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Canadian Tech in 100 Words

Canada’s Fintech Market Resets, Not Retreats

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Canada’s fintech sector cooled in early 2025 but stayed resilient. KPMG reports US$1.62B across 60 deals—well below last year’s record $7.5B, yet strong given global trade tensions. Two mega buyouts dominated: H.I.G. Capital’s US$916.5M purchase of Converge Technology Solutions and Fiserv’s US$201.5M acquisition of Payfare.

Experts stress this is not decline, but a reset: investors want profitability, not hype. Dubie Cunningham of KPMG says there’s “dry powder” waiting, with dealmakers now selective. Canada punched above its weight globally, capturing 2.7% of deals and 3.7% of value, reinforcing its meaningful role in fintech’s shifting landscape.

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AI at Core of Damon’s New Mobility Vision

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Vancouver-based Damon Motors, once celebrated for its electric HyperSport motorcycle, has shifted its focus following a troubled Nasdaq debut that saw shares plummet 90% amid production delays. First announced in 2019, the HyperSport promised a 200-mile range, 200-mph top speed, and AI-driven safety systems.

Now, the company is expanding into intelligent data solutions, unveiling the Damon I/O platform. Designed in-house, the system adapts dynamically to rider behaviour and conditions, providing track riders with lap-by-lap analysis. Chief executive Dominique Kwong says the initiative blends hardware and software to support both Damon riders and the broader mobility sector.

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RBC, BMO Weigh $2B Sale of Moneris Payments Firm

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Royal Bank of Canada and Bank of Montreal are reportedly exploring a potential sale of Moneris, the payments firm they co-founded in 2000. Reuters suggests the company could fetch around $2 billion, based on $700 million in annual revenues.

Moneris processes roughly one-third of Canadian business transactions and has recently announced partnerships with U.K. fintech Cardstream Group, website platform Wix, and Quebec recycler Polykar. RBC and BMO may retain stakes should a sale proceed. Both banks continue to invest in AI and digital tools to strengthen their fintech capabilities.

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

Sovra Names Tom Spengler CEO, Acquires Ontopical

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Sovra, formerly MDF Commerce, has appointed board member Tom Spengler as CEO, succeeding Luc Filiatreault. The company, which develops procurement software for North American public-sector organizations, recently acquired Calgary-based Ontopical, though terms were undisclosed.

Ontopical created an AI-powered tool to help businesses identify and respond to government contract opportunities. Sovra will integrate the technology into its platform and retain all 27 Ontopical employees, expanding its workforce to 483. The firm has also divested six business units, three to Valsoft and three to another buyer. Sovra went private in May 2024 following a deal with KKR funds.

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

Alberta Funds Crop Centres to Boost Farming Future

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Alberta’s Premier Danielle Smith declared provincial farmers “the best in the world,” crediting decades of innovation from two crop diversification centres. Budget 2025 allocates over $5 million to bolster CDC North in Edmonton and CDC South near Brooks.

CDC South houses greenhouses and field operations; CDC North hosts the Alberta Plant Health Lab, Bee Health Team, and Seed Potato Repository. The funds—$3 million for CDC South, $1.2 million for CDC North, plus $500,000 each for operations—support research infrastructure, fertilizers, and seeds. Officials stress government-industry collaboration strengthens food security and sustainability.

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Lighthouse Labs, Uvaro Cease Operations, Owe Millions

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Kitchener-Waterloo workforce training firm Uvaro and its subsidiary Lighthouse Labs have filed for bankruptcy, seven months after Uvaro acquired the coding school. Court documents cite unmet revenue forecasts, delayed government contracts, and rapid cash erosion.

Uvaro listed $1.6M in assets against $5.7M in liabilities, while Lighthouse Labs reported $230,000 in assets and debts exceeding $3M. Both companies ceased operations immediately, terminating all employees and halting courses. Lighthouse Labs, founded in 2013, trained 40,000 learners and received $20M in federal funding last year. Trustee GlassRatner is managing claims and student record transfers.

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Pineau Joins Cohere After $500M Raise

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Cohere has appointed Joelle Pineau, former Meta VP of AI research and McGill professor, as its first chief AI officer to lead AI strategy across research, product, and policy. Pineau, who co-led development of Meta’s Llama models, left in May after eight years. The hire follows Cohere’s $500M raise at a $6.8B valuation.

CEO Aidan Gomez founded the Toronto-based firm in 2019, focusing on enterprise AI solutions emphasizing privacy and security. Pineau says she aims to deliver practical productivity gains rather than chase AGI timelines. She will be based in Montréal, working with Mila.

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

Toronto Life Sciences Hub Loses Global Partner

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Johnson & Johnson will close its JLabs life sciences incubator in Toronto by year-end, ending a nine-year partnership with MaRS Discovery District and the University of Toronto. The 40,000-sq.-ft. facility, JLabs’ first outside the U.S., has served about 30 startups with lab space, mentorship, and investor access.

U of T will manage the incubator until a new partner is found. Politicians hailed JLabs’ 2016 launch as a boost for Toronto’s biotech sector. Despite persistent lab space shortages, Johnson & Johnson says it is realigning its innovation strategy.

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

Google Launches AI Flight Deals Tool in Beta

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Google has introduced Flight Deals, an AI-powered feature within Google Flights to help flexible travelers find cheaper fares. Using a custom version of Gemini 2.5, the tool parses natural language queries, such as “week-long trip this winter to a city with great food,” and ranks results by percentage savings.

The beta rollout begins this week in the U.S., Canada, and India. Pricing comes from real-time airline and travel company feeds. Regulators in the EU are investigating Google’s travel search dominance under the Digital Markets Act. Google says the tool’s goal is to improve travel planning.

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

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.