GOVERNMENT FUNDING & NEWS

 The federal Bureau of Research, Engineering and Advanced Leadership in Innovation and Science (BOREALIS), launched a call for proposals to provide up to $50 million in non-repayable contributions over two years to support the establishment of new Defence Innovation Secure Hubs (DISHs). This call is focused on advancing mission-focused research in quantum technologies and uncrewed systems (UxS) – two critical technology areas that will support the development of Canada’s sovereign capabilities identified in Canada’s Defence Industrial Strategy. Quantum DISHs will enable innovators to advance defence-relevant quantum applications within trusted environments equipped with specialized infrastructure. UxS innovation spans platforms, sensors, communications, autonomy software and enabling systems. The goal is to establish a DISH where innovators have access to defence end-users, controlled testing environments and opportunities to integrate their technologies into broader systems-of-systems. The DISH will also provide opportunities to test how uncrewed and autonomous systems perform when integrated and deployed in contested and degraded environments. BOREALIS is seeking to establish DISHs that will accelerate the transition of cutting-edge Canadian research into operational capabilities for the Canadian Armed Forces, helping move innovations from lab to field faster. DISHs provide secure, mission-oriented environments where government, industry, academia and not-for-profit organizations can collaborate to address a persistent challenge in defence innovation, translating promising research and early-stage technologies into capabilities that can be tested, integrated and advanced within secure, defence-relevant environments. National Defence

David J. McGuinty, Minister of National Defence, announced the winners of a total of $1.75 million following the 2025 “Counter Uncrewed Aerial Systems (CUAS) Sandbox” demonstration event held in Ottawa from November 24 to 28, 2025. This event, which is part of the Department of National Defence’s Innovation for Defence Excellence and Security (IDEaS) program, challenged 19 innovators to develop advanced drone detection technologies for complex urban environments. After rigorous testing and evaluation by defence science experts, Canadian Armed Forces personnel, the Royal Canadian Mounted Police, and other defence and security allies, three groundbreaking Canadian innovations were recognized and have earned this year’s “Diamond in the Rough” prizes. In first place, and the recipient of $1 million, is DARIT Technologies (Sherbrooke, Que.). Tied for second place, and each receiving $375,000 are OBJEXIS (Oakville, Ont.) and Prandtl Dynamics (Toronto, Ont.). These prize-winning solutions demonstrated exceptional capability to detect and track micro- and mini- drones in real time – addressing a critical security challenge as drones become increasingly accessible and sophisticated. More information on the prize winners and all participating innovators can be found on the  (CUAS Sandbox 2025 (Urban) web page. National Defence

Pacific Economic Development Canada (PacifiCan) announced an investment of over $46.6 million for eight B.C. projects that accelerate defence innovation and help local businesses grow and integrate into domestic and international defence supply chains. These projects are part of Canada’s first-ever Defence Industrial Strategy and represent foundational investments in B.C.’s defence capabilities. An investment of over $40.6 million will support five projects – it three at the University of British Columbia and two at Simon Fraser University – to build test facilities and advance research in defence and dual-use industries. This will help local companies speed up innovation in areas such as life sciences, quantum technologies and artificial intelligence – moving ideas from the lab to the marketplace and the field. In addition to these investments, over $6 million will help three organizations, including the Association of British Columbia Marine Industries provide training, workforce development and guidance to help B.C. businesses enter defence supply chains. PacifiCan

 Canada Economic Development for Quebec Regions (CED) announced a total of over $33 million in CED funding under the Regional Defence Investment Initiative (RDII) for 28 projects in Quebec. The funding will enable the recipients to develop new technologies, adapt their products and services to meet the needs of the Canadian Armed Forces, increase their capacity to produce and innovate, improve their productivity and competitiveness, explore new markets or consolidate existing ones, and meet the certification standards and qualifications required in defence. CED

Prairies Economic Development Canada (PrairiesCan) announced the first Alberta projects funded through the Regional Defence Investment Initiative (RDII) to accelerate the integration of small and medium-sized enterprises and regional ecosystems into defence supply chains. This repayable investment of over $6.5 million will aid two Alberta-based businesses to expand Canadian production of critical defence equipment, creating high-quality jobs, driving economic growth in the Edmonton area, and supporting Canada’s sovereignty. The two businesses receiving support through the RDII are:

• Edmonton-based Logican Technologies will receive just over $1.5 million to expand advanced manufacturing capabilities for defence-related technologies, including sonar and sensors used to detect, locate and track submarines, naval communications and other defence electronic control systems – while supporting the readiness of the Canadian Armed Forces and NATO partners.
• Zero Point Cryogenics in Edmonton will receive $5 million to rapidly innovate and commercialize sub-kelvin cryogenics required for defence prototypes and mission critical systems PrairiesCan

The Atlantic Canada Opportunities Agency (ACOA) announced a federal investment of more than $4 million to support nine businesses in Nova Scotia under the Regional Defence Investment Initiative (RDII). The investment will help the organizations to develop and manufacture critical equipment and technologies in Nova Scotia, as well as create 24 new highly skilled jobs and strengthen local companies within Canada’s defence and security supply chains:

• Sensor Technology Ltd.
• Mathers Logistics Ltd.
• Salient Energy Inc.
• AML Oceanographic Ltd.
• GALAXIA Mission Systems
• Marine Thinking Inc.
• Atlantic Hardchrome Limited
• L & M Highland Outfitters Limited
• Leeway Marine ACOA

Export Development Canada (EDC) expects to provide $2 billion for Canada’s defence sector by the end of the year, as the federal government aims to sell more weapons and military technology abroad as part of a new strategy to boost national security and defence. Alison Nankivell, chief executive officer of EDA, told the Toronto Star that the financial support has already hit $690 million since June 2025, when the Crown corporation changed its policies and started funding the military defence sector for the first time. “We already, without trying, have about another $700 million in our pipeline,” Nankivell said, referring to forms of financing that include loans to Canadian defence firms and credit guarantees on financing through banks or other financial institutions. For all financing deals on defence, Nankivell said internal risk assessments at EDC are combined with existing policies on arms exports, which require permits that are approved through Global Affairs Canada. “Only then, and in alignment with our own due diligence, would we then move ahead with anything that’s related to a controlled or a weapons system,” she said. Toronto Star

The Federal Economic Development Agency for Northern Ontario (FedNor) announced an investment of just over $1.5 million in support of aviation in Thunder Bay and Northwestern Ontario. FedNor funding supported Levaero Aviation Inc.’s Hangar 97 project. The Hangar 97 project included an expansion of their maintenance and refurbishment department associated with the disassembly and reassembly exterior and interior components of aircraft. Specifically, FedNor’s support enabled Levaero Aviation to construct an over 500-square-metre building to accommodate new equipment and additional staff associated with refurbishment processes. This investment not only strengthens and expands products and services in the aviation industry in Thunder Bay, it enhanced local capacity for the sector, FedNor said. FedNor

The Government of Canada is investing $316.7 million over the next five years to increase Canada’s aerial wildfire firefighting capacity. This investment, stemming from the Budget 2025 commitment to bolster provincial and territorial aerial firefighting capacity, will be directed to the Canadian Interagency Forest Fire Centre (CIFFC). CIFFC coordinates wildfire resources among federal, provincial and territorial governments. Over the next five years, CIFFC will use this funding to lease and manage the deployment of federally funded wildfire fighting aircraft to provinces and territories to boost their capacity during periods of intense wildfire activity. CIFFC has launched a request for proposals to ensure that aircraft are available for use in the 2026 wildfire season. These additional aircraft will strengthen wildfire response operations across Canada and improve safety for communities and frontline personnel, the government said. Meanwhile, the Government of Alberta announced separately that it’s spending $400 million to add five new water bombers to its aging firefighting fleet over the next several years. The deal with Calgary-based De Havilland Aircraft is expected to see the first amphibious plane delivered in 2031. The Canadair DHC-515 plane can skim bodies of water and fill its 6,100-litre tank in about 12 seconds. Public Safety Canada, CBC News

 Prairies Economic Development Canada (PrairiesCan), announced a federal investment of more than $5.8 million through the Regional Tariff Response Initiative for five projects in southern Alberta. Nearly $4.5 million will be allocated to three not-for-profit organizations to deliver business support services and enhance collaboration with a goal of advancing the export readiness of Alberta businesses. This includes $1.5 million for Mount Royal University to launch the Alberta Logistics Centre of Excellence which will deliver specialized programming to help prove and commercialize innovative transportation and logistics products and technologies. Also included in not-for-profit funding is nearly $1.5 million for the Alberta Food Processors Association to provide tailored advice to help food and beverage businesses improve performance and productivity by adopting new technologies and scaling-up operations. Two businesses will also receive a total of more than $1.38 million in direct support to expand sales in new national and global markets. Funding will help these businesses expand product lines, establish reliable supply chains, expand production capacity for Canadian goods and provide quality jobs for Albertans, PrairiesCan said. PrairiesCan

Prairies Economic Development Canada (PrairiesCan) announced $3 million, through the federal government’s Black Entrepreneurship Program (BEP), to support Black entrepreneurs in navigating the systemic barriers that they can face accessing business networks, capital, and growth and scaling opportunities. Two specific projects are receiving support: the Black Business Ventures Association (BBVA), a Prairies-based non-profit organization that amplifies and advocates for Black businesses and entrepreneurs, and the African Canadian Civic Engagement Council (ACCEC), a national organization based in Edmonton that empowers African-descent communities in Canada. The BBVA received $1.5 million to strengthen support for Black entrepreneurs in Alberta with a focus on the tech and innovation space. Funding will go toward delivering personalized coaching, enhancing collaboration within the Black entrepreneur ecosystem, and increasing visibility for Black-led technology and businesses. The ACCEC also received $1.5 million. The funding will be used to expand its ANZA Entrepreneurship Ecosystem, a program that aids Black youth and early-stage entrepreneurs in launching and scaling businesses and social enterprises. BetaKit

