The RBCx Growth Fund will invest in sectors such as energy, agriculture, AI, health care and defence. Sid Paquette, the head of the bank’s technology banking and innovation arm, will lead the fund. RBC will contribute up to $416 million, with the rest coming from investors. (The Logic)
The bank spelled out its intentions in a published framework for how it intends to use the proceeds, including how it will define an eligible defence company. Criteria include a Canadian stock listing or headquarters, plus clear evidence that a firm is a government security supplier or part of the supply chain for firms that are. (The Logic)
The Calgary fintech posted a memo from CEO Andrew Chau Tuesday, which said the company laid off 102 employees “across nearly every part of Neo.” Chau framed the layoffs as being about focus and efficiency, saying the company plans “to build fewer things faster, and build them exceptionally well.” (The Logic)
European Commission President Ursula von der Leyen will highlight the growing partnership between Canada and the 27-nation bloc in her annual speech on Sept. 16, as the trading partners chart a course for middle powers beyond those set by the U.S. and China. (Bloomberg)
The U.S.-based Mathematical AI Safety Institute (MAISI) will develop “precise, robust, and reusable methods” to put numbers onto the risks of the technology and spur ways of addressing them. Jacob Tsimerman, a University of Toronto professor who won the Fields Medal in July, will be the organization’s scientific director. (The Logic)
Prime Minister Mark Carney defended his choice to “walk away” from a deal with the White House, arguing after retaliatory tariffs on nearly $28 billion worth of U.S. goods took effect that the Trump administration “wanted dependency, not a true economic partnership” from Canada. (The Logic)
Tamarack Valley Energy and Headwater Exploration announced Tuesday they are combining to form a new mid-sized producer in Alberta’s Clearwater oil region, which will pump more than 80,000 barrels of oil equivalent a day. The all-stock deal values Headwater’s shares at roughly $3.2 billion. (The Logic)
Canada has won the trust of global capital, but still lacks enough large, bankable projects to absorb it, according to two new Canada Pension Plan Investment Board research papers released ahead of the Sept. 14-15 Canada Investment Summit, which the pension fund is co-hosting. (The Logic)
The U.S. Federal Trade Commission alleges the Montreal company processed payments for businesses it knew, or should have known, were running frauds. In addition to the fine, Nuvei has agreed to stop processing payments for high-risk merchants, and to follow strict rules for vetting clients. (The Logic)
A new paper led by Alex Zhavoronkov, whose AI-based pharma company has much of its brain trust in Montreal, argues that tests of a potential Insilico treatment for a lung condition suggest clinical trials for drugs aimed at diseases related to aging should also look at whether those drugs can reverse aging more generally. (The Logic)