So last year, I leaked the BetaKit Most Ambitious cover in this newsletter the day before our launch. I would never be so bold as to do it again this year, right?
For more than five months, Team BetaKit has worked incredibly hard to deliver an issue that honours Canadians working to strengthen our nation’s autonomy, security, and prosperity. Something that meets the moment. Something that inspires others to do the same.
You’ll be able to find the results of that work digitally here. Those of you attending Toronto Tech Week can get your hands on a physical copy at our Town Hall or Homecoming—I have already stolen several for myself, and they look incredible. If you can’t make it, we’ll have tons of coverage of both events and the rest of TTW on BetaKit.com.
Speaking of Toronto Tech Week: wow. Zero to 600 events in two years is insane. At the bottom of this newsletter, you’ll find my podcast interview with TTW’s co-directors on how the decentralized platform became Canada’s largest grassroots tech event.
Coming days after Upper Bound welcomed over 11,000 cracked AI researchers to Edmonton (coverage below), it’s another example of what can be achieved when Canadians roll up their sleeves. And we still have ALL IN, Startupfest, and SAAS NORTH before the year is up.
Events are, at their best, a prompt, not the final output, and some among you may quibble about which Canadian city is currently delivering more alpha. I think that’s shortsighted. The goal shouldn’t be to crown a local champion but build a killer starting five to take on the world, right?
Douglas Soltys
Editor-in-chief
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Digital surveillance Bill C-22 threatens to drive tech firms out of Canada
The legislation would give law enforcement backdoor access to data and expand how long companies store user metadata—and tech leaders are not happy. Apple and Meta have urged the government to amend the bill, while companies like Signal and NordVPN have threatened to leave the country altogether.
Cohere releases its most powerful AI model as open source
The enterprise-focused AI startup’s new Command A+ model is twice as fast as previous models, has lower latency, and higher accuracy, according to Cohere. It’s also available as open source, meaning developers can directly access the weights used to build and operate the model.
The model release follows Cohere closing its second acquisition deal within a month, buying up Montréal- and Berlin-based Reliant AI to help push Cohere’s flagship AI product into healthcare.
Wealthsimple unveils new family and business products as it broadens banking push
At its latest Wealthsimple Presents, the company said it wants to be the platform for your entire financial life.
To do that, the company has released new products for families, kids, and small business owners, including a prepaid business card, a USD account, and a line of credit.
Canadian angel investment falls to five-year low, but women investors gain ground
Canadian angel investors deployed nearly $114 million across 490 investments in 2025, marking another decline for angel investing after 2024’s partial recovery, according to the National Angel Capital Organization’s latest report.
On the bright side, NACO says women now represent 40 percent of members in participating Canadian angel networks, an all-time high.
The report follows Angel Investors Ontario joining the Canadian Startup Capital Association, a new investor advocacy organization, as it looks to secure more government funding amid an uncertain future.
From the ashes of Ubisoft Halifax, an indie studio rises to revive Atlantic Canada’s gaming industry
Three major video game development studios have closed in Atlantic Canada in recent years, including Ubisoft Halifax this past January. Besszong, a new Halifax-based independent video game development studio made up of ex-Ubisoft employees, wants to reboot the gaming industry for the region.
What’s up at Upper Bound
Edmonton’s AI conference wrapped up this past week. The event saw millions of dollars committed to Canada’s AI research programs and discussions on avoiding a “cyberpunk dystopia.”
- AI minister Evan Solomon announced a $24-million investment into the Canadian Institute for Advanced Research’s AI Chairs Program amid a global battle to attract and retain AI professionals.
- The Province of Alberta invested $10 million into a new partnership with the Alberta Machine Intelligence Institute to develop new tech that could improve the healthcare system’s capacity, patient outcomes, and efficiency.
- A connected lightbulb getting hacked is one thing; a connected prosthetic is another. Three U of A academics discussed the opportunities and security risks that come with the “Internet of Bodies.”
Historic Marconi name returns as Canadian investors launch defence tech firm
Former CEO of National Bank Louis Vachon and a group of investors announced the creation of Marconi Technologies, a newly Canadian-owned defence company headquartered in Montréal, this week.
The company is named after the Italian-born inventor Guglielmo Marconi, who is widely credited as one of the inventors of radio. It plans to sell hardware and communications technology to the Canadian government and allied countries.
Trane and BrainBox AI open Montréal lab to cut energy waste in buildings
Trane acquired BrainBox AI at the start of 2025, incorporating its AI solutions for building temperature management into its HVAC technology portfolio. Since then, it kept its Montréal presence of roughly 200 employees, half of whom are working at the new innovation lab.
Kritik is equipping profs for the AI “arms race” coming to classrooms
Kritik’s product, VisibleAI, is built with the expectation that students will use AI, giving them full access to different LLMs while working on assignments. The platform then tracks what parts the student types directly, what prompts the student is using, and how much of it is pulled from the AI chatbot, painting a better picture of the student’s knowledge.
FEATURED STORIES FROM OUR PARTNERS
How to take AI from demo to real-world deployment
Quebec City-based, Unicorne, has successfully addressed medical clinic call volumes and nursing shortages by replacing an inefficient intake system with a secure, voice-based AI triage platform. This homegrown technology has streamlined operations so effectively that it automatically routes, protocols, and summarizes patient inquiries within seconds, freeing up staff and helping nurses prioritize urgent clinical care.
BEA wants to help co-founders LiinkUP at Toronto Tech Week
Black Entrepreneurship Alliance (BEA) is addressing founder isolation and systemic funding barriers at their Toronto Tech Week flagship event, Co-Founder Connect, on May 28th. Participants of the event are encouraged to use LiinkUp, an app founded by a BEA alumnus, to collaborate, build, and network with like-minded founders on their ideas to bridge the gap between founder isolation and scaling.
🇨🇦 Weekly Canadian Deals, Dollars & More
EDM – PrairiesCan reveals $6.8M in AI funding at Upper Bound
TOR – Relay secures $50M USD to add SMBs to its banking platform
TOR – N49P completes initial $25M USD close for fourth fund
TOR – Quantum Bridge raises $8M USD to prepare for “Q-Day”
TOR – 1Password partners with OpenAI to secure Codex coding agent
TOR – Xanadu strikes deal to raise up to $300 million USD
TOR – Intuit lays off 17 percent of its global workforce
MTL – Lightspeed Q4 earnings fall short of expectations
MTL – Sagard spins up new $150M USD AI fund
The BetaKit Podcast — How Toronto Tech Week became Canada’s largest grassroots tech event
“You could start your day paddleboarding on Lake Ontario, then you could go to a workout class, then you could go to a session on what VCs want to hear.”
Last year, a decentralized community experiment led to 15,000 people attending over 300 events in the middle of June. With nearly 600 events welcoming people from around the world set to begin Monday, this year’s Toronto Tech Week promises to be much bigger and bolder. Co-directors Julia Konefal and Mell Truong join The BetaKit Podcast to ensure you are eventmaxxing all week long in Toronto.
The BetaKit Guide to Toronto Tech Week 2026
From May 25th to 29th, Canada’s largest grassroots tech gathering is taking over the city with over 500 panels, mixers, and competitions across 30 neighborhoods. The BetaKit Guide to Toronto Tech Week 2026, presented by Clio, is your ultimate cheat sheet to navigating the week-long schedule.
Don’t miss out, visit BetaKit’s website for the full guide.
Feature image courtest Studio Wyse.