• Real Ventures invests in Insight Engines’ $15.8 mln Series A July 21, 2017 5:34 pm
    Insight Engines Inc has raised US$15.8 million in a Series A financing. The round was led by U.S. venture capital firm August Capital, with participation from several other investors, including Splunk, Real Ventures, a Canadian venture capital firm, and Data Collective. Founded in 2015, San Francisco-based Insight Engines develops technology that enables the unlocking of machine data and making it accessible to anyone in an organization. Led by CEO Grant Wernick, the company plans to use the funds raised to accelerate its product roadmap and expand sales and marketing teams.
    Kirk Falconer
  • Fintech platform Borrowell raises $12 mln in VC, $45 mln in debt July 21, 2017 2:40 pm
    Toronto financial technology company Borrowell has secured $12 million in a Series A financing. The round was led by Portag3 Ventures, Equitable Bank and White Star Capital and joined by FirstOntario Credit Union and other new and existing investors. The company said it also raised $45 million in new credit facilities supplied by Concentra and FirstOntario. Launched in 2014, Borrowell provides an online system for users to access free credit scores, personal loans and financial recommendations. Led by CEO Andrew Graham, it will use the funds raised to accelerate product adoption and invest in artificial intelligence to enhance its financial tools.
    Kirk Falconer
  • Fintech provider TickSmith wins $2 mln strategic investment July 20, 2017 2:44 pm
    Montréal-based financial technology startup TickSmith Corp has closed a $2 million strategic investment with Illuminate Financial Management, a U.K. venture capital firm. Launched in 2012, TickSmith provides software that helps manage capital markets data. Its assists exchanges, trading groups and other financial services businesses with data centralization and distribution, surveillance, risk management, strategy discovery and analytics. Led by Co-Founder and CEO Francis Wenzel, the company plans to use the funds raised to further commercialize its flagship product, TickVault, and build a global client base.
    Kirk Falconer
  • Chat platform Ada Support raises $2.5 mln in Bessemer-led round July 20, 2017 2:07 pm
    Ada Support Inc has emerged from stealth to launch its automated chat platform and raise $2.5 million in initial funding. The round was led by U.S. venture capital firm Bessemer Venture Partners and joined by Canadian firm Version One Ventures. Led by Co-Founders Mike Murchison and David Hariri, Toronto-based Ada provides customer support automation software that enables companies to leverage machine learning to give instant answers to questions in chat. The platform has been growing 30 percent and answering 2 million questions on a monthly basis, the company said. Ada will use the funds raised for growth and product development.
    Kirk Falconer
  • GaN Systems closes strategic investment led by BMW i Ventures July 18, 2017 10:36 pm
    GaN Systems Inc, an Ottawa-based provider of power transistors, has closed a strategic investment led by BMW i Ventures, the venture capital arm of German automobile manufacturer BMW. With the deal, the value of which was not disclosed, BMW i Ventures joins the company's existing investors, BDC Capital, Chrysalix Venture Capital, Cycle Capital Management, RockPort Capital and Tsing Capital. Founded in 2008, GaN makes Gallium Nitride power transistors for consumer, enterprise, industrial, solar-wind-smart-grid and transportation power conversion applications. It will use the funds raised to expand global sales and accelerate new product development.
    Kirk Falconer
  • Information Venture Partners leads Flybits’ $6.5 mln Series B July 18, 2017 9:59 pm
    Flybits Inc has secured $6.5 million in a Series B financing, bringing its total funding so far to $14 million. Canadian venture capital firm Information Venture Partners led the round and was joined by Portag3 Ventures, Robert Bosch Venture Capital and Trellis Capital. As a result, Information VP's Robert Antoniades and David Unsworth will join the board. Toronto-based Flybits is a context-as-a-service company that helps enterprises to leverage data intelligence with minimal complexity. Founded in 2013 by CEO Hossein Rahnama, it will use the funds raised for U.S. and European sales, reinforcing its global presence, and growing product and engineering teams.
