The BetaKit Quiz, Oct. 25, 2024

RaceRocks develops immersive training and simulation solutions for the defence, aerospace, and heavy industries. The startup uses virtual reality, augmented reality, and simulations to transport trainees to their new stations, from helicopter cockpits to naval ships. RaceRocks was recognized this week for Excellence in Company Culture.

Brightspark added Andrew Lugsdin as its new Vancouver partner. The firm told BetaKit the move is aimed at helping the firm capture more deal flow in British Columbia. “We’re very excited about what’s happening in BC,” Brightspark partner Sophie Forest told BetaKit.

Alison Taylor, co-founder of clinic management software company Jane App, revealed that her company achieved $100 million in ARR this year, giving the startup the coveted ‘centaur’ status. She reflected on the milestone during the Vantage Point panel at BetaKit Town Hall: Vancouver.

BetaKit asked Canada’s innovation minister François-Philippe Champagne about SDTC’s funding delays at a media availability this month. While Champagne expressed sympathy for the startups impacted, he also took the opportunity to lay blame for the delays on the Conservatives. Read one Conservative minister’s response to Champagne here.

Kirsten Toth, founder and CEO of Free Agent, is a professional hockey player who competed with Team Canada in the World Skate Games in Argentina in 2022 and most recently at the World Skate Games in Italy earlier this year. She wants Free Agent to be a LinkedIn-style career marketplace for athletes ready to take the next step in their post-sport careers.

While MyFO said that it uses AI for data ingestion, it is also mindful of family offices with heightened concerns about privacy and data security. “While many tech companies are joining the AI hype, MyFO remains focused on its goal of thoughtful innovation,” the company said when announcing its latest funding round.

Hamed Abbasi, Krzysztof Retel, and David Creamer have all departed the payments scaleup in the last year. BetaKit reported this week that at least eight leaders have left Plooto in that time. Others include director of regulatory compliance Kabir Tariq, director of DevSecOps Kris Musard, head of product growth Martin Hao, head of people operations Adam Virk, and director of performance marketing Laquel Wright Chester. Read more about Plooto’s team restructuring here.

Tom Birch, CDPQ’s global managing director of venture capital and technology, talked about zombie companies sticking around in Canada when they should have exited a long time ago. “The ecosystem of living deads doesn’t last too long in the Valley, whereas in Canada, they last too long,” he added.

This week, the federal government launched two programs aimed to strengthen the development and adoption of artificial intelligence by small and medium-sized businesses. These programs include the $200-million Regional Artificial Intelligence Initiative to help businesses adopt AI technologies, and the $100-million AI Assist program to support research, product development, and testing. Both programs are part of the federal budget’s $2.4-billion AI package.

While Newton did say ‘you don’t have to sell’ to the founders attending BetaKit Town Hall: Vancouver (full recap here), the message was not intended for the government.

He said the government’s role, first and foremost, should be to do no harm; urged the government to stop supporting ‘zombie’ companies through programs like the Scientific Research and Experimental Development (SR&ED) tax credit; and advised the government against picking winners in the tech industry.