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Canadian Tech in 100 Words

 

Trolley Raises $31.4M to Expand Global Payout Solutions

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Montreal-based Trolley, a leader in payout solutions, raised $31.4 million in Series B funding, led by Wavecrest Growth Partners, with support from Pace Capital. This investment supports Trolley’s product and market expansion, helping businesses manage global payouts efficiently. CEO Tim Nixon highlighted the funding as pivotal for advancing Trolley’s platform and improving compliance capabilities.

The company, recognized in the Deloitte Technology Fast 50, has seen 484% revenue growth in three years. Wavecrest’s Vaibhav Nalwaya praised Trolley’s high ROI in B2B payments, and Pace Capital’s Chris Paik emphasized Trolley’s responsiveness to market needs.

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

Canada Invests in Baseload’s AURA EV Charging Expansion

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Toronto-based Baseload Power received $9.445 million from Natural Resources Canada (NRCan) to expand its AURA EV Charging network, adding 126 fast chargers across Ontario, Quebec, and British Columbia. Announced today, this funding falls under NRCan’s Zero Emission Vehicle Infrastructure Program (ZEVIP), aiming to support Canada’s EV transition.

The project will boost Baseload’s network to over 200 stations by 2025, aiding Canada’s net-zero target for 2050. Baseload President Jonathan Sandler emphasized the infrastructure’s role in supporting the nation’s EV growth. Julie Dabrusin, MP, highlighted the government’s commitment to accessible EV options for Canadians.

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

Canada Launches AI Safety Institute to Assess Risks

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Canada has launched the Canadian AI Safety Institute (CAISI) to test AI models and examine risks associated with the technology. The institute will collaborate with similar global agencies and aims to build public trust by ensuring AI safety, according to Innovation Minister François-Philippe Champagne.

CAISI’s mandate includes model tebsting and supporting researchers through CIFAR, with a $50 million federal budget allocation. Additionally, the National Research Council will explore public policy issues like cybersecurity. The institute joins Canada’s AI initiatives, including the stalled AI and Data Act and Ottawa’s voluntary AI code of conduct.

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

Shopify Stock Surges 27% After Strong Q3 Earnings

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Shopify’s Q3 earnings exceeded expectations, sending shares up 27% on Tuesday. The Ottawa-based e-commerce giant reported $2.16 billion in revenue, a 26.1% increase from last year. Customers using Shopify tools sold $69.7 billion in goods, boosted by sectors like food, apparel, and skincare, with notable growth in Europe.

Merchant-solutions revenue hit $1.55 billion, as Shopify earns a percentage of client sales. The addition of enterprise clients, including Watches of Switzerland and The Body Shop, supports Shopify’s infrastructure-expansion strategy. President Harley Finkelstein emphasized long-term goals over short-term growth spikes.

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

Slack Report Highlights AI Adoption Gap Between Executives and Employees

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The Fall 2024 Slack Workforce Index reveals a growing divide between executive enthusiasm for AI and employee apprehension. While 99% of executives plan AI investments, employee excitement has declined by 6% globally. Notably, 48% of workers hesitate to disclose AI usage, fearing perceptions of laziness or incompetence.

Despite 76% expressing an urgent need for AI skills, 61% report minimal training. Employees hope AI will reduce busywork but worry it may increase workloads due to heightened productivity expectations. The report advises leaders to enhance AI training and adjust productivity metrics to integrate AI effectively.

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

AppDirect Acquires vCom to Enhance IT Management Capabilities

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AppDirect, a leader in B2B subscription commerce, announced plans to acquire vCom Solutions, an IT lifecycle management firm. This acquisition brings vCom’s vManager® platform, which offers AI-powered IT spend management, into AppDirect’s ecosystem, expanding capabilities for advisors and their clients.

vCom’s Buyers’ Club, QuantumShift, will also join the AppDirect platform, enhancing procurement options for network, cloud, and hardware solutions. AppDirect CEO Nicolas Desmarais emphasized this move as transformative, adding depth to AppDirect’s advisor offerings and driving new revenue streams. The acquisition awaits regulatory approval and involves spinning off vCom’s direct sales team.

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

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 Techcouver.

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.

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.