    Kirk Falconer
  • Contextere wins $1.4 mln investment from Lockheed Martin July 18, 2017 5:50 pm
    Ottawa industrial Internet-of-Things software provider Contextere Corp has raised about $1.4 million (US$1.1 million) in funding from strategic investor Lockheed Martin (NYSE: LMT), a U.S. security and aerospace company. The investment's proceeds will allow Contextere to design and deliver an intelligent personal agent for aerospace and defense maintenance personnel. Founded in 2015, Contextere focuses on developing software solutions for the connected workplace. Led by CEO Gabe Batstone, it has previously raised seed financing from U.S. venture capital firms SOSV and Urban-X.
    Kirk Falconer
  • Medtech startup Highmark Interactive nets $2 mln in seed round July 18, 2017 4:36 pm
    Highmark Interactive has raised $2 million in a seed-stage financing. The round's investors were not disclosed; however, the Toronto-based company said they include capital-market investors, medical practitioners, and Olympic and professional athletes. Founded this year, Highmark develops digital media and therapeutics solutions to address concussions and other brain injuries and diseases. Led by CEO Andy Smith, it plans to use the funds raised to grow the development team and build distribution partnerships for its games. Earlier in 2017, Highmark acquired mobile games company XMG Studio Inc.
    Kirk Falconer
  • FreshBooks secures $57 mln in Georgian Partners-led Series B July 18, 2017 12:00 pm
    Toronto-based accounting software company FreshBooks has raised $57 million (US$43 million) in a Series B financing, bringing total funding to almost $100 million. Canadian growth equity firm Georgian Partners led the round and was joined by Accomplice and Oak Investment Partners. All three firms are repeat investors. With the financing, Georgian Managing Partner Simon Chong has joined the board. Launched in 2003, Freshbooks provides online billing and accounting tools to service-based small business owners and independent professionals. Led by CEO Mike McDerment, it will use the funds raised to fuel North American growth of its new platform and enhance its offering.
    Kirk Falconer
  • McRock leads $12 mln Series B round of Spain’s Worldsensing July 17, 2017 6:31 pm
    Canadian venture capital firm McRock Capital has led a $12.3 million (€8.3 million) Series B financing of Worldsensing, a Barcelona, Spain-based smart city and industrial Internet-of-Things solutions specialist. McRock invested alongside ETF Partners and existing investor Cisco Investments. As part of the financing, McRock Managing Partner Scott MacDonald has joined the board. Launched in 2008, Worldsensing has developed technology that provides connected operational intelligence to cities and industries. It currently works with more than 200 customers in over 50 countries. Toronto-based McRock is an investor in the industrial Internet.
    Kirk Falconer
  • Assent Compliance raises $40 mln in Series B funding: report July 14, 2017 3:05 pm
    Ottawa compliance software and data management solutions provider Assent Compliance Inc has secured $40 million in a Series B financing, according to a report by TechCrunch. The round was led by U.S. venture capital firm Greenspring Associates. It was joined by Volition Capital, OpenText Enterprise Application Fund, BDC Capital, National Research Council of Canada, Royal Bank of Canada and other investors that backed the company's $20 million Series A round last year. Founded in 2005, Assent provides data-focused modular solutions to enhance corporate social responsibility, product compliance and vendor management programs, along with compliance training and education. It plans to use the funds raised for expanding sales and marketing efforts, TechCrunch said. Assent is led by CEO Andrew Waitman, formerly a managing partner at Canadian venture capital firm Celtic House Venture Partners.
    Kirk Falconer
  • Klass Capital-backed Resolver acquires Global AlertLink July 13, 2017 8:19 pm
    Resolver Inc has acquired Global AlertLink, a Charleston, West Virginia-based software company focused on incident management, emergency notification and risk management. No financial terms were released. Resolver, a Toronto-based provider of risk and incident management software, said the deal expands its emergency notification, business continuity and disaster recovery capabilities. It was backed by a $20 million financing raised last month. The investors included the company's majority owner, Canadian private equity firm Klass Capital. In 2016, Resolver bought assets from New Zealand’s Wynyard Group Ltd.
