Canadian government pulls $18 million investment from smart glasses company North following layoffs
The Canadian government is withholding the remainder of its $18.3 million (CAD$24 million) investment into North after The Verge reported that the company laid off 150 employees this week. North is also being asked to return the money it’s already received from the investment. The funding withdrawal was first reported by Canada-based publication The Logic.
Canada’s innovation minister, Navdeep Bains, said the government’s investment remains a “repayable contribution” and that all future payments have been suspended. The government is now working with North to establish “the best path to repayment, while protecting existing jobs,” Bains said in an emailed statement. North declined to comment.
The Canadian government funded North, the…