 The federal Canada Growth Fund is investing US$85 million (about Cdn$116 million) as part of a broader transaction to acquire and turn around the Vale Base Metals Thompson Mine Complex. This investment would form part of a US$200 million capitalization alongside partners Vale Base Metals, Exiro Minerals Corp. and Orion Resource Partners. The Vale Base Metals nickel mining and exploration assets in Thompson, Man. include two operating underground mines, an adjacent mill and significant exploration opportunities. As global demand for critical minerals continues to accelerate, this investment will support and strengthen Canada’s nickel supply chains to ensure global competitiveness and help sustain high-quality, skilled jobs in the region, the federal government said. “The Canada Growth Fund’s participation in this investment is critical to securing the continued operations of this important mining complex and its crucial output.” Department of Finance Canada

The Federal Economic Development Agency of Northern Ontario (FedNor) is investing $1.56 million to help NORCAT and LoopX advance two strategic initiatives designed to support innovation and growth in the mining sector. Through FedNor’s Regional Economic Growth Through Innovation Fund, NORCAT will receive $1.08 million to complete phase III of its Underground Centre expansion. This final phase represents the completion of a 550-square-meter space with state-of-the-art shop and mechanic facilities, equipment and tools, offices and meeting rooms, and learning spaces. Once complete, this project is expected to support NORCAT’s capacity to serve over 25 unique technology clients per year. In addition, over 10 mining technology businesses will be created, expanded or modernized because of access to the new infrastructure, tools and equipment this initiative will help provide. LoopX will receive $480,000 to advance the development and commercialization of its generative AI-powered analytics system. This technology will enable safer, more efficient mining operations by improving real-time decision-making and operational awareness. FedNor

The Government of Ontario is accelerating Kinross Gold Corporation’s Great Bear Project under the “One Project, One Process” framework – the first gold mine and the third project overall to be accepted under the new framework launched last October. The project represents a more than $5 billion-capital investment and is expected to create 900 jobs during its operational life, with peak employment reaching 1,100 workers. Located 24 kilometres southeast of Red Lake in northwestern Ontario, a town with a long mining history, the Great Bear Project is a high-grade combined open-pit and underground mine with an initial mine life of 12 years. This project is cornerstone of Kinross’ global development portfolio and has potential to become one of Canada’s premier gold operations. Kinross’ preliminary economic assessment outlines a high-grade operation producing an average of over 500,000 ounces of gold per year at its peak and a potential for 5.3 million ounces of initial production, with longer-term expansion potential supported by an ongoing regional exploration program. The government’s designation complements other work underway in the Red Lake region to unlock economic growth and opportunity including the consultation on the Red Lake Transmission Line, a proposed line that would run from Dryden to Red Lake to power new mines and growing communities. Govt. of Ontario

Prairies Economic Development Canada (PrairiesCan), alongside partners including the Government of Manitoba, the federal Major Projects Office, and the Arctic Gateway Group (AGG), announced the launch of a market sounding study to gather industry input on the long-term growth potential of the Port of Churchill Plus project. The study will complement the ongoing business development efforts of AGG. As owners of the port and Hudson Bay Railway, AGG is actively expanding import and export activity through Churchill, including working with Western Canadian commodity producers and resource developers, as well as engaging with international ports and potential customers around the world. Building on this progress, the market sounding exercise will engage senior executives across key sectors – including mining, energy, potash, grain and northern resupply – to better understand how transformative infrastructure investments could shape long-term planning. The will explore how extended or year-round shipping supported by icebreaking, a modernized Class 1 railway, an all-season road connection, as well as a potential energy corridor, could influence future import and export strategies, supply chain decisions, and private sector investment. The findings will inform future decision-making in partnership with the federal and provincial governments as well as Indigenous leaders and support the continued development of Churchill as Canada’s Arctic and Northern trade gateway. Meanwhile, AGG and shipping company Fednav Ltd. launched a study into what would be needed to allow year-round navigation from Port Churchill on northern Manitoba’s Hudson Bay coast. AGG said the companies will examine the operational considerations of using icebreakers to lengthen what is now a four-month shipping season because of Hudson Bay’s winter and spring ice coverage. The study is aimed at assisting AGG with long-term business planning as it considers a multibillion-dollar expansion of the port and railway that feeds it. The examination of ice conditions, extended shipping seasons and required investments is scheduled to be completed this summer, AGG said. It stressed that any consideration of all-season shipping or icebreaking will require consultation with Indigenous partners, northern communities, governments and environmental stakeholders. PrairiesCan, The Globe and Mail

Immigration, Refugees and Citizenship Canada (IRCC) announced the 2026 categories under the Express Entry system. This allows Canada to invite candidates with the skills and experience needed to fill critical labour gaps in key sectors and occupations. In addition to a new category for foreign medical doctors with Canadian work experience, Canada will introduce new categories for:

• researchers and senior managers with Canadian work experience.
• candidates with work experience in transport occupations, including pilots, aircraft mechanics and inspectors.
• highly skilled foreign military applicants recruited by the Canadian Armed Forces in key roles such as military doctors, nurses and pilots.

IRCC will continue holding invitation rounds to select candidates with strong French skills and those with work experience in the following categories that were in place in 2025:

• health care and social services, such as nurse practitioners, dentists, pharmacists, psychologists and chiropractors.
• trades, such as carpenters, plumbers and machinists.

Immigration Minister Lena Metlege Diab told the Canadian Club Toronto that the government will consult businesses before it relaunches the program for foreign entrepreneurs. The new program will be “smaller scale,” she said. IRCC

The Government of Québec announced a new digital policy, including several projects worth more than $1.4 billion aimed at reducing the province’s dependence on U.S. tech giants and supporting local companies. The new policy rests on two main legs: hosting data securely under Quebec control, and maximizing the economic impact of state investments in technology. It calls for greater emphasis on data hosting on Quebec soil through existing government cloud services (for sensitive data), more data centres in the province powered by hydroelectricity, and the development of free software and custom solutions to reduce dependence on U.S. providers. Critics, however, point to the Quebec government’s contract with U.S. software company Epic Systems for a redesign of its digital health record system. Since the contract was awarded in 2023, the project has been plagued by delays and cost overruns. Also, Le Journal de Montréal reported that the government had just completed a digital transformation, which cost $372 million, to transfer Quebecers’ data into clouds owned by companies like Microsoft and Amazon Web Services. BetaKit

The City of Calgary has blocked the popular artificial intelligence platform ChatGPT from all municipal networks and devices, citing unresolved privacy and security concerns. Officials say access to ChatGPT was disabled across all of the city’s systems as of February 6, 2026. However, according to the city, this move does not signal that it will no longer be using AI systems going forward. ChatGPT, developed by OpenAI, is one of the world’s most widely used generative AI platforms and currently operates on the company’s GPT-5 model. The city said all technology tools used by municipal employees must undergo a formal risk assessment that evaluates how information is collected, stored and shared, and whether the tool complies with privacy and security requirements. “ChatGPT has not undergone the required risk assessment,” the city said, adding that the system was not blocked outright but restricted to limited or case-specific uses. According to city officials, AI and machine-learning tools are already being applied across several departments. These include using algorithms to estimate crowd sizes at major public events such as Canada Day and New Year’s Eve fireworks, to spot road issues and missing signs, and using advanced AI chatbots, including one that answers questions about Right-of-Way and Utility Line Assignment services. Western Standard

A coalition of more than a dozen environmental and public health groups filed suit against the Environmental Protection Agency (EPA) to challenge its scrapping of the “endangerment finding” that undergirds most U.S. climate regulation. The EPA’s move “will have disastrous consequences for the American people, our health, and our shared future,” and seeks to rehash arguments that have already been settled in prior Supreme Court decisions, Joanne Spalding, director of the Sierra Club’s Environmental Law Program, said in a statement. The attorneys general of California and Connecticut, meanwhile, said they are preparing their own “plan of attack” against the EPA. In the meantime, numerous Democrat-led states are accelerating plans to replace EPA regulations with their own new restrictions on emissions from vehicles and power plants. But the administration isn’t done with its rollback; EPA officials are expected to announce plans to scrap restrictions on emissions of mercury and other toxic air pollutants from coal-fired power plants. Semafor Energy

RESEARCH, TECHNOLOGY & INNOVATION

A $5.9-million research project at the University of Alberta (U of A) will update essential scientific tools used to balance timber harvesting with environmental sustainability. Forest growth and yield models – computer programs that predict how trees and stands will change over time – are being redeveloped in an eight-year project led by professor Robert Froese, supported with funding from the Forest Resource Improvement Association of Alberta, Alberta Forestry and Parks and the Saskatchewan Ministry of Environment. The work will create a new generation of models from a pair developed up to 20 years ago, and will provide capabilities specific to Western Canada’s boreal and Rocky Mountain forests that foresters and land managers are asking for, said Froese, Endowed Chair in Forest Growth & Yield in the Faculty of Agricultural, Life & Environmental Sciences. The project will modernize tools used in forest management, for tasks such as timber supply analysis, and for forecasts of how forests will respond to thinning, reforestation activities, tree genetic improvement, innovative silviculture, conservation and climate change. In Alberta, professional foresters currently rely on two growth and yield models, known as GYPSY and the Mixedwood Growth Model, to make key decisions, like calculating the amount of timber that can be harvested sustainably each year and evaluating the success of reforestation efforts. Accurate forecasts are crucial for understanding how forest conditions develop, including factors like stand growth, mortality and timber yield. “All models are approximations and represent the best understanding and incorporate the best data available when they are created, but needs have changed and the models do not have enough data on important forest types and practices, such as long rotations, new kinds of silviculture, genetic improvements and climate change effects,” Froese said. Newer models can now show how forests grow after a partial harvest or in stands with multiple age groups of trees. They can also better predict how young stands develop over time and how different forestry practices, like tree improvement, affect growth. Also, users want models that can help shape their forest management strategies beyond timber production, taking into account emerging considerations such as increasing carbon storage, creating better wildlife habitat, improving biodiversity and understanding the long-term effects of climate change. To create a modern growth and yield model, the project will compile existing forest data along with new information collected through technologies like remote sensing. The project also aims to train new experts specifically for the field of forest growth and yield, by recruiting new graduate students and post-graduate associates in model development, application and knowledge transfer. University of Alberta

