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Canadian Tech in 100 Words

 

Wealthsimple Valuation Reaches New High, Exceeds 2021 Peak

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Power Corp. has raised its valuation of Wealthsimple to $2.2 billion, surpassing its previous 2021 peak. The century-old conglomerate’s 55.1% stake in the Toronto-based fintech now outvalues its $2.1 billion mark from March 2021. This valuation boost reflects Wealthsimple’s turnaround, doubling since December 2022 when Power Corp. valued it at $1.1 billion.

Wealthsimple, which celebrated its tenth anniversary in September, reached profitability this year under CEO Michael Katchen. Assets under administration surged to $52.1 billion, a 68.1% increase from $31 billion at the end of 2023.

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

Canadian IPOs Could Rebound as Firms Eye Listings

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Canada’s IPO market could be poised for a resurgence as major companies consider going public. Montreal’s Groupe Dynamite recently launched an IPO, targeting a $2.3 billion valuation, while firms like SRTX and Apotex explore similar moves.

National Bank’s Daniel Nowlan reports increased interest among Canadian firms following large U.S. IPOs, amid steady S&P 500 conditions and $6.59 trillion in U.S. money market funds. EY’s Nabeel Pabani noted that, unlike the 2021 tech IPO wave, today’s interest is more cautious, prioritizing profitability. TMX’s Catherine Kee says companies are “ready to go” when conditions align.

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

Deep Sky Sells Carbon Credits to RBC and Microsoft

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Deep Sky, a Canadian carbon removal developer, has secured founding buyers RBC and Microsoft for carbon removal credits, supporting its commitment to remove 10,000 tonnes of CO₂ over ten years. Deep Sky Labs, Canada’s first direct air capture (DAC) center, will host eight DAC technologies to test and optimize their performance under real-world conditions.

The Alberta-based project aims to streamline carbon removal and foster economic growth, including job creation in Innisfail. CEO Damien Steel highlighted Deep Sky’s role in addressing climate challenges with scalable carbon removal solutions.

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

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.

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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.