in Canada founded by an Indigenous woman to secure a Series A. She will focus on Purpose & Impact initiatives, enterprise partnerships, and brand expansion. Virtual Gurus also closed the first tranche of its next funding round and named Kelly Schmitt board chair. Schneier will advance growth and develop VG Connect.

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

Canada Sees Diverging Trends in Investment Activity

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Private equity investment in Canada hit a record $30.9 billion in the first half of 2025, up 258% from last year and surpassing all of 2024, according to the Canadian Venture Capital & Private Equity Association. Mid-market deals under $25 million dominated, but a few megadeals pushed the average to $95.8 million.

Venture capital lagged, with $2.9 billion raised—the lowest first-half total since 2020—despite a modest Q2 uptick. Average VC deal size held at $11.4 million as investors favored fewer, larger transactions. Exit activity was muted, with minimal M&A and no IPOs.

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

Federal Funds Boost Canada’s Electric Vehicle Network

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Canada’s Ministry of Energy and Natural Resources has announced over $25 million for 33 projects advancing electric vehicle infrastructure and freight decarbonization. Natural Resources Canada will provide $10M to install 850 EV charging stations nationwide, while $8M through the Energy Innovation Program will fund six heavy-duty vehicle projects.

Another $8M from the Green Freight Program will help fleets boost fuel efficiency. Much of the funding targets Quebec. Since 2016, Ottawa has committed more than $1B to charging infrastructure, with 35,000 ports now operational. Demand could reach 700,000 by 2040.

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

Wealthsimple Doubles Assets to $84B

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Wealthsimple’s assets under administration surged to $84 billion in Q2, up 94% year-over-year. The Toronto fintech grew its non-tax-filing client base by over 13% during the same period. Power Corp., which holds a 54.2% stake, increased its valuation of the company by 21% to $2.7 billion.

In June, Wealthsimple launched banking-style products, intensifying competition with both traditional banks and fintech rivals. About 5% of Canadian adults are now clients, according to Ipsos, compared to under 3% in 2021. The firm remains best known for its investing products.

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

Uber Freight Founder Joins Toronto’s Waabi

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Toronto-based Waabi has appointed Lior Ron, founder of Uber Freight, as chief operating officer. Based in California, Ron will focus on commercializing Waabi’s autonomous trucking technology through meetings with supply chain executives. Waabi is currently testing driverless trucks in Texas, aiming for deployment without drivers by year’s end.

CEO Raquel Urtasun says expanding the client base is a priority. Ron’s career includes leading Google Maps development and creating early iPhone competitors at Motorola. He praised Waabi’s scalable technology and meritocratic culture, noting Uber Freight’s success serving Fortune 500 clients.

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

NordSpace Breaks Ground on Canada’s First Commercial Spaceport

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NordSpace has broken ground on the Atlantic Spaceport Complex near St. Lawrence, N.L., ahead of Canada’s first commercial space launch later this month. The $10M first phase includes two orbital launch pads and a suborbital site with radar and support systems.

Positioned for a wide range of satellite orbits, the facility will debut Aug. 25 with the Taiga suborbital rocket, powered by NordSpace’s 3D-printed Hadfield Mk III engine. The “Getting Screeched In” mission nods to local tradition. Founded in Markham, Ont., NordSpace plans to expand manufacturing and open a St. John’s operations centre.

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