Simon Fraser University (SFU) researchers received over $4.4 million from the Canadian Institutes of Health Research through to advance health research and health outcomes. The funding supports four SFU-led projects that address some of society’s most pressing health challenges:

• Professor Mirza Faisal Begand his team are developing an AI system that learns from human anatomical experts to automatically analyze full-body MRI scans in minutes. Their technology rapidly measures muscles, fat, bones and organs, providing a comprehensive quantitative assessment of organ/tissue health.
• Public policy professor, CIHR Applied Public Health Chair and Dorothy Killam Fellow Kora DeBeckand her research team are evaluating whether controversial public health interventions effectively reduce the risk of fatal drug overdoses.
• Mechatronic Systems Engineering professor Faranak Farzanand her team previously built a simple non-invasive brainwave test (EEG) predictor that forecasts who will respond to a common antidepressant. Because most EEG predictors were built for major depressive disorder (MDD)-only medication trials, their study fills the gap by developing tools that can help clinicians match the right patients, including PTSD patients with MDD, to deep transcranial magnetic stimulation, a non-invasive brain stimulation treatment delivered in clinics.
• Neuroscientist and director of SFU’s Institute for Neuroscience and Neurotechnology Randy McIntoshand his team of researchers will inform current interventions for dementia and support healthy cognitive function in aging. SFU

Fredericton, N.B.-based RPC, New Brunswick’s provincial research organization, announced that its research team is the first in the world to successfully completed the world’s first full sequencing of the Haplosporidium nelsoni (MSX) genome, the pathogen responsible for one of the most economically damaging diseases in oysters. This breakthrough provides an unprecedented genetic blueprint of the parasite, giving researchers, hatcheries and industry partners powerful new tools to understand how MSX spreads, how it adapts, and how oysters can be better protected, RPC said. “This knowledge will accelerate the development of disease‑resistant oyster strains, improve early detection, and strengthen long‑term sustainability for growers.” With MSX continuing to threaten oyster populations in multiple regions, RPC’s work offers a critical scientific foundation for mitigation strategies, breeding programs, and future diagnostic technologies. RPC will continue to collaborate with industry, government, and academic partners to translate this genomic insight into practical tools and solutions for oyster producers. The work was supported by Fisheries and Oceans Canada. RPC

The CIFAR Arrell Future of Food Initiative  announced seven interdisciplinary research teams selected to participate in its inaugural Discovery Workshops. This selection marks a pivotal move in the initiative’s multi-year effort to address the mounting pressures on the global food system, which is currently characterized by rising food insecurity, declining biodiversity and amplified climate shocks. The initiative acknowledges that the production, transportation and processing of food account for the greatest environmental impact humans have on the planet. The successful teams were chosen from a competitive international application pool, reflecting both global reach and intellectual diversity. Their institutional affiliations span 13 countries, including Canada, Denmark, Malaysia, Scotland, South Africa, the United States and Zimbabwe. Their expertise covers 21 distinct disciplines, ranging from anthropology and gender studies to biomedical sciences and engineering. The research scope is vast, moving beyond conventional boundaries to tackle the four broad themes identified by the initiative’s Discovery Panel Report: Governance; Food and Culture; Ecology & Biodiversity; and Consumer Patterns and Education. The teams’ projects include: child-first food systems digital twin; synthetic biology and programmable plant systems; urban future of food; envisioning a new, inclusive food economy; capital markets and the future of food; legume futures; digital livestock intelligence; and others The work of these teams will be directed and evaluated by a newly formed Global Advisory Council, which  will comprise a group of esteemed advisors with deep expertise in food systems transformation. Among the members are: 

• Laura Arrell, Managing Director, The Arrell Family Foundation, Canada.
• Hugo Campos, Deputy Director General for Science & Innovation at the International Potato Center, Peru.
• Cary Fowler, President, Food Security Leadership Council, U.S.

These Discovery Workshops are a critical moment of idea generation, setting the stage for the next phases of the initiative. Upon review, three to five of the most promising teams will advance to Discovery Programs, operating as small-scale CIFAR research programs in the coming years. These programs will benefit from two years of funding, strategic support and access to CIFAR’s Catalyst Fund, designed to support early-stage, high-risk and collaborative research. The ultimate goal is for the most robust ideas, demonstrating significant potential for transformative knowledge and societal impact, to evolve into full-scale CIFAR programs in the future. CIFAR

See also: Transforming the global food system demands a fundamental rethinking: CIFAR report

After a report highlighting concerns about sexual exploitation on X, the Government of New Brunswick will stop using the social media platform. New Brunswick Child and Youth Advocate Kelly Lamrock said in a letter to Premier Susan Holt that the platform’s artificial intelligence model, Grok, had refused “to rein in the use of its platform for the sexualization and exploitation of children.” Grok has allowed users to ask the AI chatbot to make photos “in stages of undress or other sexualized positions,” Lamrock said. While the technology to make sexualized deepfakes is not new, X, the platform formerly known as Twitter, made it easily accessible by allowing users to ask Grok to edit images directly on the platform. That feature has now been restricted to paid users. X is owned by U.S. billionaire Elon Musk, who also holds Canadian citizenship because his mother is from Saskatchewan. CBC News

The Government of Canada is preparing to make a significant investment in Montreal-based LawZero, a non-profit founded by Yoshua Bengio, a renowned artificial-intelligence researcher focused on building safe and trustworthy AI systems. Federal AI Minister Evan Solomon said Ottawa has signed a letter of intent to provide financial backing to LawZero, which Bengio launched to develop technical solutions for what he sees as the significant risks posed by powerful AI models. That includes cybersecurity threats and the ability of these systems to deceive humans. A source familiar with the matter told The Globe and Mail the amount under discussion is more than $100 million. Solomon declined to provide a figure for the investment but said it would be substantial. Such an amount would indeed be significant for LawZero, which is barely a year old, employs some 30 people and is tackling an immense technical problem. The Globe and Mail

Dublin, Ireland-headquartered consulting firm Accenture told senior staff in an internal email they must regularly use its AI tools to be considered for promotions for leadership roles. Associate directors and senior managers at the consultancy giant were informed that “regular adoption” of AI would be required to progress to leadership positions, according to a Financial Times report. The Financial Times also reported that Accenture staff in 12 European countries were unaffected by the policy, as well as staff working in the division that handles U.S. government contracts. In September, Accenture outlined a restructuring strategy in which it said staff who are unable to reskill on AI would eventually be laid off. CNBC

Hydro-Québec said it is proposing to the Régie de l’énergie a new rate for large data centres and an adjustment of the rate for cryptographic use applied to blockchains. All new data centre customers will automatically be subject to the proposed rate for large data centres, which is equivalent to an average of 13 cents per kilowatt-hour (kWh), approximately double what current large-power customers pay. These changes are meant to ensure businesses in these sectors cover the costs associated with their high electricity demand while still paying prices comparable to those elsewhere in North America, the publicly owned utility said. This initiative is backed by the Government of Québec, which has issued orders in council addressing the related economic, social and environmental concerns. Through this approach, Hydro-Québec said it is managing the growth of its assets responsibly by limiting the impact on its other customer categories. According to Bloomberg, in U.S. jurisdictions experiencing strong growth in the data centre sector, electricity bills for all customers have more than doubled over the past five years. Data centre electricity use in Quebec is expected to increase sevenfold by 2035 to over 1,000 megawatts. The revised rate for cryptographic use applied to blockchains would average 19.5 cents/kWh and is expected to take effect in the second half of 2026, subject to approval by the Régie de l’énergie. Hydro-Québec

The University of Toronto is facing a $150-million lawsuit from SFL Missions, a satellite venture originating from the university’s Space Flight Laboratory. The company alleges the university blocked its planned spinout by restricting access to facilities and funding, causing irreparable business harm. The claims have not been tested in court. University spokesperson Philippe Devos said the institution disputes the allegations and will defend the case, citing its academic mission and public responsibilities. Founded in 1998 for student spacecraft training, the Space Flight Laboratory evolved into a commercial operation before disagreements arose over separation terms. Decoder

Toyota Canada’s manufacturing unit will deploy seven of Salem, Oregon-based Agility Robotics’ humanoid robot Digit to move around parts for the assembly lines at the automakers’ Woodstock, Ont., factory, which produces gasoline-fueled and hybrid versions of the Toyota RAV4. “After evaluating a number of robots, we are excited to deploy Digit to improve the team member experience and further increase operational efficiency in our manufacturing facilities,” said Tim Hollander, president of Toyota Motor Manufacturing Canada (TMMC). In addition, Agility and TMMC will continue to assess further use cases where robots and AI could help augment automotive production. TMMC joins a growing number of Fortune 500 companies deploying Agility’s humanoid robots across the globe, including GXO, the world’s largest pure-play contract logistics provider, Schaeffler, the motion technology company, and Amazon. Robotics & Automation News

Toronto-founded Ledn, now based in the Cayman Islands, is selling US$188 million in securitized bonds backed by Bitcoin-linked loans, the first time a pool of loans backed by digital assets has made its way through the traditional financial system. The offering is made up of two separate bonds backed by consumer loans collateralized by bitcoin, respectively rated BBB- (the riskiest rating that still qualifies as investment grade) and B- (speculative) by S&P Global Ratings. The loans carry a weighted average interest rate of 11.8 percent. The bonds are secured by a pool of more than 5,400 consumer loans issued by Ledn, where borrowers used their Bitcoin holdings as collateral, according to an S&P Global Ratings report. Jeffries Financial Group Inc. designed the deal and is selling it to investors. Bitcoin Magazine

