Plus: Vantage Circle and Eventcombo are moving HQs to Calgary.
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Calgary picked for Vantage Circle, Eventcombo’s new HQ with plans to hire hundreds (BETAKIT)
Global SaaS firms Vantage Circle and Eventcombo are making big bets on Calgary, Alberta with their new separate offices in the city and plans to hire hundreds of people.
Calgary Economic Development, an economic development agency funded by the City of Calgary, other levels of government, and the private sector, are supporting both Vantage and Eventcombo for their building plans.
Meta’s Twitter rival Threads explodes to 70 million signups one day after launch (CNBC)
Meta’s new Twitter competitor Threads has exploded in growth in its first full day since its public debut Wednesday night. The text-based social media platform already has 70 million sign-ups, Meta CEO Mark Zuckerberg said on Friday.
Big Technology writes that, with Threads, Meta has plenty of opportunity and underappreciated risk. Where does Instagram end and Threads begin?
Shakudo closes $9.5-million CAD Series A to help companies adopt generative AI (BETAKIT)
Toronto-based Shakudo has secured $9.5 million in Series A funding to help companies launch artificial intelligence products more quickly and cost-effectively.
“We don’t build foundational models like many of the other new entrants into the market,” CEO Yevgeniy Vahlis said. “What we do is we make it easy for companies to start using these technologies.”
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Dye & Durham files copyright lawsuit accusing startup rival of ripping off its software (THE GLOBE AND MAIL)
Dye & Durham (D&D) is accusing an upstart rival and an ex-client of improperly copying its software to build a business it claims is siphoning off its clients.
D&D alleges that LawLabs accessed Unity through a licence held by the law firm with the intent of “reverse engineering” and copying the Unity software, in breach of the terms of use, to create its own platform, Closer.
Here’s a list of all the Startupfest afterparties (BETAKIT)
The team that pulled together a community-submitted list of all the events surrounding Collision conference in Toronto has done the same for Startupfest in Montréal, which takes place from July 12 to 14.
Some of the events on the list are completely free, or can be attended without a Startupfest pass. Others require tickets to be purchased or are invite-only.
Amdocs laying off around 2,000 employees, 6.5% of workforce, in another round of cutbacks (CTECH)
Amdocs is embarking on another round of layoffs, with estimates that the software company will cut around 2,000 jobs, accounting for approximately 6.5% of the company’s workforce.
This latest round is more substantial than the one Amdocs implemented earlier this year, which resulted in the layoff of about 700 employees, representing 3% of the total workforce.
AI risks: overblown, existential threat, or something else? VCs and tech experts disagree (BETAKIT)
From “AI godfather” Geoffrey Hinton to Cohere CEO Aidan Gomez, AI experts took centre stage at Collision in Toronto to discuss the promises and perils within the future of AI.
Notion hits €300M for its fifth fund but is unimpressed by big rounds into generative AI startups (TECHCRUNCH)
When it first appeared on the scene around 10 years ago, Notion Capital was poised to take advantage of the oft-repeated phrase, “Software is eating the world.” In particular, it was aiming at what was then called the enterprise SaaS space.
Having completed the final close of its new €300 million fund, Notion’s software portfolio has certainly been “eating” a lot of the world.
ApplyBoard co-founder launches Passage to address Canada’s skilled worker shortage with $40-million seed round (BETAKIT)
Martin Basiri, co-founder and former CEO of ApplyBoard, has a new startup that aims to help fill Canada’s skilled labour gap.
Founded this year and armed with $40 million CAD in initial seed funding, Passage is building a software platform designed to match international students and immigrants to Canadian workforce needs and connect them with financing.
Vimeo CEO Sud to Step Down; Adam Gross Named Interim Chief
(BNN BLOOMBERG)
Vimeo Inc. Chief Executive Officer Anjali Sud will step down from her position, and be replaced by board member Adam Gross on an interim basis, at the business video software company at the end of August.
Sud, who was appointed to the position in 2017 after previously serving as general manager and head of marketing, is leaving to pursue a new opportunity, according to the statement.
ClickUp, a productivity platform that was last valued at $4B, cuts 10% of workforce (TECHCRUNCH)
ClickUp, the software-as-a-service startup that offers a workforce productivity platform and counts storied investors Andreessen Horowitz and Tiger Global among its backers, has laid off 10% of its workforce.
The company says it looks to become more efficient and be better positioned for a public listing amid the ongoing slowdown in the market.
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