    Kirk Falconer
  • Aesthetic tech provider Venus Concept wins $38 mln in funding July 13, 2017 7:56 pm
    Toronto aesthetic technology company Venus Concept Ltd has raised $38 million in an equity investment. The transaction was led by EW Healthcare Partners and joined by HealthQuest Capital and Madryn Asset Management. As a result, EW Healthcare and HealthQuest will each receive one seat on the board. Founded in 2009, Venus Concept develops and makes non-invasive devices for the global medical aesthetics market. Led by CEO Domenic Serafino, it will use the funds raised to grow its subscription-based business model and continue to develop its products. The company secured $10 million from Longitude Capital in 2014.
    Kirk Falconer
  • OMERS Ventures joins Rover.com’s $65 mln fundraising July 13, 2017 4:53 pm
    Rover.com, a Seattle, Washington network of pet sitters and dog walkers, has secured US$65 million in funding. The round was led by Spark Capital and joined by new and existing investors, including Canadian venture capital firm OMERS Ventures. Earlier this year, Rover.com acquired DogVacay, a U.S. online care service for pet owners that was previously backed by OMERS Ventures. Founded in 2011, Rover.com said it expects to see a 200 percent increase in net revenue in 2017. It will use the funds raised for global expansion, brand awareness and to launch new services.
    Kirk Falconer
  • XPV Water Partners acquires majority stake in Aquatic Informatics July 12, 2017 9:00 pm
    Aquatic Informatics Inc has amalgamated with WaterTrax and Linko Technology, both software providers to water and wastewater utilities and agencies. No financial terms were disclosed. Aquatic Informatics, a Vancouver-based company in the same vertical, said the merger creates a complete suite of software solutions for managing water resources, water and wastewater compliance. The deal was backed by XPV Water Partners, a Canadian water-focused private equity firm. XPV acquired the majority stake held in Aquatic Informatics by Canadian impact venture capital firm Renewal Funds, an investor since 2010. The company is led by President and CEO Ed Quilty.
    Kirk Falconer
  • Georgian Partners leads Flashpoint’s $28 mln Series C round July 12, 2017 5:00 pm
    New York business risk intelligence platform Flashpoint has raised US$28 million in a Series C financing. The round was led by Canadian growth equity firm Georgian Partners with participation from Greycroft Partners, TechOperators, Leaders Fund, Jump Capital, Bloomberg Beta and Cisco Investments. With the financing, Georgian Principal Steve Leightell will join the board. Founded in 2010, Flashpoint helps business units and functions across organizations make better decisions and mitigate risk. Led by CEO Josh Lefkowitz, it plans to use the funds raised to accelerate adoption of its product and recruit talent.
    Kirk Falconer
  • Voice-over platform Voices.com nets $18 mln from Morgan Stanley July 12, 2017 4:11 pm
    London, Ontario voice-over online marketplace Voices.com Inc has secured an $18 million investment from Morgan Stanley Expansion Capital, a growth equity firm affiliated with U.S. money manager Morgan Stanley Investment Management. The company said the institutional investment is the first since its founding in 2005. The funds raised will be used to scale global operations, expand client and subscriber product offerings and enhance the technology platform. Led by CEO David Ciccarelli, Voices.com connects buyers of audio and voice-over products and services with a selection of more than 200,000 voice actors. It has enabled over 250,000 transactions to date.
    Kirk Falconer
  • Mistral, TandemLaunch forge strategic partnership, invest in Stratuscent July 12, 2017 2:28 pm
    Two like-minded venture firms have formed a strategic partnership and marked the occasion with a first joint deal, backing the developer of an electronic nose sensor. TandemLaunch, a creator of synthetic startups in the consumer-electronics space, agreed to partner with Mistral Venture Partners, a seed investor in information-technology companies. The pact formalizes an already close bond between the firms, but will take the collaboration up a notch, including giving Mistral an early window on opportunities emerging from TandemLaunch’s company-building process.