The Canadian Bitcoin Consortium, a business advocacy group for the cryptocurrency industry, announced the launch of Blockchain Insurance Inc. The company is what’s known as a captive insurance company, meaning it’s owned by the organization it insures – in this case, the consortium and its members. The company doesn’t insure cryptocurrencies or a customer’s digital wallets; instead, it insures businesses that operate in, or are adjacent to, the digital asset space. For most businesses involved in digital assets, the high risk associated with the industry – warranted or otherwise – can make obtaining reasonably priced business insurance difficult. Koleya Karringten, the consortium’s executive director and president of Blockchain Insurance, said the company can offer its members discounts of up to 25 percent on premiums, bringing their rates down to levels lower than those they’re currently paying. While Blockchain Insurance announced its launch in February, the company received its licence from the Government of Alberta in December 2025. Licensing follows several years of regulatory navigation and collaborative work with the provincial government’s Treasury Board and Finance, which acts as the company’s regulator. The licence behind Blockchain Insurance allows the organization to insure beyond Alberta and Canada’s borders, meaning the company could one day court new clients around the globe. BetaKit

Brampton, Ont.-based MDA Space launched 49North, a wholly-owned subsidiary of MDA Space exclusively focused on delivering secure, multi-domain C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance) and mission-critical capabilities for Canada’s national defence priorities outside the space domain. Headquartered in Ottawa and building on more than five decades of trusted Canadian defence delivery and prime contractor execution from MDA Space, 49North offers the engineering discipline, operational reliability, mission assurance and program execution needed for large defence programs, MDA Space said. MDA Space appointed Joe Armstrong, who previously held senior executive roles at CAE, as president of 49North. Based in Ottawa and reporting to CEO Mike Greenley, Armstrong will oversee the development and delivery of defence solutions for land, air, maritime, and joint operations, including multi-domain C4ISR integration, advanced sensing and radar technologies, autonomous systems, secure digital mission systems, defence-qualified electronics, and long-term in-service support. MDA Space

The Montreal Economic Institute (MEI) called in a new report for proposed a Quebec-based natural gas liquefaction project to be fast-tracked. A project like the one sought by Norwegian multinational Marinvest would give Canada a toehold in Europe’s US$40-billion LNG market, the report said. According to the report, Europe’s “looming reconfiguration of gas supplies” opens the door to Canadian LNG, noting that the continent’s natural gas mix has been in flux since it pivoted away from former top supplier Russia over its 2022 invasion of Ukraine. The report also noted that hydrocarbon production in Norway, a critical stopgap supplier to Europe, has already peaked and is expected to fall by about 30 percent in the next decade. Report author Gabriel Giguère, a senior policy analyst at MEI, wrote that the Marinvest project’s proposed site on Quebec’s northeast coast would have a “significant geographical advantage” over export hubs in the U.S. and Qatar, with a much closer proximity to “high-capacity” import terminals in Western Europe. He estimated that a Quebec LNG facility with the capacity of the one proposed by Marinvest could have supplied 6.2 percent of total European imports in 2024, generating roughly US$2.5 billion in revenue. Giguère said the project should be expedited under federal major projects legislation and a similar priority projects bill currently making its way through Quebec’s National Assembly. Yahoo!News

VC, PRIVATE INVESTMENT & ACQUISITIONS

Toronto-based chip startup Taalas raised US$169 million to develop AI chips designed for specific models. Investors include Quiet Capital, Fidelity, and venture capitalist Pierre Lamond, a former partner at Sequoia Capital. The company aims to compete with larger players like Nvidia by customizing silicon for targeted AI workloads. Taalas prints portions of AI models onto chips and pairs them with high-speed SRAM memory to enhance speed, said CEO Ljubisa Bajic, who previously founded Toronto AI chip Tenstorrent, which later re-incorporated in the U.S. Taalas assembles a nearly complete chip and completes final customization in about two months using TSMC’s process, compared with roughly six months for chips from companies like Nvidia. Tech In Asia

Toronto-based Georgian led San Francisco-based cloud firm Render’s US$100-million Series C round, which also included Addition, Bessemer, General Catalyst, and 01A. Render is building a fully integrated platform that enables every AI developer to bring their applications to market quickly, confidently and at scale. Georgian also invested in U.K.-based AI firm SurrealDB as part of a US$23-million round of investment in the company. SurrealDB offers a multimodel database product that supports applications that combine structured data, graph relationships and machine learning workloads within a single system. It works by consolidating models inside one engine so that application logic and contextual data can be stored and queried together, rather than relying on separate relational, document and vector databases connected through external services. Render

Montreal- and Duncan, B.C.-based Raven Outcomes, an Indigenous-led fund manager investing in the wellbeing of Indigenous communities, announced the second close of the Raven Indigenous Outcomes Fund I at $32.2 million. The first-of-its-kind fund deploys capital through outcomes finance, an innovative model that supports Indigenous communities in addressing priority challenges. The fund allows investors to align their investments with real, measurable impact for Indigenous Peoples. When results are achieved, outcomes purchasers – such as governments – pay for these verified outcomes, and investors receive a return on their investment. This fund enables Raven Outcomes’ Community-Driven Outcomes Contracts (CDOCs) model. Through these agreements, Indigenous communities define their challenge, co-design the solution, and lead delivery. Capital from the Raven Indigenous Outcomes Fund I is already supporting a growing portfolio of community-led energy, housing and employment projects. Recent CDOC projects include rooftop solar installations at Onion Lake Cree Nation, housing retrofits and ground-source heat pump installations at Brokenhead Ojibway Nation, and clean-energy housing upgrades at Sioux Valley Dakota Nation. Raven Outcomes

Montreal-based Mecademic Inc. raised $21 million in a round led by Investissement Québec, with additional participation from Export Development Canada and the Business Development Bank of Canada. Mecademic offers compact, high-precision industrial robots. Its ultra-compact robotic arms allow manufacturers and labs to integrate high-speed, precise automation into confined spaces where traditional robots cannot fit. Mecademic said the capital will drive product innovation and international scaling, while also funding a new headquarters to meet surging global demand. The company plans to invest heavily in the U.S., European, and Asia-Pacific markets. Mecademic Industrial Robots

Toronto-based consulting firm Lightworks secured up to $12 million in financing, led by Round13 Capital, to support the launch of its flagship AI services and accelerate the company's growth. Lightworks helps clients modernize their technology systems, install new cloud software and adopt AI agents. Lightworks said the funding will help realize its vision of uniting some of the world's largest regulated entities with seasoned industry leaders through a new services paradigm – working together to build with and extend industry standards that accelerate the deployment of AI agents at scale for all large enterprises. Lightworks

Toronto-based startup Shakudo raised US$7 million to help companies actually use AI, not just experiment with it. Wittington Ventures led the funding round, with participation from returning backers Golden Ventures, GreatPoint Ventures and RTP Global. Shakudo builds software that lets teams run large language models and AI agents inside their own systems instead of sending data to outside clouds. Many of the tools are open source, helping users keep their AI costs down. Shakudo is planning to open a new San Francisco headquarters and make a broader global push. Decoder

Victoria, B.C.- and London, U.K.-based Toyo raised $4.3 million in seed funding on a simple agreement for future equity. The round was co-led by Irish venture firm Frontline Ventures and Montreal-based Inovia Capital, with participation from Tiny Supercomputer Investment Company, and angel investors from Amazon, Microsoft, and Cloudflare. Toyo’s platform can perform customer relationship management duties, automate emails and build websites, all centralized and automated for a founder to simply give the green light. All of this runs in an isolated, sandboxed environment, where agents can access a browser, connect to apps and text the founder when something needs their attention. The startup was founded by Victoria-based Stuart Bowness, Aidan Hornsby, and London-based CEO Damien Tanner. Toyo is looking to hire engineers in Canada on the East Coast. BetaKit

Ontario Teachers’ Pension Plan is revamping its approach to climate investing, aiming to double its portfolio of assets that are “aligned” with a net-zero transition by 2030, but dropping an emissions target it set five years ago. The $270-billion pension plan announced a new goal to reach $70 billion of investments in climate-friendly assets over the next four years, from $35 billion currently. Teachers manages pensions for about 343,000 members in Ontario, including working and retired teachers. The new framework would count investments in privately owned companies that contribute directly to climate solutions with green products, services or technology, as well as large emitters that have credible plans to decarbonize. Companies that have expanded exploration, extraction or refining of fossil fuels since 2023 will be excluded. Teachers had previously pledged to cut the intensity of carbon emissions across its portfolio by 45 percent by 2025, compared with 2019 levels. The emissions intensity of its investments fell by 49 percent at the end of 2024. Now, Teachers will “retire” its earlier target to reduce the intensity of emissions by 67 percent by 2030. The Globe and Mail

Investment in Canada's fintech sector moderated to more historical levels in 2025 following a record high the previous year, according to KPMG International's Pulse of Fintech H2'25 and FY25 report. Total investment across venture capital, private equity and mergers and acquisitions hit US$2.4 billion across 113 deals in 2025, according to data collected by PitchBook. That compares to US$9.9 billion from 161 deals in 2024. Despite the year-over-year drop in headline value, the report points to a more measured and disciplined investment environment, with sustained interest in later-stage companies, platform acquisitions and strategically important fintech subsectors such as artificial intelligence and digital assets. Investment accelerated in the second half of 2025, with US$327 million invested in Q3 across 26 deals, and US$662 million across 16 deals in Q4. While deal counts declined quarter over quarter, average deal values increased, reflecting growing investor selectivity and a preference for scale, profitability and proven technology capabilities. KPMG Canada partner and fintech specialist Dubie Cunningham said she expects Canada’s open banking framework, which Ottawa has pledged to launch this year, will benefit challenger banks and drive more investment in 2026. KPMG

Montreal-based SRTX, the Canadian materials firm behind Sheertex® tear-resistant tights, announced it entered into a definitive agreement to be acquired by Anjou, Que.-based hosiery and apparel manufacturer A.Y.K International Inc.. In connection with the proposed transaction, SRTX has filed a Notice of Intention to Make a Proposal (NOI) pursuant to the Bankruptcy and Insolvency Act, with PricewaterhouseCoopers Inc. acting as trustee. The NOI filing is intended to provide an orderly process to seek court approval of the transaction. The transaction is the result of a competitive process undertaken to identify the best available outcome for the company and its stakeholders. Subject to court approval, A.Y.K. International is expected to support continuity of the Sheertex brand and the continued commercialization of SRTX's proprietary materials technology. Founder Katherine Homuth, who departed in spring 2025 as condition of a US$40-million funding round, said in October that she had submitted a proposal to rejoin the business. SRTX

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Canadian venture capital investment and private equity investment both declined in 2025

In 2025, $8 billion was invested across 571 venture capital deals, according to the Canadian Venture Capital Private Equity Association’s (CVCA) 2025 Canadian Venture Market Capital Overview report.

