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Canadian Tech in 100 Words

 

Alberta Invests $50M in Cutting-Edge Drilling Hub

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Alberta has unveiled the Alberta Drilling Accelerator, a $50 million initiative funded by carbon tax revenue to support geothermal energy, helium, carbon capture, and critical minerals. Canada’s first open-access, technology-agnostic drilling hub will attract global investment and innovation, tackling high drilling costs that hinder geothermal projects.

Major energy players like Tourmaline Oil and Eavor Technologies are already involved. A feasibility study will determine the hub’s location, with operations set to begin in 2026. The non-profit project aims to repurpose Alberta’s oil and gas expertise for clean energy, fostering economic growth and supporting net-zero goals by 2050.

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

Electric Motorcycle Maker Damon Eyes 2026 Production

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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 Techcouver.

Hitachi Rail Invests $100M in Toronto Expansion

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Hitachi Rail is investing over $100 million in Toronto to upgrade its SelTracTM (G9) CBTC signalling technology, incorporating AI, 5G, and cloud computing. Supported by a $4.5M Invest Ontario grant, the project creates 100 new jobs while retaining 1,000 skilled positions at its York Mills office.

The Ontario-developed CBTC system, used in over 100 transit lines worldwide, improves operational efficiency, lowers costs, and enhances passenger experiences. Ontario’s strong tech ecosystem, paired with Hitachi Rail’s expertise, positions the province as a leader in smart mobility innovation. This expansion boosts Canada’s transit capabilities and strengthens Ontario’s economy.

Want to know more? Check out the source code at Invest Ontario.

French Data Centre Firm Betting Big on Canada

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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

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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

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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.

    Wealthsimple Hits $5B Valuation in Secondary Financing

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    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

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    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

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    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

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    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.