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Québec City-based Coveo’s share price rose in its Toronto Stock Exchange (TSX) debut this week, becoming a bright light in what has been a lacklustre season for Canadian tech IPOs, with many falling short of expectations. Meanwhile, Ottawa’s Telesat began trading on the TSX and the Nasdaq to underwhelming initial results.
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Grammarly, the popular auto-editing tool for writing, has raised $200 million in funding at a $13 billion valuation from new investors including Baillie Gifford and funds and accounts managed by BlackRock, among others.
In the fall of 2019, Toronto-based Looka was facing major difficulties, laying off 80 percent of its staff following a failed rebrand that cut its revenue in half. But two years on, after shifting its strategy, the startup has turned things around, tripled its monthly revenue, and returned to profitability.
Apple accelerates work on car, aims for fully autonomous vehicle (BNN BLOOMBERG)
Apple shares gained as much as 2.4 per cent to US$157.23 after Bloomberg reported the news.
Theo Van Wyk, Head of Solutions Development and Cybersecurity at CDW Canada, unpacks troubling statistics from a new CDW cybersecurity survey.
Toronto’s AI sector continues to draw global heavyweights as Bridgewater co-chairman joins Radical Ventures (THE GLOBE AND MAIL)
John Megrue Jr, who previously served as co-chairman of Bridgewater Associates, one of the world’s largest hedge funds, has joined Toronto-based venture capital firm Radical Ventures, as the artificial intelligence (AI) investor gears up to raise its second fund. For Radical, the addition of Megrue Jr. follows a number of other recent hires and promotions.
McRock Capital leads $57 million USD round for California’s Landing AI, created by former Google Brain lead (BETAKIT)
The financing closed in mid-October, and part of the funding includes a convertible note, the value of which is not being disclosed.
AI startup Afiniti ousts CEO after sexual assault allegations (BNN BLOOMBERG)
The move came two days after a 23-year-old former employee testified before a U.S. congressional committee investigating arbitration clauses that companies write into contracts, and the chilling effect they can have on victims of harassment and other crimes.
In the next BetaKit Live on Thursday December 2, leaders from TELUS Pollinator Fund for Good, the Global Impact Investing Network, and Gotcare explain the corporate venture capital and impact investing space.
Can a machine learn morality? (NEW YORK TIMES)
Researchers at a Seattle AI lab say they have built a system that makes ethical judgments. But its judgments can be as confusing as those of humans.
In an interview with BetaKit, Enso Connect’s co-founder and CEO Francois Gouelo said the startup plans to use the fresh funding to add more integrations and support the rollout of a new customer relationship management (CRM) component.
What went wrong with Zillow? A real-estate algorithm derailed its big bet (WALL STREET JOURNAL)
The company had staked its future growth on its digital home-flipping business, but getting the algorithm right proved difficult.
What To Expect From Your Lead Investor (BETAKIT)
Silicon Valley Bank shares tips on what to expect from your lead investor and how to build a strong relationship with them.
The sum represents Sanofi’s equity investment in Owkin, plus a payment to begin a research partnership covering four types of cancer.