Capital deployed declined six percent compared to 2024. Deal count fell 12 percent year-over-year.

Activity increased in the fourth quarter, with $3.8 billion invested across 165 deals. Quarterly deal volume approached the five-year average of 176 transactions.

All venture capital figures exclude secondary transactions, with secondary activity now being reported on separately. 2025 saw a total of $1.3 billion of additional capital raised via secondary transactions.

Average deal size increased toward the end of the year as capital deployment became more concentrated. Full-year average deal size was $14.07 million. In Q4, average deal size rose to $23.06 million.

“Q4 activity was higher than earlier in the year, but it doesn’t change how 2025 looks overall. Capital was deployed into a smaller number of transactions, and investment at the Series A through D stages remained below 2024 levels,” said David Kornacki, director, data & product at CVCA.

“Exit conditions stayed tight, which continues to shape how capital moves through the system. In Canada, that shows up as slower progression from company formation to scale and liquidity, even when quarterly figures improve,” he said.

Long-term ecosystem heath depends on a steady pipeline of companies progressing from early stages to scale, he noted.

Stage-level patterns diverged across the investment cycle. Pre-seed investment in 2025 matched 2024 levels. Seed-stage capital remained similar year over year, despite fewer transactions.

Capital deployed at the Series A through D stages declined relative to 2024. Growth-stage investment increased in both deal count and dollars deployed. This activity was associated with larger transactions and higher participation from non-Canadian investors, which remains more prevalent at later stages.

The information and communications technology sector accounted for $5.06 billion across 269 deals. A small number of large transactions materially influenced this total.

Life sciences recorded $837 million across 129 deals after the exclusion of secondary transactions.

Cleantech activity totalled $660 million across 56 deals. Agribusiness reached $251million across 39 deals, near the upper range observed in recent years.

Ontario represented just over half of total venture capital dollars deployed, reflecting the location of several large transactions.

Quebec, British Columbia, and Alberta accounted for most remaining activity by both deal count and capital invested.

Venture debt financing reached its highest recorded annual level in 2025. A total of $1.4 billion was deployed across 69 deals. Q4 accounted for $679 million across 19 deals.

Venture debt activity increased alongside equity investment and reflected broader use of non-dilutive financing rather than substitution for equity capital.

Exit conditions remained constrained. In 2025, 29 venture-backed exits were recorded with $358 million in disclosed value. No initial public offerings occurred.

Liquidity continued to rely primarily on secondary transactions and limited merger and acquisition activity.

As for private equity, in 2025, $57.5 billion was invested across 592 private equity deals. Capital deployed increased significantly compared to 2024, while deal count declined.

Fourth-quarter activity totalled $4.32 billion across 105 deals, remaining below the elevated levels observed in late 2024 and the first three quarters of 2025.

Five deals exceeded $2.5 billion in disclosed value. At the same time, most private equity activity remained in smaller transactions. Ninety-three percent of deals were valued below $100 million, consistent with historical mid-market patterns.

“Private equity investment totals in 2025 were driven by a small number of very large transactions,” Kornacki said.

 “Outside of those deals, activity continued to sit in the mid-market, where deal size and volume have been more consistent over time. That dynamic means annual totals can shift materially based on individual transactions, even when underlying deal activity is relatively steady.”

Add-on activity and growth investments continued to account for a large share of deal volume.

A higher proportion of capital was directed toward privatizations in 2025, contributing to concentration in annual totals. Follow-on investment activity declined as more capital was directed toward new platforms, acquisitions and privatizations.

Financial services, media, and security sector-related investments accounted for a large share of capital deployed due to a small number of transactions. Industrials and manufacturing remained central to deal volume.

The information and communications technology and life sciences sectors continued to attract investment, though totals varied materially depending on individual deal inclusion.

Ontario and Quebec together accounted for nearly all capital deployed in 2025. This reflected the location of large transactions and differences in reporting coverage.

Approximately 10 percent of private equity deals included at least one U.S. investor. Participation from Europe and Asia appeared in a small number of transactions.

Exit activity remained constrained. In 2025, 52 private equity exits were recorded with $2.81 billion in disclosed value. No IPOs occurred.

Liquidity continued to rely on mergers, acquisitions, and secondary buyouts. CVCA

 REPORTS & POLICIES

Foreign direct investment promotes growth only when host economies have the human capital and deep financial markets to absorb beneficial spillovers

Despite widespread policy support for foreign direct investment (FDI) promotion, evidence shows that FDI promotes growth but only when host economies can absorb beneficial spillovers, according to a study by the Centre for Economic Policy Research, a pan-European, non-profit organization.

Research shows countries need sufficient human capital and deep financial markets to enable domestic firms to learn from, invest alongside and connect with multinationals.

Governments worldwide – including Canada’s – spend billions on tax breaks, special economic zones, and investment incentives to attract foreign direct investment.

The promise is compelling: multinational firms bring capital, technology and managerial expertise that will spark domestic growth through productivity spillovers.

However, in cross-country and panel regressions using data between 1975-2019, the new study shows that the effect of FDI on economic growth is frequently not statistically significant.

The study’s authors are Agustín Bénétrix, associate professor in economics at Trinity College Dublin, Hayley Pallan, economist in the Prospects Group of the World Bank, and Ugo Panizza, vice-president at the Centre for Economic Policy Research, and professor of economics and Pictet Chair at the Geneva Graduate Institute.

The study found that when the stock of human capital or financial depth – called “conditioning factors” – is sufficiently high, there was a positive effect of FDI for economic growth prior to the 2000s.

However, since the turn of the century, the role of these conditions has considerably weakened, as indicated by the small and usually statistically insignificant point estimates on the interaction terms between FDI and such conditioning factors.

Today's globalization is not primarily about shipping finished products across borders, the study noted. It is about fragmenting production into tasks and stages scattered across countries – called the “Great Unbundling.” “FDI sits at the heart of this transformation.”

The classic story in which foreign capital finances investment within a national production structure is increasingly outdated, the study said. Multinational firms now invest not to recreate entire value chains locally, but to plug specific locations into cross-border production networks.

“This matters profoundly for growth,” the study said. Participation in global value chains can provide a fast track to industrialization and export growth. But it can also lock countries into low-value segments with limited technology diffusion.

“A country can host large foreign-owned production facilities and impressive export volumes while capturing only a thin slice of the value created.”

The researchers assembled a new dataset of sectoral FDI inflows for up to 112 emerging and developing economies, combined with detailed measures of sector-level GDP and global value chain participation.

They used these data to study the link between sectoral FDI and sectoral growth and the mediating role of global value chains.

The study’s first key finding is that FDI's growth effects vary dramatically across sectors. In the primary sector, FDI shows a robust positive association with subsequent sectoral growth.

Even when natural-resource FDI generates limited spillovers to the broader economy, it raises measured output through capital accumulation, economies of scale, and productivity gains within foreign affiliates themselves.

“In manufacturing, there is no significant positive relationship between FDI inflows and growth.” This null result is likely to reflect offsetting forces, the study said.

Foreign entry may raise productivity within multinationals while simultaneously displacing domestic producers or restructuring industries, the study noted.

Moreover, manufacturing FDI is highly heterogeneous, ranging from high-value-added production to export-platform assembly with minimal local content. Sector-level averages conceal enormous variation.

[Editor’s note: This finding has implications for Canada’s more than $50-billion investment in foreign companies, including Volkswagen, Stellantis/LG Energy Solutions, and Honda, to set up electric vehicle battery manufacturing plants in the country].

In the service sector, FDI is associated with lower growth, the study pointed out.

This counterintuitive result makes sense once we recognize that services FDI concentrates in non-tradable or regulated industries (telecommunications, retail, finance) and often takes the form of mergers, acquisitions and consolidation rather than greenfield expansion, the study said.

“Foreign entry may displace domestic providers without proportional sectoral expansion, even if efficiency improves,” the study said.

[Editor’s note: This finding has implications for Canada’s investments in foreign-based telecommunications companies, such as $72 million in Nokia and, in 2024, more than $79 million in Ericsson].

The study found that local conditions matter most in the primary sector, but the primary sector has steadily declined as a share of total FDI over recent decades. As FDI composition shifts toward services (where local conditions show weaker effects), the aggregate interaction terms naturally weaken.

The study also found that the association between FDI and economic growth is strongest in country-sectors with low global value chain participation. “As sectors become more deeply integrated in global value chains, the relationship weakens and eventually vanishes.”

The study found that “backward participation” (importing intermediates to export final goods) tends to weaken the FDI-growth relationship in manufacturing and services. “This is the ‘assembly platform’ model: high gross exports, limited domestic value added.”

