At the Toronto Global Forum, Aviva Investors’ chief investment officer Daniel McHugh said that the insurer’s asset management arm is taking steps to ensure that its portfolio is diversified to head off AI bubble concerns. He predicted his peers might be “quite horrified” by how much of their portfolios are concentrated in the AI industry. (The Logic)
The Series D values the U.S. company at US$5.1 billion. Other undisclosed investors also participated in the round. The company plans to use the money to expand its business globally, and for research and development. (The Logic)
The Toronto-based cybersecurity company said monthly usage of its developer and AI security tools is up 200 per cent year-over-year, helping it hit US$500 million in annual recurring revenue. With “non-human” use of 1Password tools up 500 per cent from this time last year, it is launching a tool that lets AI agents sign into their owners’ online accounts for certain human-approved tasks, but blocks the agent from accessing or storing the account password. (The Logic)
Farm Credit Canada, Bonnefield Financial and members of Fine Choice Foods’ senior management team also participated in the deal to buy the maker of Summ! brand refrigerated Asian appetizers. Deal terms were not disclosed. (The Logic)
Prime Minister Mark Carney and Turkish President Recep Tayyip Erdogan announced a strategic partnership on Thursday that will include efforts to grow bilateral trade and investment in artificial intelligence, defence production, aerospace and energy supply. (The Logic)
Prime Minister Mark Carney pledged nearly $3.6 billion over five years to help steel firms upgrade their equipment to make more of the products Canadian companies would otherwise import for defence, energy, infrastructure and advancing manufacturing—while reducing their exposure to the struggling auto sector. Ontario will contribute another $1.67 billion to the fund. (The Logic)
Waterloo, Ont.-based BlackBerry said its global survey of 1,100 software developers at automotive companies found that security threats were their top concern for the future of the industry, above regulation, tariffs or innovation. (The Logic)
The developer behind the Mass Effect and Dragon Age series of role-playing games will be shuttered as part of a wider series of cuts across Electronic Arts’ operations. In all, EA is shedding about 400 people, or 3 per cent of its headcount. BioWare, which has offices in Edmonton and Austin, Texas, accounts for roughly 50 of those. At its peak, BioWare employed about 500 developers. (Bloomberg)
Australian Communications Minister Anika Wells said she has spoken to Canada and other allies about joining her country in setting baseline standards for online safety that could include compelling digital giants such as Meta and Google to protect children from harm. (Bloomberg)
The 10-year deal guarantees the Department of National Defence access to NordSpace’s launch facility in St. Lawrence, N.L., though any actual launches will cost extra. Earlier this year, the department signed a 10-year agreement worth $200 million with NordSpace competitor Maritime Launch Services for access to its launch site in Nova Scotia. (The Logic)