    Kirk Falconer
  • Thomvest leads $28.5 mln Series C financing of Lastline July 11, 2017 9:48 pm
    U.S. cyber security company Lastline Inc has raised US$28.5 million in a Series C financing. The round was led by Thomvest Ventures, the Silicon Valley venture capital firm of Peter Thomson, a member of Canada's Thomson family. Existing investors, including Osage University Partners and Redpoint Ventures, also participated, as did several strategic investors. Lastline develops technology to help protect enterprises from data breaches caused by advanced malware threats. The Redwood, California-based company will use the funds raised to accelerate its next phase of growth.
    Kirk Falconer
  • Venture-backed Casalova buys My Property Managers July 11, 2017 7:22 pm
    Online real estate listings marketplace Casalova Inc has bought My Property Managers, a Toronto-based manager of residential properties with $35 million under management. No terms were disclosed for the acquisition, Casalova's first since its founding in 2014. Toronto-based Casalova said the deal creates a full-service real estate platform that allows users to buy, rent, sell and manage properties on a single platform. The company, which plans to grow its managed assets to $100 million this year, raised $2.5 million in April from Aviva Ventures, the venture capital arm of U.K. insurance company Aviva plc.
    Kirk Falconer
  • Chronometriq nets $3.5 mln in Series A round led by Bridgescale July 11, 2017 5:48 pm
    Montréal online healthcare appointment booking solution Chronometriq Inc has raised $3.5 million in a Series A financing. The round was led by U.S. venture capital firm Bridgescale Partners. Founded in 2012, Chronometriq has developed technology that helps manage queues at healthcare clinics and improve access for patients. It reports its products were used by more than 1.2 million users in Québec and Ontario last year. Led by President and CEO Yan Raymond-Lalande, the company plans to use the funds raised to expand its product line and reach in Canadian and U.S. healthcare clinic markets.
    Kirk Falconer
  • Inventys secures initial $10 mln in Husky Energy-led financing July 11, 2017 5:02 pm
    Canadian clean energy technology company Inventys has secured $10 million in the first tranche of a round B-11 financing. Strategic investor Husky Energy Inc led the round and was joined by the company's existing backers, Roda Group and Chrysalix Energy Venture Capital. Based in Burnaby, British Columbia, Inventys is the developer of the VeloxoTherm system, a carbon dioxide (CO2) capture process. The funds raised will support a CO2-capture pilot plant aimed at producing a low-cost supply solution for Husky's enhanced oil recovery program near Lloydminster, Saskatchewan. Founded in 2007, Inventys is led by President and CEO Claude Letourneau.
    Kirk Falconer
  • Motion detection startup Aerial Technologies raises $2.25 mln in VC July 11, 2017 3:48 pm
    Montréal motion detection startup Aerial Technologies Inc has raised $2.25 million in a convertible note financing. The round was led by Fonds Innovexport and entrepreneur and investor Jean-François Grenon. They were joined by strategic investors Kibo Ventures, Wayra and Quebecor Group, as well as angel investors affiliated with TandemLaunch. TandemLaunch incubated Aerial and also invested. Founded in 2015, Aerial is a software company that uses Wi-Fi signals and artificial intelligence to detect presence and motion. Led by CEO David Grant, it is focused on commercializing its technology with partners in the telecommunications industry.
    Kirk Falconer
  • Thomvest contributes to Prometic’s $61.7 mln fundraising July 6, 2017 6:20 pm
    Laval, Québec biopharmaceutical company Prometic Life Sciences Inc (TSX: PLI) has raised $61.7 million in gross proceeds from two equity offerings. In the first, a bought deal equity offering, Prometic secured $53.1 million. In the second, a private placement, it obtained $8.6 million from a vehicle affiliated with Thomvest Asset Management, the investment firm of Peter Thomson. The latter deal's proceeds were used to reduce amounts owed on a Thomvest loan. Prometic is focused on developing therapeutics from its plasma-derived and small-molecule platforms.