However, “forward participation” (supplying domestic inputs that are embodied in other countries' exports) leads to a positive association between FDI and growth, particularly in manufacturing. Countries in this position capture more value and benefit more from productivity improvements.

These findings align with the argument that gains from global value chain integration depend critically on capabilities and position along the chain, the study noted.

When FDI primarily organizes assembly activities relying heavily on imported inputs, domestic value-added remains limited unless supplier networks deepen and upgrading occurs. FDI may raise gross output without raising domestic value added proportionally – a gap emphasized in the value-added decomposition of trade.

The study’s authors said their findings do not suggest that FDI has become irrelevant. “Rather, they indicate that in today's fragmented global economy, what matters is whether foreign investment generates domestic value-added, supports capability building, and enables upgrading within value chains.”

“This calls for a fundamental shift in investment promotion strategy, from ‘How do we attract more FDI?’ to ‘What kind of FDI helps capture more value, and how do we ensure domestic firms benefit?’” the authors said.

The global reorganization of production creates both opportunities and risks, they said. “Countries that can translate multinational presence into domestic value creation through strong linkages and upgrading will benefit substantially. Those that remain locked in low-value assembly activities may find that FDI produces impressive trade statistics but disappointing growth outcomes.” CEPR-VoxEU

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New MaRS Discovery District series probes why promising Canadian biotech firms are struggling to scale domestically

Rather than chase a few anchor firms, Canada needs to develop a broad base of small to mid-sized innovative biotech companies that create jobs, develop IP, train talent and recycle experience back into the ecosystem, said Ali Tehrani, a veteran biotech founder and investor who helped establish Vancouver’s biotech ecosystem.

“We do better when we’re small and nimble,” he told MaRS Discovery District for its new Building Biotech series.

The challenge is to design a biotech ecosystem that reflects this reality and provides ventures with the support they need.

“You need to be willing to fail fast,” said Eddy Nason, a director of health at Signal49 (previously the Conference Board of Canada). Too often, he said, “we spend too much time and too many resources trying to keep things alive that probably shouldn’t be kept alive.”

To understand why promising biotech ventures struggle to scale domestically, MaRS undertook a venture-first study of the sector, which involved interviewing entrepreneurs and the organizations that support them across the growth journey.

The goal was to map pain points at different stages of growth to uncover what systemic changes are needed to improve domestic commercialization and capacity.

There’s a common belief that Canada has an acute shortage of wet lab space. In fact, what the country lacks is affordable, well-equipped spaces that early-stage ventures can access, MaRS said.

The extended leases, rigid build-outs and high upfront commitments that developers and landlords favour are fundamentally misaligned with how ventures in this sector evolve. “Biotech companies don’t grow on real estate timelines,” said Gordon McCauley, president and CEO of adMare BioInnovations, noting that it can be challenging for early-stage ventures to predict what they’ll need in five years.

“If something is perceived as risky, the system tends to avoid it,” said Alex Muggah, director at Synapse Life Science Consortium and vice-president of life sciences at Innovation Factory in Hamilton.

When the economics and risk profiles don’t align, buildings default to simpler, lower-risk uses, even in regions with strong biotech demand. And when ventures can’t access the kind of space they need on a timeline that works, their growth stalls or shifts elsewhere.

A thriving biotech cluster also needs to foster career development for everyone from C-suite executives and veteran operators to regulatory leaders, lab managers, technicians and manufacturing specialists.

As Ilse Treurnicht, a managing partner at TwinRiver Capital, puts it, “talent goes where there are opportunities.”

Biotech innovations that are being spun out of Canadian universities and hospitals often get stuck at the tech transfer stage. Founders consistently describe the process as slow, expensive and misaligned with the realities of early-stage growth when speed matters, runways are short and delays can derail financing, development plans and market timing.

As one founder told MaRS, “having the university in control of every single IP and technology will hinder commercialization.”

That friction shows up most clearly in timelines and deal complexity. One early-stage biotech founder described a licensing process that stretched more than 18 months and came with a suite of demands: “They want equity, they want royalty, they want licensing fees and sometimes they want [payment] upfront.”

At the same time, institutional leaders point to structural constraints that shape how tech transfer operates today.

Because universities don’t receive any dedicated funding to support commercialization, the process can vary widely across the country. Institutions are often required to conduct extensive due diligence processes and negotiate terms independently, which helps explain why tech transfers are fragmented and slow. The result is a landscape where each deal is effectively negotiated from scratch.

Fragmented support systems and unclear or misaligned approaches to intellectual property are among the reasons why many promising ideas get stalled before finding commercial success, said Derek Newton, senior vice-president of business development and strategic partnerships at Mitacs.

“We have a real opportunity now to deepen collaborations between universities and industry to strengthen and create new IP pathways from the lab to the marketplace,” Newton said.

Jacki Jenuth, partner and chief operating officer at Lumira Ventures, frames Canada’s biotech capital challenge as a problem of scale and ownership rather than startup formation. In her view, the country lacks sufficient domestic capital to carry companies forward.

“We need an ecosystem that’s funded locally enough to keep the innovation in this country,” she said.

Founders are compelled to take capital wherever it’s available, which, as Jenuth pointed out, can require companies to reincorporate and move their headquarters.” But once startups relocate, ownership, talent and long-term value creation tend to shift as well.

TwinRiver’s Treurnicht emphasized that Canada’s problem is structural, not cyclical. “We don’t have enough specialized life sciences funds. So the capital ecosystem isn’t set up to support companies all the way through.”

Treurnicht also pointed to the limited role of domestic public markets and institutions, observing that “companies are often pushed to look outside Canada earlier than they want to.” The result: fewer Canadian-owned successes, fewer experienced leaders reinvesting locally and less capital flowing back into the next generation.

Many Canadian biotech companies hit a wall when it comes to clinical trials. The regulatory and financial hurdles are too high.

Molly Shoichet, a professor at the University of Toronto and serial biotech founder, has seen a lot of other founders conduct their trials in Australia, “because you can get into clinical trials easier there.”

What early-stage companies need is operational efficiency. When that pathway isn’t clear, founders look elsewhere.

Biomanufacturing presents a parallel challenge. As Treurnicht explained, “it’s two-fold: how do we secure manufacturing capacity to respond to future health threats and how do we make that capacity more available to emerging ventures?”

Supporting innovation in the country’s biotech sector means recognizing the unique characteristics of the industry: long timelines, high capital intensity and the critical need for interdisciplinary collaboration.

Canada must adopt policies that de-risk early-stage science, invest in shared infrastructure, create stronger procurement pipelines and provide predictable, mission-driven funding, MaRS said.

“Without these reforms, our biotech sector will fail to achieve its full potential, and the country will miss out on both economic opportunity and scientific leadership in one of the world’s most consequential industries.” MaRS

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Can Canada be truly sovereign without health independence?

OPINION

By Gaby Bourbara

Gaby Bourbara is the president of AstraZeneca Canada. This op-ed first appeared here in The Hill Times. 

The challenge facing economies worldwide is clear: how do we identify and cultivate new engines for growth, enhance national competitiveness, and secure vital investment in an increasingly fractured global environment? This question was a dominant theme emerging from discussions at the 2026 World Economic Forum in Davos, Switzerland. 

For Canada –  and the Canadian life sciences sector – this is a defining moment. A strong life sciences sector is not simply a point of national pride or a social good; it supports stronger communities and is critical economic infrastructure, as essential to our economic health and future prosperity as energy, technology, or natural resources.

As Prime Minister Mark Carney cautioned in Davos, “We are in the midst of a rupture, not a transition” in the global economic order we have long operated under. Ruptures are destabilizing – but they can also create opportunities to reset and reshape the playing field. Countries that move decisively now to anchor their economies in high-value, innovation-driven sectors will define the next era of growth. Life sciences is one of those sectors, and Canada is uniquely positioned to lead if we choose to act with intention.

This strength is not new. For decades, medical innovation has been an engine of economic return and societal resilience. Alongside better health outcomes, Canada’s life-sciences ecosystem attracts global investment and talent, fuels advanced scientific research and manufacturing, and creates high-skill jobs across the country.

Few sectors align scientific excellence, economic strength, and social impact as powerfully as life sciences.

Past success is only part of the picture. Long before recent geopolitical shifts, the sector was contributing billions of dollars to Canada’s knowledge-based economy, and supporting more than 110,000 high-quality jobs annually.

Today, rising geopolitical tensions and global supply chain volatility have turned strategic advantage into national necessity. We cannot ignore the recent pandemic’s lessons, and the vulnerabilities of foreign supply chains. Health sovereignty is an economic and security imperative – not simply a health care issue. 

As Canada has committed to strengthening defence, we must match that resolve in health security by building robust domestic capabilities in biopharmaceutical research and development, clinical trials, and advanced manufacturing. This is about resilience and competitiveness so Canada can shape – not simply react to – the future of health innovation. That strength must translate into results for Canadians, with faster and equitable access to next-generation medicines and more resilient health systems. 

Canada is falling behind its peers on timely access to new innovative medicines. Studies show innovative medicines account for more than 70 percent of life expectancy gains in advanced economies; yet Canadians wait an average of two years after regulatory approval for new medicines to be covered by public drug plans – twice as long as many Organisation for Economic Co-operation and Development countries, and last among the G7.

These delays translate into avoidable suffering, diminished quality of life, greater burden on health systems, and lost economic productivity. Canada cannot claim leadership in medical innovation while patients wait at the back of the line; empowering the life sciences sector must go hand in hand with ensuring patients benefit from breakthroughs without delay. 

What would this look like in practice? 

Treat health investment as core economic policy. When budgets prioritize prevention, and support innovation and timely access, the payoff is tangible: stronger communities, higher workforce participation, and a more competitive economy.

This requires coordinated action between government and industry to strengthen domestic biopharmaceutical R&D and advanced manufacturing capacity, attract sustained investment, and ensure Canada’s policy environment is globally competitive. 

