Also: Canadian VCs had second-highest year on record.
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The main news of the week
Despite market conditions, 2022 is the second highest year recorded for Canadian venture capital
In the fourth quarter, $2.5 billion was invested in 162 deals, ending the year with 706 deals worth $10 billion.
As the firm looks to launch its fifth fund this year, OMERS Ventures 2023 enters with a new playbook.
Four years after John Ruffolo’s departure, OMERS Ventures has built its global venture fund out of Canada. But in the year 2023 brings more changes: with plans to launch a fifth fund this year, OMERS Ventures has revamped its operational structure and merged under one global investment committee.
Canadian securities regulators tighten rules on crypto platforms following Voyager, Celsius, FTX collapse
These moves coincide with the broader crypto slump following the recent collapse of various unregulated global crypto exchanges, from Voyager Digital to Celsius Network and FTX.
Dapper Labs will cut another 20 percent of its workforce
Vancouver-based Web3 firm Dapper Labs has laid off 20 percent of its full-time workforce amid a restructuring process amid the crypto winter. The cuts mark Dapper Labs’ second round of significant layoffs since November, when the company fought a class-action lawsuit alleging its NBA Top Shot NFTs were unregistered securities.
Canada’s privacy commissioners have launched a joint investigation into TikTok’s use of data
According to the federal privacy watchdog, the investigation began in response to now-settled class action lawsuits in the United States (US) and Canada, as well as media reports related to TikTok’s collection, use and disclosure of personal information.
CDPQ will make executive changes following the termination of the Celsius investment
Alexander Sinnett, Executive Vice President and CTO at CDPQ – and an executive involved in CDPQ’s investment in Celsius – has left the company. In the company’s recent earnings call, CDPQ CEO Charles Emond Sinnett said he has voluntarily resigned.
Felix Health CFO Paritosh Gupta on why financial leaders need a new approach to risk
Speaking on the Flaat Retained Learnings podcast, Gupta shared more about his belief that CFOs need to learn to experiment more.
Recent funding, acquisitions and layoffs
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CAL – IrisCX – $6.2M (read more)
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EDM – Future Fields – $15.1M (read more)
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SSK – Optimism Acquires CropPro Advisor, Gets $9.1M (Read More)
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Kit – Plum – $8M (read more)
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TOR – Lighthouse Labs – $21.2M (read more)
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TOR – System-3 – $3.6M (read more)
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MTL – Oxio Acquired by COJECO (read more)
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MTL – AAAVAA Technologies – $2M (read more)
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STJ – TechNL – $27.1M (read more)
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Generative AI tests the worst: misinformation or bad faith of the user
“This whole thing with ChatGPT is just history replaying itself. We need to stop looking at technology and innovation as the definitive silver bullet for all the world’s problems and instead understand that it increases injustice at an exponential rate.
Feminist founder and CEO Dr. Sara Saska walks through the current relationship between DEI and tech before exploring the dangers of biased information and bad faith users in generative AI.
Indigo hacking is bad. Will AI Exacerbate Cyber Threats?
“I think the deep falsification technology that is part of this new generative AI tools will have a very detrimental effect on the current state of cyber defense.”
Plurilock CEO Ian Patterson discusses the economics of AI cyber risk and Canada’s response to Bill C-26.
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