Serial Acquirers Market Update: Canadian AI Giant Stays True to its Roots and BC Innovation Receives a Future Through Funding
Local Pride and The Role of Canadian Funding in Tech Innovation
US-Based AI Sticks to Its Canadian Roots
Tenstorrent, a Canadian-founded AI hardware company now based in the US, raised over $693 million in Series D funding, led by notable investors like Bezos Expeditions and LG Electronics. The funding will support the expansion of its open-source AI software, global development centers, and AI systems, enabling it to compete with industry giants like Nvidia. Despite relocating its headquarters to the US, Tenstorrent remains committed to its Canadian roots, maintaining its Toronto office and planning further workforce growth in Canada. This investment is a significant development in the Toronto tech scene, and I am very pleased to see companies of this size staying true to their Canadian roots.
BC Innovation Organizations Pledge Commitment to Innovative Projects
Two BC innovation organizations are distributing $9.2 million to support innovative projects in cleantech and life sciences. The BC Centre for Innovation and Clean Energy (CICE) is investing $7.7 million in 13 projects, focusing on climate tech, including low-carbon hydrogen and energy storage. Innovate BC is providing $1.5 million to five projects that address industry challenges in life sciences and cleantech, such as AI-driven HPV testing. These initiatives are significant for growth in the province and are a clear sign that BC is aiming to become a hub for innovation in Canada.
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Fear and Greed: Psychology of a Market Cycle
I recently explored the emotional drivers behind market fluctuations and how fear and greed influence market dynamics. If you’re looking to discover how investors can navigate these cycles, be sure to give it a read.