This includes modernizing our intellectual property framework to incentivize long-term R&D within Canada; securing resilient domestic supply chains; strengthening data protection; bolstering global confidence in Canada’s life sciences policy to attract investment in this country; and expanding patient access initiatives, such as Ontario’s recently introduced Funding Accelerated for Specific Treatments program.

Making life sciences a strategic national asset determines whether Canada leads or follows in the next era of global growth. The opportunity is clear – and so is the risk of inaction. In a shifting global order, standing still is a choice to lose ground.

The health, security, and prosperity of future generations will be shaped by the choices we make now. It is time for Canada to lead. The Hill Times

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Canada needs to set carbon dioxide-removal targets, and establish a national marine CO₂ removal strategy, a research strategy, and a marine CO₂-removal task force

Using oceans to remove carbon could turn the tide in the fight against climate change, and Canada is striving to become a global leader in this new technology, according to a report by the Senate Committee on Fisheries and Oceans.

“The federal government must support the responsible growth of the marine carbon removal sector through a national strategy, removal targets, a regulatory framework and early consultations about this technology to build social licence with the public and Indigenous communities, said committee chair Sen. Fabian Manning.

The report, Carbon Removal, From Air to Sea, summarizes the committee’s findings from its study on the removal and storage of carbon dioxide in the ocean and Canada’s use of this technology.

So-called alkalinity enhancement has the potential to remove carbon from the air and store it in the ocean for long periods of time, which could help Canada meet its climate action targets.

Oceans produce 50 percent of the world’s oxygen and absorb 30 percent of all carbon dioxide emissions. Oceans are believed to be able to sequester two to 10 times more carbon than forests.

Alkalinity enhancement is the process of adding an alkaline material – like powdered limestone rock – to oceans, rivers and harbours, aimed at modifying the acidification and rebalance the water’s pH.

In Atlantic Canada, this method has been used to help reverse the negative effects of acid rain on river ecosystems, as well as to store carbon. It is also being tested in the Halifax Harbour.

“The committee heard that further research is essential to fully understand the short, medium and long-term effects of land-based ocean alkalinity enhancement before scaling up this technology,” said Sen. Bev Busson, deputy chair of the committee.

“The oceans are large, complex ecosystems with immense potential for improving our environment . . . any changes we introduce should be expedited, balancing this exciting and promising potential with the appropriate scientific research,” she said.

The committee made nine recommendations to the Government of Canada to support responsible research, development, implementation and regulation of marine carbon removal methods – including land-based ocean alkalinity enhancement – and to help make Canada a leading player in this emerging field. These recommendations are:

• Setting national carbon dioxide removal targets.

The committee recommends that, in addition to setting emissions-reduction targets, the Government of Canada also set national carbon dioxide-removal targets and that it do so by the end of the 2026 calendar year. 

• The importance of land-based ocean alkalinity enhancement methods.

The committee recommends that the Government of Canada formally recognize, by the end of the 2026 calendar year, land-based ocean alkalinity enhancement methods as valuable tools in the fight against climate change in order to give compliance market value to high quality carbon removal credits.

• Canada’s approach to consultations.

The committee recommends that the Government of Canada champion a two-tiered approach to consultation alongside a trusted, independent third party. The first tier includes broad public consultations and information sharing about carbon dioxide removal methods (including marine-based methods). The second tier focusses on consultations for specific project proposals. This approach to consultation should be in place by the end of the 2027 calendar year.

• Claiming sovereign jurisdiction over the regulation of land-based ocean alkalinity enhancement projects.

The committee recommends that the Government of Canada immediately release a statement that asserts that land-based ocean alkalinity enhancement projects are regulated by existing domestic legislation and regulations.

• A streamlined application process.

The committee recommends that the Government of Canada streamline the application process for land-based ocean alkalinity enhancement projects (and for other marine and ocean-based projects at a later date), through the use of a new sector-specific regulatory sandbox that includes all federal regulators. 

• A land-based ocean alkalinity enhancement research strategy.

The committee recommends that the Government of Canada, in collaboration with relevant stakeholders, establish a marine carbon dioxide removal and storage research strategy specific to land-based ocean alkalinity enhancement projects.

This strategy would identify the research questions that must be answered in order to ensure that land-based ocean alkalinity enhancement technologies are: 1) safe for ecosystems; 2) effective at storing carbon; 3) scalable; and 4) producing high quality and marketable carbon credits.

• Developing a robust monitoring, reporting and verification protocol.

The committee recommends that the Government of Canada, in order to help build public confidence and an effective carbon market, develop a robust monitoring, reporting and verification protocol (MRV protocol). This MRV protocol should help ensure that marine carbon dioxide removal projects can effectively measure the amount and permanence of the carbon it captures and stores.

• Establishing a marine carbon dioxide removal task force.

The committee recommends that the Government of Canada champion a multi-departmental and multi-organizational task force, composed of representatives from federal, provincial, and territorial departments and agencies and other relevant stakeholders and knowledge holders, to work towards the development of a marine carbon dioxide removal regulatory framework for Canada. The regulatory framework should be in place by the end of the 2027 calendar year.

• Creating a national marine carbon dioxide removal strategy.

The committee recommends that the Government of Canada position the country as an industry world leader in marine carbon dioxide removal, by establishing a national strategy for the sector that includes an evidence-based, agile approach to permitting, monitoring, measurement, investment and reporting.

The committee urged the government to act quickly to firmly establish the country as a leader in the implementation and regulation of this promising technology.

“Marine carbon dioxide removal is a promising tool in the fight against climate change. Canada holds the opportunity to become a global leader in the implementation and regulation of these innovative and potentially planet-saving technologies,” said Sen. Colin Deacon, a member of the committee. Senate of Canada

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Wind and solar energy and energy storage projects expected to surge in 2026: Canadian Renewable Energy Association

Canada is poised to set a pace for steady growth in 2026 in new wind and solar energy and energy storage projects, according to a report by the Canadian Renewable Energy Association (CanREA).

“The momentum is building fast. We expect Canada’s installed wind, solar, and energy storage capacity to grow by a third in the next four years and double in the next decade,” said Vittoria Bellissimo, CanREA’s president and CEO.

In 2025, Canada saw the completion of a modest number of wind and solar projects in comparison with recent years, while energy storage grew substantially:

• Storage: In Ontario, the E-LT1 procurements and bilateral agreements resulted in 502 megawatts (MW) of grid-connected battery energy storage in 2025, with another eight MW of energy storage added in Alberta.
• Wind: Three wind farms, located in Quebec, Alberta and New Brunswick and totalling 347 MW, came online.
• Solar: 57 MW of utility-scale solar projects in Alberta, British Columbia and the Yukon became operational.

These projects bring the total additions for wind, solar and energy storage in Canada to approximately 1,000 MW (one gigawatt, or GW). The total installed capacity in Canada is now roughly 25 GW, an increase of 56 percent since 2020.

“While not a record-breaking year for capacity growth, it is clearer now than ever before that Canada’s future will be powered by wind, solar and storage,” CanREA said.

Announcements now total nearly 24 GW of opportunities in the next 10 years, with projects under construction and in advanced stages of development expected to connect roughly eight GW of utility-scale wind, solar and storage to grids nationwide by 2029. This does not include projects connected behind customer utility meters.

Beyond these additions already underway or announced, the report Canada’s Renewable Energy Market Outlook 2025 projected that by 2035, Canada will deploy:

• 30 to 51 GW of new wind power.
• 17 to 26 GW of new solar power.
• 12 to 16 GW of new energy storage.

Together, these new projects will:

• Increase the contribution of wind and solar to Canada’s total electricity supply from 10 percent in 2025 to 21 percent to 29 percent by 2035.
• Represent an annual investment of approximately $14 billion to $20 billion.
• Create a total investment opportunity of $143 billion to $205 billion in the next 10 years.

The report further forecasted that between 2035 and 2050, total installed capacity for all these technologies will grow by another 50 percent to 60 percent.

For the past five years, Canada’s clean energy growth was concentrated mostly in Alberta, CanREA noted.

“Today, the story is national, as provincial authorities seek to meet real, growing demand for more power through transparent, competitive procurements.”

Ontario is leading the charge on this front, commissioning multiple battery energy storage systems in 2025 and early 2026, including Oneida, the largest energy storage facility in Canada. Even larger successors are scheduled for 2026.

Quebec and British Columbia have also each procured or will soon procure thousands of megawatts of renewable energy that will come online in the next decade, tripling Quebec’s current wind and solar capacity and quadrupling B.C.’s.

However, Alberta’s policy-driven renewable energy slowdown was apparent in 2025, with just two Indigenous community solar projects totalling 38 MW and the second, 122-MW phase of the Halkirk Wind Farm connecting to the grid.

Alberta led Canada in utility-scale developments early this decade, but uncertainties introduced into the market over the past couple of years will have a lasting effect throughout the second half of the 2020s, CanREA noted.

The Business Renewables Centre reported in January 2026 that corporate renewable energy power purchase agreements plummeted by 99 percent from 2023 levels in Alberta last year.

Imran Noorani, CanREA’s vice-president of policy, said 2025 “marked a new phase in Canada’s clean energy build-out. Renewable procurement is becoming a nationwide reality, with a trajectory that now extends well beyond one or two jurisdictions that were first out of the gates.”

“Canada is demonstrating what a modern nation-building program looks like: stable procurement, smart incentives, a skilled workforce, and Indigenous and community partnerships. Investors are taking note, and this is how we build Canada strong – with a clean electricity backbone, Noorani said.

Over 70 percent of new grid-connected projects installed in 2025 were built with some level of Indigenous ownership and involvement. According to the Indigenous Energy Monitor, there are currently 118 Indigenous-owned wind, solar and energy storage projects in operation in Canada.

