Decoder.ca

Canadian Tech in 100 Words

 

French Data Centre Firm Betting Big on Canada

by

OVHcloud, Europe’s largest pure cloud provider, is growing its Canadian operations to meet demand for AI processing power. CEO Benjamin Revcolevschi highlights the firm’s focus on supporting open-source large language models (LLMs). Already operating eight facilities in Quebec, OVHcloud opened a $145 million data centre in Cambridge, Ontario, and plans local zones in Western Canada by 2026.

With 250 Canadian employees, clients include IT firms Welcome Networks and S3 Technologies. Unlike hyperscalers, OVHcloud prioritizes privacy and AI inference over training, working with Meta’s models and clients like CGI and Gladia.

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

Boosted.ai Secures $15M to Expand AI Platform

by

Toronto-based Boosted.ai has raised $15 million in a financing round led by Fidelity Investments Canada and existing institutional investors, including Ten Coves Capital, Spark Capital, and RBC. This funding elevates the company’s total to $61 million. Boosted.ai’s agentic AI platform, Alfa, transforms financial workflows, reducing 40-hour tasks to 20 minutes.

Serving over 300 clients managing $3 trillion in assets, Alfa mimics user thinking, providing proactive monitoring and seamless automation. CEO Joshua Pantony emphasizes Alfa’s potential to enhance research, analytics, and decision-making. The funds will boost product demand, expand systems, and onboard new users.

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

OraQ’s AI Boosts Dental Decision-Making Efficiency

by

Calgary-based healthtech startup OraQ has raised $2.6 million in seed funding, led by AngelMD, an Alberta angel physician group. OraQ’s AI-powered clinical decision support platform analyzes dental and medical records, aiding dentists in better assessing patient risks.

Founded by dentists Dr. Amreesh Khanna, Dr. Mike Parchewsky, and Wayne Madhlangobe, the company aims to improve health outcomes while driving dental practice growth. Winning the Alex Raczenko Pitch Award at Launch Party 2023 underlined OraQ’s transformative potential. This funding will expand OraQ’s technology and North American reach, reshaping dental practices with efficiency and enhanced care.

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

    Electric Motorcycle Maker Damon Eyes 2026 Production

    by

    Damon Inc., maker of advanced electric motorcycles, announced development milestones and a roadmap to production, contingent on securing capital. Key achievements include over 3,000 pre-orders worth $100M and advanced work on its HyperDrive™ powertrain. The company targets late-2025 pre-production completion and 2026 manufacturing in San Rafael, CA.

    CEO Jay Giraud highlighted funding challenges, citing volatile markets and high inflation delaying progress. Despite setbacks, Damon’s Nasdaq listing and partnerships with Grafiti Holdings and industry leaders offer hope. The company remains focused on reinventing motorcycling with cutting-edge safety and battery technologies.

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

    Wealthsimple Hits $5B Valuation in Secondary Financing

    by

    Wealthsimple has reached a $5-billion valuation in a secondary financing led by Iconiq Capital, solidifying its position as one of Canada’s top private tech firms. The deal, worth $100 million, allows employees to monetize holdings without diluting shareholders. Wealthsimple’s AUA has doubled to $58 billion, driven by Gen Z-focused services and a growing client base of high-net-worth users.

    CEO Mike Katchen noted Wealthsimple’s “record momentum,” including November’s projected $3 billion in new deposits. With Silicon Valley veterans joining its executive team, the fintech giant continues expanding its offerings, from credit cards to cross-border payments.

    Want to know more? Check out the source code on The Globe and Mail.

    Shawarma Meets Bitcoin: Tahini’s Bold Financial Strategy

    by

    Tahini’s, a London, Ontario-based shawarma chain, has put its entire cash reserves into Bitcoin, drawing praise from crypto influencers like Michael Saylor and Max Keiser. Co-founder Ali Hamam adopted the strategy in 2020, inspired by concerns about currency devaluation during the pandemic.

    Unlike Saylor’s leveraged Bitcoin purchases, Tahini’s uses a conservative, debt-free approach. The bold move has boosted the chain’s global profile, earning millions of social media followers. Known for its unconventional menu and financial risk-taking, Tahini’s now plans cautious expansion, showing how small businesses can innovate both on and off the menu.

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

    Calgary’s Launch Party Highlights Top 10 Startups

    by

    Platform Calgary’s Launch Party closed Innovation Week YYC, celebrating 10 standout startups at the Big Four Roadhouse. Three awards spotlighted innovation: ResVR won the People’s Choice Award for its 3D home visualization platform; The Reporting Hub secured the Alex Raczenko Pitch Award for its no-code Power BI sharing tool; and Moovez earned the Alumni’s Choice Award for its local moving network.

    Each winner received $3,000 from event presenter Boast. CEO Terry Rock lauded Calgary’s growing tech scene, calling the startups “shining examples of entrepreneurial passion.” The event cements Calgary’s role as a rising tech hub.

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

    Tech Firms Shine in Waterstone Culture Awards

    by

    Waterstone Human Capital has announced its 2024 list of Canada’s Most Admired Corporate Cultures, celebrating organizations that prioritize high-performing cultures. Among the tech sector winners are Mississauga’s goeasy, Toronto’s BenchSci, and Saskatoon’s Coconut Software. Calgary’s Showpass and Vancouver-based Thinkific, Acuitas Therapeutics, and TLC Solutions also earned accolades.

    Founder Marty Parker praised the winners for leading in culture-driven performance. Waterstone’s awards highlight the geographical diversity of high-performing companies, building on last year’s recognition of firms like Vancouver’s STEMCELL Technologies and Toronto’s SAP Canada. The awards inspire organizations nationwide to prioritize culture as a driver of success.

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

    ZayZoon Strengthens Leadership Amid Rapid Growth

    by

    Calgary-based fintech ZayZoon has appointed Agata Zasada as Senior Vice President of People and Culture. Recognized as one of Canada’s Most Admired Chief People and Culture Officers for 2024, Zasada joins from Ontario fintech Paystone. CEO Darcy Tuer praised her leadership in fostering high-performance cultures.

    ZayZoon, ranked in Deloitte’s Technology Fast 500, aims to save 10 million employees $10 billion through earned wage access solutions. With significant growth fueled by a Series B funding round, ZayZoon remains committed to empowering workers during economic challenges. Zasada’s addition highlights the company’s focus on people-driven innovation.

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

    Crypto Exchange Kraken Hits $2B in Canadian Assets

    by

    Kraken’s Canadian operations have surpassed CAD $2 billion in client assets and cash under custody, cementing its position as one of the country’s largest cryptocurrency trading platforms. General Manager Alex Mehrdad credited Kraken’s focus on user experience and innovative products for the milestone.

    In 2024, Kraken doubled its Canadian presence and worked to close the knowledge gap surrounding cryptocurrency, with 54% of Canadians now able to define crypto, according to the Ontario Securities Commission. Mehrdad reaffirmed Kraken’s commitment to fostering adoption and reducing barriers to entry for Canadians.

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