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Canadian Tech in 100 Words

 

Canadian Fintech Neo Financial Lands Major Funding Round

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Neo Financial, Canada’s fast-rising fintech leader, raised $360 million in Series D funding—$110M equity and $250M debt—from renowned investors, including Shopify’s Tobi Lütke and Slack’s Stewart Butterfield.

With backing from existing supporters like Valar Ventures, Neo aims to challenge traditional banks with products such as high-interest savings accounts, premium credit cards, and AI-powered budgeting tools. Founded just four years ago, Neo has rapidly expanded, now offering eight products to Canadians. As part of its growth, Neo opened a new Toronto office on Bay Street.

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

Sanctuary AI Announces CEO Transition Amidst Recent Partnerships

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Sanctuary AI, the Vancouver-based humanoid robotics firm, announced the departure of CEO and co-founder Geordie Rose in a blog post on Saturday. The company did not disclose the reason for Rose’s exit or his future involvement. Chief Commercial Officer James Wells has been appointed interim CEO.

Rose, a pivotal figure in AI and robotics, previously founded D-Wave and Kindred AI. His departure follows Sanctuary AI’s recent collaboration with Magna International to deploy its robots and a partnership with Microsoft for cloud computing services. To date, the company has secured up to $140 million in funding.

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

Tenstorrent Relocates to U.S. Amid AI Chip Competition

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Tenstorrent, the AI-focused chip startup, recently transferred its headquarters from Toronto to the U.S., reshaping its corporate structure by filing in Delaware as Tenstorrent Holdings. This follows January 2023’s CEO shift, where renowned chip designer Jim Keller replaced founder Ljubisa Bajic.

Keller, based in Palo Alto, brings experience from Intel, Tesla, AMD, and Apple. Despite relocating, Tenstorrent retains a Toronto office and employs over 120 Canadians within a global workforce of 550. The move underscores Canada’s struggle to secure top AI talent and resources as nations compete for tech leadership.

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

Ontario Schools Sue Social Media Giants for $1.6B

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Twelve Ontario school boards, from Niagara to Rainy River, have filed lawsuits against major social media companies Meta, Snap, and ByteDance, alleging the companies’ apps harm students. The boards, which include publicly funded and private Jewish and Catholic schools, seek damages ranging from $11 million to $1.6 billion.

They claim Facebook, Instagram, Snapchat, and TikTok are designed to be addictive, contributing to learning setbacks, misbehavior, and mental health issues among students. Snap counters that Snapchat lacks features like “likes” and comments, while Meta and TikTok emphasize safety measures. Similar lawsuits have been filed in the U.S.

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

Project Arrow 2.0 Boosts Canada’s Autonomous Vehicle Sector

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Canada’s automotive sector is steering toward a zero-emissions future with Project Arrow, the first all-Canadian-made autonomous electric vehicle (EV). Spearheaded by the Automotive Parts Manufacturers’ Association (APMA), Project Arrow has united over 55 Canadian suppliers in an unprecedented collaboration to showcase Canada’s advanced automotive technology.

Today, Filomena Tassi, Minister for FedDev Ontario, announced $7 million in new funding for Project Arrow 2.0 at Myant Corp. in Mississauga. This initiative builds on previous investments that enabled the creation and global display of Project Arrow, bolstering Canada’s EV supply chain and supporting academic research, talent development, and economic growth.

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

Ericsson Invests $630M in Canadian R&D for Next-Gen Networks

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Ericsson and the Canadian government have signed an expanded funding agreement, with Ericsson committing over CAD $630 million to Canadian R&D, a significant increase from last year. This investment will enhance Ericsson’s facilities in Ottawa and Montreal, creating hundreds of jobs and internships and strengthening its work in 5G Advanced, 6G, AI, quantum, and Cloud RAN technologies.

François-Philippe Champagne, Minister of Innovation, praised the partnership as a boost to Canada’s leadership in next-gen networks. CEO Börje Ekholm emphasized the impact on digital transformation and a low-carbon future.

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

Canada Orders TikTok to Shut Down Canadian Operations

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The Canadian government has ordered the shutdown of TikTok’s Canadian offices following a national security review, citing specific risks tied to its Chinese parent company, ByteDance. Innovation Minister François-Philippe Champagne confirmed the directive on November 6, noting the closure addresses potential threats posed by TikTok Technology Canada, Inc.’s operations.

However, access to TikTok remains unrestricted for Canadian users, with officials urging citizens to exercise caution regarding data security. TikTok responded critically, announcing plans to challenge the order in court, emphasizing the impact on local jobs.

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

Longbow’s New Fund Backs Low-Carbon Innovation, Eyes $250M Target

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Calgary-based Longbow Capital has reached the first close of its Longbow Energy Transition Fund II, securing $150 million from anchor investors including BDC Capital, TD Bank Group, and Caterpillar Ventures. With a target of $250 million, the fund aims to support North American firms advancing low-carbon solutions and energy efficiency.

Its first investment is in VoltaGrid, a leader in modular, low-carbon power solutions for sectors like energy, mining, and data centers. Managing Director Tyson Birchall emphasized Longbow’s focus on innovative decarbonization approaches amid growing energy demands and onshoring trends.

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

WonderFi CEO Kidnapped in Toronto; Released After Ransom Payment

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On Wednesday evening, during rush hour in downtown Toronto, WonderFi CEO Dean Skurka was abducted near University Avenue and Richmond Street West. Toronto Police reported that suspects forced Skurka into a vehicle, later demanding a $1 million ransom.

Skurka was found unharmed in Centennial Park, Etobicoke, after the ransom was electronically paid, according to sources close to the investigation. In an email, Skurka confirmed his safety and assured that WonderFi’s client funds and data remain secure. The Toronto Police Service continues to investigate the incident.

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

    Canada’s Foresight 50: Top Cleantech Ventures Recognized

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    Foresight Canada has announced the 2024 Foresight 50 list, highlighting Canada’s top 50 cleantech ventures. These companies are tackling critical issues, including emissions reduction, sustainable housing, and food security. Canada currently ranks 62nd globally in climate action, according to the Climate Change Performance Index, underscoring a need for innovation.

    Despite economic challenges, cleantech investment reached $1.01 billion in 2023. The Foresight 50 Showcase, held on November 6 in Vancouver, connected these startups with investors, offering pitches to foster deal opportunities. CEO Jeanette Jackson praised honourees for advancing Canada’s shift toward net zero.

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