Two new 1-to-2 MW projects are now powering the Haida Gwaii community in B.C. and the Beaver Creek community in the Yukon. The projects were the first of their kind in several respects, and both contribute to local microgrids, with energy storage existing or planned to unlock the full value of these modernized networks.

“2025 also marked a turning point for customers choosing solar and storage to meet their energy needs behind commercial utility meters,” said Phil McKay, CanREA’s senior director of member programs, who leads CanREA’s annual data release.

“We’re seeing everything from residential solar accelerating to innovative microgrids in First Nation communities and large industrial batteries. It’s an exciting time for wind, solar and energy storage in Canada,” he said.

Facts at a glance

• Led by Ontario, Canada’s energy storage capacity more than doubled to a total of nearly 1 GW in 2025 and is set to nearly double again in the next two years.
• In 2025, Ontario awarded new contracts for 963 MW of wind energy to existing wind farms that will exceed their original 20-year contracts.
• Canada’s total wind, solar and storage installed capacity grew 56 percent since 2020, including more than 5 GW of new wind, more than 3 GW of new solar and hundreds of megawatts of new energy storage.
• Canada’s total wind, solar and storage installed capacity is now approximately 25 GW, including nearly 19 GW of wind, more than five GW of solar and nearly one GW of  energy storage.
• Total installed capacity of wind, solar and storage in Canada is expected to increase by 32 percent by 2029 and double by 2035.
• Almost every major wind, solar and energy storage procurement process in Canada in 2025 had specific criteria or incentives regarding Indigenous participation or ownership.
• Recent and upcoming procurements are expected to triple Quebec’s wind and solar installed capacity (from about 4.5 GW to over 14 GW) and quadruple British Columbia’s (from about 900 MW to 4 GW).
• In 2025, renewable energy met 9.7 percent of Canada’s total electricity demand.
• The Canada Greener Homes Initiative, which supported solar photovoltaic installations and wound down in October 2025, served over 50,000 homes, totalling around 500 MW of installed solar capacity.
• Loblaw Companies Ltd. installed Canada’s largest-ever rooftop solar energy array in 2025 at its East Gwillimbury Distribution Centre in Ontario. The 7.5-MW behind-the-meter project will meet approximately 25 percent of the facility’s electricity needs.

“The strong slate of projects now under construction, combined with advancing procurements, made 2025 the year a regional energy story become a national, Canadian story,” CanREA said.

“This is a critical moment that will require clearing the path of policy and regulatory obstacles to make way for the momentum of electricity demand growth, grid modernization and decarbonization.” Canadian Renewable Energy Association

THE GRAPEVINE – News about people, institutions and communities

Dalhousie University computer science professor Dr. Rita Orji was appointed one of 40 members of the new Independent International Scientific Panel on Artificial Intelligence for the United Nations. She is one of only two Canadians appointed to the panel and will serve a three-year term focusing on her area of specialization: human-centred, equitable and responsible AI. Orji has long advocated for inclusive and equitable AI development, particularly for underserved communities and the Global South. She was recently named a Fellow of the African Academy of Sciences and received Natural Sciences and Engineering Research Canada’s most prestigious prize for early-career researchers, the Arthur B. McDonald Fellowship. The other Canadian on the international scientific panel is AI pioneer Yoshua Bengio, a professor at Université de Montréal, co-president of LawZero, and founder of Mila-Quebec AI Institute). Dalhousie University

Federal Health Minister Marjorie Michel announced the appointment of Dr. Joss Reimer as Canada’s next Chief Public Health Officer for a three-year term, effective April 1, 2026. Reimer is the past president of the Canadian Medical Association and chief medical officer for the Winnipeg Regional Health Authority. She has public health expertise in health communications, health equity, sexually transmitted and bloodborne infections and immunizations. Her research areas have focused on sexually transmitted infections and drug-related harms with projects in Canada and Colombia. Public Health Agency of Canada

Montreal-based Power Corporation of Canada announced that R. Jeffrey Orr will become vice-chair of the Corporation and will be succeeded as president and CEO by James O'Sullivan, currently president and CEO of IGM Financial Inc., a subsidiary of Power, effective July 1, 2026. Orr has been with the Power group of companies for 25 years, including the past six years as president and CEO of the Corporation. Under his leadership, Power Corporation has evolved  from a diversified holding company into one primarily focused on financial services. O' Sullivan is an accomplished executive with a depth of experience across many sectors of the financial services industry, including the past six years as president and CEO of IGM Financial. He is also being appointed as president and CEO of Power Financial, a wholly-owned subsidiary of the Corporation, effective July 1, 2026. Power Corporation

Victoria, B.C.-based VoxCell, a biotechnology company advancing high-resolution, vascularized 3D tissue models, announced the appointment of Graham Craig as chief commercial officer. Craig joins VoxCell from Vancouver-based clinical-stage biotechnology company AbCellera, where he was director of corporate development. He brings more than 18 years of experience in commercialization and strategic partnerships across the pharmaceutical and biotech sectors. In his new role, his key responsibilities will be to lead VoxCell's commercial strategy, including global business development, strategic partnerships, and go-to-market execution. VoxCell's vascularized 3D tissue models replicate key features of the human vascular microenvironment. These models enable the evaluation of drug penetration, extravasation, efficacy and vascular toxicity behaviors in a single physiologically relevant system. VoxCell

Professor Roberto Morandotti, a world–renowned physicist at the Quebec City-based Institut national de la recherche scientifique (INRS), is the first researcher from Canada to receive the Max Born Award,  one of the most prestigious distinctions in optics and photonics. Presented by Optica (previously the Optical Society of America), the award honours outstanding contributions to physical optics and celebrates the legacy of Max Born, a founder of modern quantum mechanics. Morandotti is recognized for breakthroughs that have reshaped integrated quantum photonics, nonlinear optics, ultrafast lasers and terahertz science. His work stands out for its ability to bridge quantum theory with cutting-edge experimentation, opening new pathways for next-generation optical and quantum technologies. INRS

Lara Campbell, a history professor who holds the endowed chair in Leadership and Civic Studies in the Wilson College of Leadership and Civic Engagement at McMaster University, was named the college’s new academic director. She takes over July 1, 2026, from acting director Stephen Jones, a professor emeritus in the Department of Economics. Campbell joined Wilson College and the Faculty of Humanities in September 2025, after having served as a professor of gender, sexuality and women’s studies at Simon Fraser University, where she also held several administrative positions. She is the author of two books: Respectable Citizens: Women, Gender and the Family in Ontario’s Great Depression, and the award-winning A Great Revolutionary Wave: Women and the Vote in British Columbia. McMaster University

Canadian businessman and media personality Kevin O’Leary won a US$2.8-million defamation lawsuit against influencer Bitboy Crypto, who alleged O’Leary is a murderer and “paid millions” for a coverup. Judge Beth Bloom in a ruling entered a default judgment against the influencer, whose real name is Ben Armstrong, because he failed to provide a substantive response to the lawsuit from O’Leary, best known for his appearances on the TV show “Shark Tank.” Bloom, writing for the U.S. District Court for the Southern District of Florida in Miami, said Armstrong spent a week in March 2025 accusing O’Leary of murder on the social media platform X. He posted O’Leary’s private cell phone number and encouraged followers to “call a real life murderer,” the judge wrote. O’Leary was inundated with queries from business partners about the false claims and the incident forced him to increase his security, the judge said. Bloom awarded about $78,000 in reputational damages, $750,000 in mental anguish damages, and $2 million in punitive damages. Armstrong’s false claims were in connection to a 2019 boating accident involving O’Leary and his wife that resulted in the death of two other people. His wife Linda O’Leary was charged with careless operation of a vehicle but was exonerated after a trial. Kevin O’Leary was never charged. Bloomberg Law

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Researchers at Queen’s University and McGill University build “off-the-shelf” computing machine that uses light to tackle complex problems

A team of researchers at Queen’s University and McGill University has developed a powerful new kind of computing machine that uses light to take on complex problems such as protein folding (for drug discovery) and number partitioning (for cryptography).

Built from off-the-shelf components, it also operates at room temperature and remains remarkably stable while performing billions of operations per second.

This breakthrough shows that it is possible to build a practical and scalable machine that can tackle extremely difficult problems. The team’s research was recently published in Nature

The technology uses commercially available lasers, fibre optics, and modulators – the same technology that powers today’s internet infrastructure.

The project was led by Bhavin Shastri, Canada Research Chair in Neuromorphic Photonic Computing and professor in the Department of Physics, Engineering Physics, and Astronomy at Queen’s University, with a team of his graduate students including Nayem Al Kayed and Hugh Morison,

The team partnered with McGill University researcher David Plant, Tier I Canada Research Chair in Optical Fiber Communications Systems, and his graduate student Charles St-Arnault. 

“This new photonic Ising machine allows us to solve problems of unprecedented scale for any analog Ising machine class,” St-Arnault said.

To build the optical computer comprised of more than 20 ultra-sensitive optical components, the team developed new control algorithms and signal-processing methods to both accelerate computation and keep the system stable.

Since the machine operates at room temperature it consumes significantly less energy than other advanced computing systems.

Throughout testing, the Shastri Lab’s machine has proven to be stable for long periods, operating for hours at a time, which makes it well-suited for solving problems that require repeated steps. 

The team’s processor is based on the Ising model, which represents problems as interacting magnets with “spins” that point up or down.

Much like how magnets naturally align when brought closer, the Ising searches for the lowest-energy state – mathematically equivalent to finding the best solution to a difficult optimization problem. Though simple, the model is powerful for solving problems with many interconnected binary (up/down or yes/no) choices. 

The team’s system instead uses pulses of light that act like the magnets – but instead of a binary system of up or down, there is either a light pulse, or the absence of one.

The pulses move through a loop, interact, and gradually settle into a configuration that represents a good solution, much like a group reaching a consensus after many quick exchanges. 
“It’s a way to turn light into a problem solver,” Shastri said. Queen’s University, McGill University

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