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Canadian Tech in 100 Words

 

Half of Canadian Workers Now Use Generative AI

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KPMG in Canada’s latest survey reveals nearly half of Canadian workers now use generative AI at work, doubling last year’s figures. While AI boosts productivity by aiding idea generation, research, and communication, it raises concerns over data security. KPMG’s Lewis Curley warns that employees entering sensitive company data into AI tools pose risks if employers lack proper policies.

Currently, only one-third of AI-adopting companies have comprehensive strategies in place. Megan Jones of KPMG urges organizations to embed AI into core business functions and reskill employees to maximize benefits. Proactive adoption could offer a competitive edge but demands careful oversight.

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

Medimap Joins NVIDIA, AWS Initiatives for Healthcare Innovation

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Victoria-based Medimap has achieved two major milestones, joining NVIDIA’s Inception Program and the AWS Health Equity Initiative (HEI). Medimap, Canada’s largest real-time healthcare access platform, connects patients to over 70% of walk-in clinics nationwide. NVIDIA’s program provides AI tools and global expertise to enhance Medimap’s patient engagement and doctor-matching technologies.

Meanwhile, AWS HEI, a $40M global initiative, supports Medimap’s work improving healthcare access for underserved communities, including rural residents and new immigrants. CEO Thomas Jankowski says these partnerships will enable Medimap to scale its AI portfolio and reduce emergency wait times as part of its expansion strategy.

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

Trump’s Tariff Threat Puts Canada’s EV Industry on Edge

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Donald Trump’s proposed 25% tariff on Canadian and Mexican goods threatens Canada’s EV sector. Automakers warn that tariffs on cross-border components could raise vehicle costs and worsen inflation. Linamar chair Linda Hasenfratz highlights the cost impact of parts crossing borders multiple times.

With EV battery components heavily reliant on China, added tariffs may increase Canadian production challenges. Heather Exner-Pirot of the Business Council of Canada notes U.S. reliance on Canadian nickel and cobalt, critical for EV batteries, complicates Trump’s plan. Trade lawyer Sean Stephenson cautions retaliation under USMCA could take time, leaving uncertainty for Canada’s auto sector.

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

Tencent Leads $80M Investment in Neo Financial

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Calgary’s Neo Financial has raised US$80M in equity financing, led by Chinese tech giant Tencent, valuing the fintech at US$510M—down sharply from its US$1B valuation in 2022. Tencent invested US$50M, securing a passive stake under 10% with limited rights. Neo, founded by SkipTheDishes co-founders, boasts 1.3M customers and $100M in annual revenue, aiming for profitability by 2025.

Questions surround the involvement of a Chinese backer, amid geopolitical concerns over data privacy. Neo insists customer data is secure and remains Canadian-controlled. The company continues its rapid growth, adding 100,000 customers per quarter and expanding into small-business banking.

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

Hopper Aligns for Growth with Latest Staff Reductions

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Montréal-based travel booking firm Hopper has laid off about 10% of its workforce, or 60-65 employees, following the renewal of its partnership with Expedia. Hopper confirmed the layoffs were part of a restructuring to focus on growth and profitability. The cuts primarily impacted the direct hotel team, which Hopper had relied on since Expedia ceased its inventory supply in 2023.

The company had previously reduced its workforce by 30% in October 2023 to prioritize B2B offerings, which now comprise two-thirds of revenue. Hopper aims to achieve profitability within two years while postponing any plans for an IPO.

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

Wildfire Tech, Clean Energy Innovations Get Boost

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The B.C. Centre for Innovation and Clean Energy (CICE) has invested $7.7 million in 13 climate tech projects, advancing wildfire mitigation, clean energy, and decarbonization technologies. Six wildfire tech companies, including CRWN.ai and FireSwarm, received $3.5 million to address the rising threat of wildfires.

An additional $4.2 million supports seven innovators in low-carbon hydrogen, energy storage, and sustainable fuels. Notable projects include EV snowplows, algae-derived biofuels, and advanced hydrogen fuel cells. This funding underscores CICE’s commitment to scaling transformative solutions and driving B.C.’s clean economy. Applications for CICE’s Women in Climate Tech initiative close December 3.

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

Calgary’s Neo Financial Expands with Rapid Growth

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Calgary’s Neo Financial has had a standout 2024, achieving first place in Deloitte Canada’s Technology Fast 50 with three-year growth exceeding 150,000% and topping Report on Business’s Canada’s Top Growing Companies with 38,000% revenue growth. The fintech expanded partnerships with CI Financial and the Canadian Elite Basketball League while launching new features, including credit-building tools for newcomers.

Neo capped the year with a $360M Series D fundraising round, backed by notable investors like Tobi Lütke and Stewart Butterfield. Despite the success, shares were issued at reduced valuations, with a majority sold to a Chinese investor.

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

Cleantech Struggles in Canada Despite Global Growth

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Canada’s cleantech sector struggles to secure domestic investment, forcing startups to seek global backers. Experts like Haskayne professors Koskinen and Pandes cite policy uncertainty and investor risk aversion, in contrast to U.S. regulatory support through the Inflation Reduction Act.

Calgary’s Eavor Technologies raised $135M internationally for its geothermal project, a feat founder John Redfern attributes to global outreach and lobbying. Ontario Clean Technology Industry Association’s Peter McArthur highlights successful Canadian examples like Cyclic Materials, but notes scaling remains elusive. With Canada needing $2 trillion to reach net zero, missed opportunities could shift profits abroad.

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

Big Six Banks Expand Crypto Exposure via ETFs

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Canada’s six largest banks now hold a combined US$21M in U.S. bitcoin ETFs, per recent SEC filings. BMO leads with US$13.5M, followed by Scotiabank and RBC. While some holdings reflect client investments, others remain unclear. Bitcoin ETFs, launched in January 2024, have gained rapid popularity, surpassing US$100B in global assets.

Historically wary of crypto, Canadian banks now bolster expertise to handle emerging risks flagged by regulators. OSFI’s new disclosure rules on crypto exposure take effect in January 2025. Though volatile, bitcoin ETFs mitigate risks tied to crypto-trading platforms, offering a bridge between traditional finance and digital assets.

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

Private Couriers Step Up Amid Canada Post Strike

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Canada’s e-commerce market, projected to surpass US$100 billion by 2029, faces significant disruption as Canada Post strikes during peak shopping season. With over 27 million Canadians shopping online, private couriers like UPS, Purolator, and startups such as UniUni and Stallion Express are absorbing demand.

“The strike has disrupted the entire e-commerce ecosystem,” notes Stallion Express analyst Jose Sagun, citing customer dissatisfaction and business reputation risks. Diversifying shipping strategies and leveraging tech-forward logistics are crucial to mitigating such crises. Notably, UniUni’s 12,854% revenue growth secured it fourth place on Deloitte’s Fast 50 list, highlighting innovation amidst challenges.

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