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Canadian Tech in 100 Words

 

Bluesky Hits 15M Users, Surges After US Election

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Bluesky, the decentralized short-form posting platform, surpassed 15 million users following a recent surge linked to the US presidential election, as per Bluesky developer Jaz’s tracking. The app gained over a million new users in a week, with Bluesky COO Rose Wang noting that most new signups are from the US.

Bluesky currently tops the iOS app store, followed by Threads and ChatGPT. Unlike Threads, Bluesky lets users create custom algorithmic feeds. Recent features include video posting, pinned posts, and anti-toxicity tools for user control.

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

Bell Report Highlights Gaps in AI Governance for Canadian Firms

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A new Bell study reveals that 60% of Canadian businesses using AI lack a governance strategy, despite widespread adoption of generative AI (GenAI) tools like ChatGPT. The “Navigating the Generative AI and Cybersecurity Journey” report surveyed 600 Canadian business leaders, highlighting retail as a leading industry in GenAI adoption, followed by manufacturing.

Cybersecurity remains a major concern; one-third of firms fear AI manipulation or data theft. Bell’s findings stress the need for strategic support to manage AI risks, including secure data classification and proactive threat detection.

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

Pender Ventures Secures $100M for Tech Growth in Canada

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Vancouver’s Pender Ventures announced the final close of its Technology Inflection Fund II LP, reaching $100 million with support from Alberta Enterprise Corporation (AEC). The fund aims to propel Canadian health tech and B2B companies. AEC’s involvement strengthens ties to Alberta’s growing tech ecosystem, where health and life sciences startups are thriving.

Managing Partner Maria Pacella emphasized the shared goal of scaling high-potential firms nationwide. Notable contributors include BMO, VanCity, and Export Development Bank. Pender’s previous success includes Copperleaf Technologies and D-Wave Systems.

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

Auto Giants Sound Alarm Over Canada’s EV Charging Shortage

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As Canada’s zero-emission vehicle (ZEV) targets loom, the Canadian Vehicle Manufacturers’ Association (CVMA), representing GM, Ford, and Stellantis, warns that EV charging infrastructure is critically lagging. With mandates for 20% ZEV sales by 2026 and 100% by 2035, CVMA says the current pace of charger installation falls short.

The group’s report suggests Canada needs 100 new public chargers daily over 11 years. CVMA’s Brian Kingston stresses the urgency of updating building codes for home EV chargers and reliable infrastructure. Despite government-backed chargers, private investment lags, creating a barrier to meeting ambitious ZEV goals.

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

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 CleanEnergy.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.