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Raven.ai aims to address supply chain issues following $12 million USD Series A (BETAKIT)
Founded in 2013 by McGill graduate Martin Cloake, Raven’s overall equipment effectiveness (OEE) improvement software aims to help address labour costs and mitigate supply chain inefficiencies by providing overviews of equipment effectiveness and production losses.
Ebay to lay off 500 employees (REUTERS)
E-commerce firm eBay Inc said on Tuesday it will lay off 500 employees globally, representing 4% of its total workforce. Shares of the San Jose, California-based company rose about 1% in aftermarket trade.
Following exit to Live Nation, Universe founders secure $10.8 million for online art marketplace Peggy (BETAKIT)
Peggy, an online social marketplace for contemporary art, has unveiled $10.8 million CAD ($8 million USD) in equity seed funding and launched its platform, which aims to make buying and selling art more flexible.
Knocked out by hackers: Online retailer Ssense failed to notify government of cyberattack (JOURNAL DE MONTREAL)
In a message to staff obtained by Le Journal, Ssense reports a “cybersecurity incident” in which “an unauthorized third party” gained access to its computer systems on December 10.
Shopify unveils new features for shopping app, fulfillment network in latest products update report (BETAKIT)
Shopify releases a new “Editions” twice a year, highlighting all of its latest product releases with context and guidance. The first edition was launched in Summer 2022.
Shopify dabbles in artificial intelligence with new product-description tool (THE GLOBE AND MAIL)
The new tool, dubbed “Shopify Magic,” will be part of the company’s e-commerce platform. It uses underlying technology similar to what powers ChatGPT, a generative AI application that has become popular since its launch late last year.
Mark Usher named CIBC Innovation Banking lead after Mark McQueen announces departure (BETAKIT)
Like McQueen, Usher joined CIBC with the acquisition of Wellington Financial in 2018. He has served as a key member of the leadership team and has been pivotal in building the Innovation Banking business.
Goodfood secures nearly $12.7M loan from Investissement Québec, other investors (THE LOGIC)
The funds, which come in the form of convertible unsecured subordinated debentures, come at a 12.5 per cent yearly interest rate. Investissement Québec, the investment arm of the Quebec government, is contributing $10 million, while management, board members and existing shareholders are providing the remainder.
Lightspeed one-time net loss of $814.8 million USD sends Groundhog Day signal: six more weeks of tech winter (BETAKIT)
Lightspeed also posted revenues of $188.7 million, an increase of 24 percent compared to the same time last year.
TripActions rebrands as Navan, adds ChatGPT to expense reports (WALL STREET JOURNAL)
As part of the move, announced Tuesday, the Palo Alto, Calif., company is changing its name to Navan, while consolidating its travel, corporate card and expense services into a single app, the company said.
RocketRez closes $20 million CAD Series B to fuel European tourism expansion (BETAKIT)
RocketRez caters to tours and attractions businesses, which were hit hard by the COVID-19 pandemic when travel demand fell. But RocketRez founder and CEO John Pendergrast claims that demand for the startup’s solution actually grew during this time as COVID-19 forced more industry players to embrace tech and automation.
DavidsTea announces layoffs in Montreal (MONTREAL GAZETTE)
It was not immediately possible to determine how many jobs will be affected by the announcement. The company has announced a plan aimed at adjusting the “costs structure in the context of persistent macroeconomic uncertainty.”
After selling startup to Instacart, New School Foods founder raises $15.9 million CAD to create plant-based meat (BETAKIT)
With a founder that sold his previous startup to Instacart, New School Foods claims that its technology is capable of producing whole-cut fish alternatives that look and cook just like ordinary seafood.
Jumia wants to be the “Amazon of Africa.” But it can’t find the customers (REST OF WORLD)
The Lagos-headquartered Jumia, which has a presence in 11 countries and was Africa’s first unicorn, has been the dominant e-commerce player on the continent for more than a decade. However, this dominance and popularity among users have not resulted in profits for the company, which has failed to impress shareholders and tech analysts.
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