New York-based IA Ventures, which usually specializes in pre-market software companies but has been a previous Kepler investor, led the round. BDC Capital’s Industrial Innovation Venture Fund and several other existing backers also participated. (The Logic)
The Burnaby, B.C.-based quantum computing firm reported a net loss of US$12.5 million on US$2.4 million in revenue in the fourth quarter of 2022, down 9.4 per cent and up 41.2 per cent year over year, respectively. D-Wave will have immediate access to US$15 million of the debt from PSPIB Unitas Investments II, which is linked to major shareholder PSP. (The Logic)
AI-powered search options like ChatGPT would have been released years ago had Google not had a stranglehold on internet search, according to Kenneth Dintzer, the DOJ’s lead lawyer in the U.S. government’s antitrust case against the Alphabet subsidiary. (Bloomberg)
In its latest climate report released on Thursday, the e-commerce giant said less than half of the carbon credits it paid for were actually “delivered” in 2022, largely because the supply of carbon offsets is “increasing slower than anticipated.” (The Logic)
BDC Capital’s Climate Tech Fund led the round, which the company (“GIT” for short) said will help expand production of its graphene-based marine coatings and sell to new customers. Its paint helps ships slide through water more smoothly, GIT said, improving fuel efficiency, reducing carbon emissions and dampening noise that can harm marine life. (The Logic)
The Big Six bank provided over US$42 billion in funding to the oil and gas sector in 2022, according to the annual Banking on Climate Chaos report. That’s up from about US$40.4 billion a year earlier. (The Logic)
Following the completion of the proposed acquisition, which values Copper Mountain shares at $2.67 apiece and represents a 23 per cent premium as of April 12, Toronto-based Hudbay said it will become one of Canada’s largest copper mining companies. (The Logic)
The New York-based crypto brokerage and stablecoin issuer posted on its website that Canadian customers will no longer be able to initiate new trades as of June 2. They will still be able to withdraw funds but may face additional steps in the process and longer waiting periods. (The Logic)
Andy Jassy said in his annual letter to shareholders Thursday that the Seattle-headquartered e-commerce company has been developing its own large language models “for a while” and believes the technology will “transform and improve virtually every customer experience.” (The Logic)
The U.S. Environmental Protection Agency announced its “most ambitious pollution standards ever” on Wednesday, projecting that electric vehicles could make up 67 per cent of passenger car sales by the 2032 model year if automakers comply. (The Logic)