Trio of Canadian tech companies show progress towards profitability in earnings this week
Thinkific hits positive EBITDA as Coveo and Mogo shrink losses.
Quebec
Recharge Véhicule Électrique raises over $7 million to expand at-home EV charging
RVE’s president says the funding will help free up 4,000 megawatts of power from the grid.
Electronic circuit manufacturer SMT Intelligence raises $68 million from the Fonds FTQ
SMT uses robotics, AI to produce over eight million electronic circuits annually.
Lightspeed’s stock rises as firm exceeds outlook for fiscal Q2, achieves positive EBITDA
Company takes a step towards profitability, boosts revenue guidance.
Federal, Québec governments invest over $7.6 million into quantum telecom testbed
The testbed will allow businesses to experiment with quantum technologies for telecom networks.
The Québec-IBM Discovery Accelerator now has its quantum computer
The IBM Quantum System One in Bromont, Québec is the first quantum computer of its type in Canada.
Québec venture funding maintained upward trajectory in Q2 2023
Investment in the region grew by 42 percent from Q1 2023, and 81 percent year-over-year.
Tiptap and Omnirobotic pursue restructuring after startups fail to raise additional funding
As VC financing has dried up, a growing number of Canadian tech firms are running out of cash.
Québec’s quantum scene gets boost with new factory, startup studio
French VC, quantum processor manufacturer choose Sherbrooke for its academic expertise, infrastructure.
Québec attracted more venture funding than any other Canadian region in Q1 2023
Québec startups raised a cumulative $317.3 million in Q1 2023.
Bell to acquire Montréal cloud services provider FX Innovation
Bell posted an 88 percent decline in free cash flow since the first quarter of 2022.
Smart display company E2ip Technologies raises $120 million
Export Development Canada and McRock Capital co-led the round.
Mila secures $21 million from Québec government to support ethical AI research, projects
The provincial government also invested $14.3 million into ten incubators, accelerators.
Québec budget aimed at stimulating the economy with investments in tech sectors, skilled labour
Cleantech, FinTech, AI, and quantum sciences are getting attention.
Mila, UNESCO warn against use of AI in “harmful contexts” in joint book on AI governance
Joint book addresses lack of accountability, transparency in AI training models.