    Kirk Falconer
  • Canadian VC sustains robust pace as top Q2 deals raise $518 mln July 5, 2017 8:06 pm
    Canada’s top 10 venture-capital financings in the second quarter drew $518 million from investors, up 8 percent from the $480 million that went into the top 10 deals a year earlier. The number is based on PE Hub Canada’s list of the largest deals announced from April through June, supplemented by preliminary data from Thomson Reuters. It suggests Canadian VC investment activity this year is so far keeping pace with the robust trend lines of 2016. At the end of June, VC funds invested $1.75 billion in Canada, preliminary data show, not far behind the $1.78 billion invested in the first half of last year.
    Kirk Falconer
  • EnerTech-backed Power Survey acquires Power Standards Lab July 5, 2017 4:15 pm
    Power Survey and Equipment Ltd, a Montréal-based developer of power quality systems, has acquired Power Standards Lab Inc, a U.S. maker of electric power instruments for monitoring power quality and energy, and performing data analysis. No financial terms were disclosed. Power Survey said the deal will provide a unified set of tools for solving power quality disturbances for global commercial and industrial customers, utilities and government agencies. Led by President and CEO Mario Barbaresso, Power Survey last year raised $10 million in a financing led by EnerTech Capital. The company said it recently secured an additional US$24 million.
    Kirk Falconer
  • Mirexus Biotechnologies closes $12 mln financing led by GEL July 4, 2017 1:40 pm
    Mirexus Biotechnologies Inc, a Guelph, Ontario biomaterials provider, has raised $12 million in funding. The round was led by the Canadian affiliate of Barbados' Goddard Enterprises Ltd (GEL) and joined by angel members of GreenSky President’s Club, all existing backers of the company. Founded in 2008, Mirexus is commercializing a novel nanotechnology that can be used in markets ranging from cosmetics to nutraceuticals to biomedical applications in animal and human health. Led by President and CEO Phil Whiting, the company will use the funds raised to develop a factory and support operations over the next three years.
    Kirk Falconer
  • Bonfire raises $11 mln in Battery Ventures-led Series A round June 30, 2017 3:10 pm
    Waterloo sourcing enablement software provider Bonfire has raised $11 million in a Series A financing. The round was led by U.S. venture capital firm Battery Ventures with participation from existing investors, including Crosslink Capital and Spider Capital. With the round, Battery General Partner Michael Brown will join the board. Founded in 2012, Bonfire has created online technology that helps organizations automate procurement decisions, such as requests for proposals, bids, tenders and reverse auctions. Led by CEO Corry Flatt, the company will use the funds raised to expand sales and marketing teams and develop its product in such areas as predictive analytics.
    Kirk Falconer
  • iNovia Capital leads $1.2 mln seed funding of VendorHawk June 29, 2017 9:04 pm
    U.S. enterprise software vendor management platform VendorHawk Inc has raised a US$1.2 million seed-stage financing. The round was led by Canadian early-stage venture capital firm iNovia Capital. It was joined by Techstars Ventures, Social Starts, Telos Ventures, Curious Capital and Alliance of Angels, as well as several angel investors. Founded in 2015, VendorHawk's platform helps organizations manage and optimize their software-as-a-service (SaaS) products. The Seattle, Washington startup recently completed the Techstars Seattle 2017 class.
    Kirk Falconer
  • 500 Startups Canada tops up Fluent.ai’s seed round to $2 mln June 28, 2017 6:13 pm
    500 Startups Canada has invested in the seed-stage financing of Fluent.ai Inc, a Montréal-based artificial intelligence startup focused on developing speech recognition technology. The round, announced in May, was increased to $2 million as a result. Its other investors include BDC Capital, Danhua Capital, Creative Destruction Lab and Maple Leaf Angels. Fluent.ai also announced that British AI entrepreneur William Tunstall-Pedoe has joined its advisory board. Tunstall-Pedoe founded Evi Technologies, acquired by Amazon in 2012. He also contributed to Fluent.ai's seed round.
    Kirk Falconer
  • Georgian Partners leads $35 mln Series C financing of Glooko June 27, 2017 9:42 pm
    Glooko, a U.S. diabetes data management platform, has secured US$35 million in a Series C financing. The round was led by Canadian growth equity firm Georgian Partners and joined by new and existing investors, including Canaan Partners, Medtronic and Social Capital. Founded in 2010, Glooko is a developer of remote patient monitoring technology. It currently helps more than one million patients served by 6,000 providers in 27 countries. The Mountain View, California-based company plans to use the funds raised to expand market access and deepen its expertise in data analytics.
