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Canadian Tech in 100 Words

Ottawa Partners With Coveo to Modernize Government AI

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Coveo and the Government of Canada have signed a memorandum of understanding to accelerate artificial intelligence adoption across federal operations. The partnership will explore deploying AI-powered experiences using machine learning and large language models to modernize services, improve efficiency, and support Canada’s digital sovereignty.

Ministers Evan Solomon and Joel Lightbound said the collaboration emphasizes responsible, Canadian-built AI at scale, strengthening public services and domestic innovation. Coveo executive chairman Louis Têtu said the company’s AI-Relevance technology can deliver faster, more precise access to information for citizens and public servants nationwide services.

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CoLab Joins NVIDIA Inception to Advance Engineering AI

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St. John’s–based engineering software firm CoLab has joined NVIDIA’s Inception program, gaining access to the chipmaker’s global ecosystem of artificial intelligence innovators. The partnership will allow CoLab to explore how NVIDIA technologies can accelerate AI for teams designing complex physical products across sectors including automotive, industrial equipment, energy infrastructure, and medical devices.

CoLab positions its platform as an engineering operating system that combines AI-generated insights with human decision-making to shorten design cycles. Executives say NVIDIA’s simulation, training, and synthetic data capabilities could strengthen that approach. Founded in 2017, CoLab works with manufacturers worldwide.

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Former Shopify Product Leader Joins OpenAI

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Former Shopify executive Glen Coates has joined OpenAI as head of its app platform, where he will oversee the integration of third-party applications into ChatGPT. Coates previously served as vice-president and head of core product at Shopify, a discipline closely guarded by CEO Tobi Lütke.

He joined the commerce company through its 2019 acquisition of Handshake and departed earlier this year. At OpenAI, Coates will help position ChatGPT as a central interface for tasks such as browsing listings or creating playlists. Shopify has since named former Cohere executive Eric Hu as its new principal designer.

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Lacavera-Controlled Bank Partners on Canadian Dollar Stablecoin

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Wealth One Bank, controlled by Anthony Lacavera’s Globalive investment fund, has joined efforts to design and test a proposed Canadian dollar stablecoin known as CADD. The bank is partnering with Tetra alongside fintechs including Float, Koho, and Aquanow. Canadian lenders have increased crypto experimentation with encouragement from federal regulator OSFI, which has eased restrictions.

Tetra said recent test transactions showed CADD moving between Wealthsimple, Purpose, ATB Financial, and National Bank, all project backers. The initiative comes as Ottawa advances a regulatory framework for stablecoins, with legislation tabled in November. Wealth One was acquired by Globalive in July.

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Opendoor Taps Coinbase Canada Leader for Blockchain Push

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Lucas Matheson, head of Coinbase Canada, has been hired as president of Opendoor, the U.S.-based online real estate firm. Matheson, who has led Coinbase Canada since its 2023 launch, will oversee corporate development, financial planning, and Opendoor’s blockchain strategy. He reunites with CEO Kaz Nejatian, a former Shopify executive, where Matheson also worked before leaving in 2021.

Matheson has been a leading advocate for crypto-friendly regulation in Canada, including Ottawa’s forthcoming stablecoin framework. Opendoor, which briefly became a meme stock last summer, has faced investor pressure after leadership turnover recently.

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Ottawa Backs Four Firms in Quantum Computing Push

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Canada has launched the Canadian Quantum Champions Program to anchor domestic leadership in quantum computing, selecting four firms for up to $23 million each in initial funding. The recipients are Montreal-based Anyon Systems, Sherbrooke’s Nord Quantique, Coquitlam-based Photonic, and Toronto-based Xanadu.

Ottawa has pledged additional funding if the technologies perform as promised. Nord Quantique, Photonic, and Xanadu are also participating in a U.S. program offering up to US$316 million by 2033, raising concerns about corporate migration. AI Minister Evan Solomon said CQCP ensures companies can compete globally while remaining headquartered in Canada.

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National Bank Sues Flinks Founders Over Non-Compete

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National Bank has sued Flinks co-founders Yves-Gabriel Lebœuf and Frédérick Lavoie for $5.7 million, alleging they violated non-compete clauses after the lender acquired a majority stake in the fintech in 2021.

The lawsuit claims the founders shifted focus to Deck, a startup National Bank says competes with Flinks’ data aggregation services central to its open banking strategy. Lebœuf disputes the allegations, saying Deck operates outside restricted areas and that National Bank authorized their work. Deck secured US$12 million in April. National Bank is seeking an order to halt Deck’s activity.

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Blockstream Buys Hedge Fund to Bridge Bitcoin and TradFi

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Blockstream is pushing deeper into mainstream finance through its investment arm, Blockstream Capital Partners, which has acquired New Jersey-based hedge fund Corbiere Capital Management. The move supports Blockstream’s ambition to offer investment products spanning bitcoin and traditional assets, though deal terms were not disclosed.

It follows a busy year for the Montreal company, which split into three entities in April and has been actively deploying capital. Blockstream Capital bought Switzerland’s Berglinde last fall and, in January, led a US$75-million funding round for Komainu funded entirely in bitcoin. Founded in 2014, Blockstream has long focused on expanding Bitcoin’s adoption and infrastructure.

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EVIO Unveils Hybrid-Electric Aircraft With 450 Commitments

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Montreal-based EVIO debuted publicly with the launch of its EVIO 810 hybrid-electric regional aircraft and revealed conditional purchase agreements and options for 450 units ahead of an early-2030s entry into service. The company is backed by Boeing and collaborating with Pratt & Whitney Canada on propulsion technology for its clean-sheet design, aimed at the 50- to 100-seat market.

EVIO earlier secured commitments for 250 aircraft with options for 200 more. CEO Michael Derman said strong-hybrid architecture boosts operator efficiency. Industry veterans guide the company as global demand for next-generation regional aircraft rises.

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Wonder Valley Lags as Alberta Megaproject Falls Behind Schedule

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A year after Kevin O’Leary unveiled Wonder Valley, the massive data-centre project planned for Alberta’s Greenview region is already more than a year behind schedule, with construction now unlikely before 2028. The site remains undeveloped despite millions in public spending to prepare the Greenview Industrial Gateway for heavy industry.

O’Leary Ventures has yet to finalize its land purchase or pursue key permits or Indigenous consultations. Local officials remain hopeful, citing job potential and demand for AI compute, though major cloud providers are not yet engaged. Earlier industrial proposals on the site also stalled, underscoring the challenge ahead.

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