Canada crowned Cohere as Artificial Intelligence Champion with the stroke of a pen, and the feds have the ink for a few more.
Artificial Intelligence Minister Evan Solomon told reporters at Solink's headquarters in Ottawa this week that his government hopes to sign more memorandums of understanding similar to the broad agreement it has negotiated. made with Cohere this year.
“We're trying to get some qualified companies that we think are strategically important to help expedite the process. [the procurement] process,” Solomon said.
There were purchases omnipresent pain point for Canadian technologies. Earlier this month, Dominion Dynamics executives told me that Cohere has been “anointed” by the federal government. A defense technology startup is hoping to get the same treatment.
At a panel at the Rideau Club in Ottawa, where former Conservative Party leader Erin O'Toole argued that Canada “was built on” picking winners, the founder of Dominion Dynamics Eliot Pence said that “defense is often not about technology or product.” Instead, “it’s about attracting the buyer.”
Pence later suggested that the MOUs allow governments to work with the company while avoiding the traditional procurement process. Instead of a multi-month request for proposals, any development of a relationship with a company included in the Memorandum of Understanding is simply an evolution of that agreement.
In Solinka, Solomon seemed to confirm Pence's theory of expediency. He told reporters that we would “soon” see some results of the government's Memoranda of Understanding.
“We use technology and other things to make government more efficient,” Solomon said. “We are trying to do this from a Memorandum of Understanding perspective.”
As for startups looking to attract buyers, the federal government appears willing to sign on the dotted line.
Alex Riehl
Staff Writer, Ottawa
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Technology investor associations call for unified capital strategy ahead of Budget
With the Canadian government weeks away from budget cuts, two organizations representing Canadian technology investors are lobbying for federal agencies to “recognize the importance of a unified capital strategy” for funding innovation.
The National Angel Capital Organization and the Canadian Venture Capital and Private Equity Association have called for the creation of a seed funding program, a revival of the Venture Capital Catalyst Initiative, Canadian qualified small business equity and a fund for domestic mid-cap companies.
Evan Solomon teases new artificial intelligence laws as experts warn Canada is falling behind international peers
At a conference in Montreal this week, Canada's artificial intelligence minister Evan Solomon provided more details about the federal government's plans to introduce data privacy legislation, including regulations on deepfakes.
Earlier that day in Ottawa, Solomon didn't rule it out America's participation in Canada's sovereign cloud strategy, as well as providing an update on the government's AI task force and future quantum program.
Wealthsimple Unveils Advanced Investing Tools as We Reach the $100 Billion Milestone
Wealthsimple's total assets under management topped C$100 billion, three years ahead of its original December 2028 target, after growing 37 percent since March 31.
Wealthsimple shared the news during the second product launch of its Wealthsimple Presents series, where it introduced new services such as zero-commission options contracts, cheaper cryptocurrency trading and the ability to buy and sell gold.
The Toronto-based fintech startup was also among the first group of registered payment service providers. Released by Bank of Canada This week. This designation opens the door to access to payment routes – the infrastructure that allows money transfers to be made without having to go through banks.
Aidan Gomez says Cohere could IPO 'soon' as company holds secondary sale
Speaking about his company's place in the AI market at the Bloomberg Tech conference in London this week, Cohere CEO Aidan Gomez said its AI scaling could hit the public markets “soon.”
“We are on a clear path to profitability; I think public market investors would be happy to have the option of investing in artificial intelligence rather than through hyperscaling,” Gomez said.
Canadian artificial intelligence pioneers Yoshua Bengio and Geoffrey Hinton have joined the global call to ban the development of superintelligence.
Canadian artificial intelligence pioneers Geoffrey Hinton and Yoshua Bengio have signed another open letter, this time advocating a ban on the development of “superintelligence.”
The open letter brings together a unique circle of supporters, including American right-wing commentators Steve Bannon and Glenn Beck, Apple co-founder Steve Wozniak and billionaire Virgin founder Richard Branson.
BDC report says optimism is growing among Canadian businesses despite trade war uncertainty
A new report from the Business Development Bank of Canada (BDC) finds Canadian businesses have become more optimistic about the economy in the months since the U.S. trade war began.
BDC Vice President and Chief Economist Pierre Cléroux attributed the growth to SMBs now having “less uncertainty” about the impact of US tariffs, as well as the steps they have taken to ensure their survival and competitiveness in this “new reality.”
Neo Financial scores a hat-trick in Deloitte Technology Fast 50 for the first time in history
Calgary-based fintech startup Neo Financial completed its hat-trick of appearances on Deloitte's Technology Fast 50, ranking No. 1 on all three lists for the past three years.
The list recognizes Canada's fastest-growing tech companies across three categories, using their percentage of revenue growth over the past three years as a benchmark. Other companies included in the list of businesses include fintech startup Koho in second place, Lightspeed Commerce in sixth place and Hopper in ninth place.
General Events
- Shopify President Harley Finkelstein and DavidsTea Co-Founder David Segal spilled tea about creating a global company from anywhere in the world, including Canada, at HEC Montréal this week.
- Rally in Toronto researched how the next generation of Canadians can build healthy relationships with and without technology.
- In a candid fireside chat at TechExit.io, Lighthouse Labs co-founder Jeremy Shakey recalculated what it was like to watch his 12-year project “fall apart.”
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- On October 30, YSpace Fireside Chat ELLA and Ascend 2025 Showcase will spotlight women who are building new markets from the ground up. Look who's headlining.
- Can today's AI geeks overcome the challenges of tomorrow's enterprise? Four investors share how AI startups can prepare for tougher procurement conditions. Read their advice.
- Profitual calls itself the “Canva for spreadsheets,” helping startups create investor-ready budgets, forecasts, and financial reports without the need for an accounting degree. Read about his background.
- From November 18 to 20 in Calgary, Future Summit 2025 will cut back on speaking engagements and focus on deals. Read about the must-see event.
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🇨🇦 Weekly Canadian Deals, Dollars and More
- CAN – Feds renew $189 million Black Enterprise Program
- VAN – FINTRAK issues a record fine vs Cryptom
- GOAL – Felix raises $53 million to become more 'aggressive' in telehealth
- TOP – Cybrid closes $10 million to bring stablecoins into the mainstream
- THURSDAY – MARS restarts Capital Program to help startups raise funds
- QC – Quebec Investments transforms Fonds Impulsion into a $200 million venture fund
- MTL – Ready Plan Ahead raises $750 thousand to automate the hard work of accountants
Take the BetaKit test: Visa startup takes too long, Canadian IPO and cloud 404 coming soon
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Artistic image courtesy of Alex Riehl of BetaKit.