    Kirk Falconer
  • Klass Capital’s Resolver raises $20 mln more for acquisitions June 27, 2017 3:53 pm
    Resolver Inc, a Toronto provider of risk and incident management software, has raised an additional $20 million, bringing its total funding to $40 million. Canadian private equity firm Klass Capital, which acquired the business in 2015, invested in the latest round. Resolver said the funds raised will be used for acquisitions to expand product capability in the information security market. Daniel Klass, Resolver’s chairman and founder of Klass Capital, said the company has shown consistent recurring revenue growth of 30 percent over the past two years. In 2016, Resolver bought the risk management product suite of New Zealand's Wynyard Group Ltd.
    Kirk Falconer
  • Cybersecurity startup Beauceron nets $500k in seed funding June 27, 2017 3:11 pm
    Fredericton cybersecurity startup Beauceron Security Inc has raised more than $500,000 in a seed-stage financing. The round was led by East Valley Ventures and Mariner Partners and joined by New Brunswick Innovation Foundation. Founded last year by CEO David Shipley, COO Benjamin Steeves and CTO Sean McDougall, Beauceron has developed a software platform to measure, manage and monitor cyber risk. It has already attracted 11 Canadian and U.S. customers in a range of sectors. Beauceron was incubated at the University of New Brunswick's Energia Ventures.
    Kirk Falconer
  • PHEMI closes $10 mln financing with new and existing VCs June 27, 2017 2:00 pm
    Vancouver big data warehouse company PHEMI Inc has raised $10 million in follow-on financing. CTI Life Sciences Fund, BDC Capital and Yaletown Partners, which participated in PHEMI's $12.2 million Series A financing in 2015, co-led the latest round. They were joined by new investors Quark Venture and GF Securities Co Ltd. Founded in 2013, PHEMI helps data-driven businesses in life sciences and other sectors to unlock and share information without compromising privacy. Led by CEO Paul Terry, the company will use the funds raised to expand commercialization through expanded sales and marketing and outreach into emerging vertical markets.
    Kirk Falconer
  • Envenio raises $1.3 mln from Celtic House, Green Century, NBIF June 23, 2017 3:16 pm
    Computational fluid dynamics (CFD) solutions provider Envenio Inc has raised $1.3 million in financing. Canadian venture capital firm Celtic House Venture Partners, Green Century Investment and New Brunswick Investment Fund (NBIF) were the round's investors. Launched in 2010, Fredericton-based Envenio is the creator of EXN/Aero, an on-demand, cloud-hosted CFD software tool that enables rapid, high-accuracy engineering and scientific computer simulations. Led by CEO Ian McLeod, it plans to use the funds raised to expand its sales and engineering teams and advance its global strategy. Celtic House Partner Tom Valis has joined the company's board.
    Kirk Falconer
  • Meltwater buys Postmedia’s media monitoring unit for $38.25 mln June 23, 2017 2:23 pm
    U.S. media intelligence services provider Meltwater has acquired Infomart, the media monitoring and analytics platform of Canadian publisher Postmedia Network Canada Corp (TSX: PNC.A/B). In a separate statement, Postmedia said the deal's purchase price is $38.25 million. It is expected to close in August. Meltwater, which is based in San Francisco, said the transaction will expand its presence and offering in North America. The company earlier this year closed a US$60 million debt financing with Silicon Valley Bank and Vector Capital to support its acquisition strategy. Postmedia in 2016 struck a deal with bondholders to reduce its debt.
    Kirk Falconer
  • Fonds de solidarité FTQ invests $11.6 mln in Repare’s Series A June 22, 2017 7:08 pm
    The Fonds de solidarité FTQ disclosed an investment of about $11.6 million (US$8.75 million) in Repare Therapeutics Inc, a Montréal developer of precision oncology drugs that target specific vulnerabilities of tumour cells. The investment formed part of Repare's $90 million (US$68 million) Series A financing, co-led by Versant Ventures and MPM Capital. The Fonds said the deal is part of its life sciences strategy. The strategy combines commitments to funds like Versant Venture Capital VI, which raised US$400 million earlier this year, and direct investments.
    Kirk Falconer
  • EDC supplies $6.5 mln credit facility to VC-backed Corvus Energy June 22, 2017 6:24 pm
    Export Development Canada has provided a $6.5 million contract financing credit facility to Corvus Energy Inc, a Canadian designer and maker of energy storage systems and lithium-ion battery solutions for hybrid and electric marine applications. The funds raised will allow the company to fulfill export contracts, primarily for hybrid ferries in Europe. Founded in 2009, Richmond, British Columbia-based Corvus has secured financing from Statoil Technology Invest, the venture capital arm of Norwegian energy company Statoil ASA, and Green Marine Capital.
    Kirk Falconer
  • Biotech boom continues with Repare’s $90 mln Series A, Zymeworks IPO June 22, 2017 9:10 am
    Canada’s life sciences sector is on a roll. Current levels of venture capital investment are unprecedented. This week another major deal was announced, with Repare Therapeutics, a Montréal developer of precision oncology drugs, securing about $90 million in a Series A financing. One of the sector’s other big stories is the IPO of biotherapeutics provider Zymeworks. The company, which last month raised about $86 million on the Toronto and New York exchanges, is now being talked about as Canada’s next biotech anchor company.
    Kirk Falconer
  • Eastern, Hepalink invest in Resverlogix’s $10 mln equity offering June 21, 2017 5:44 pm
    Calgary biotechnology company Resverlogix Corp (TSX: RVX) has closed a $10 million equity offering. Eastern Capital and Shenzhen Hepalink Pharmaceutical Co Ltd, existing investors in the company, accounted for most of the funding. The deal increases Eastern's stake to up to 26.3 percent of outstanding shares, and Hepalink's stake to up to 14.9 percent. The offering's proceeds will be used by Resverlogix to fund research and clinical trial activities related to its treatments for cardiovascular disease and other conditions, among other priorities. Founded in 2001, the company is also backed by U.S. venture capital firm NGN Capital.
    Kirk Falconer
  • Hubdoc raises $6.4 mln in BDC, Round13-led seed round June 21, 2017 4:37 pm
    Toronto cloud accounting platform Hubdoc Inc has secured about $6.4 million (US$4.85 million) in a seed-stage financing. The round was led by Canadian venture capital firms BDC Capital and Round13 Capital and joined by Hyde Park Venture Partners and other investors. Founded in 2011, Hubdoc has developed an accounting application that uses cloud computing and machine learning to collect and analyze documents for financial reporting, reconciliation and audit proofing. It will use the funds raised to scale growth globally, accelerate innovation and hire new team members. Hubdoc is led by co-CEOs Jamie Shulman and Jamie McDonald.
    Kirk Falconer
  • Fraud detector MindBridge Analytics seeded with $4.3 mln: report June 20, 2017 8:11 pm
    Ottawa fraud detection solution MindBridge Analytics Inc recently secured $4.3 million in a seed-stage financing, according to report by the Globe and Mail. The round was backed by Canadian venture capital firm Real Ventures and U.S. firm 8VC, the report said. MaRS Investment Accelerator Fund is among the company's other investors. Founded in 2015, MindBridge provides advanced anomaly detection solutions. Its flagship product, Ai Auditor, acquires and analyzes financial data to pinpoint unusual activity using a combination of machine learning, data science and artificial intelligence technologies.
    Kirk Falconer
  • Avrio Capital invests in bio-based materials specialist POS June 20, 2017 5:25 pm
    Canadian venture capital firm Avrio Capital has invested in POS Bio-Sciences Inc, a Saskatoon-based contract research organization offering process development, analytical and custom processing services for the bioprocessing industries. No financial terms were released for the investment, the sixth made to date by Avrio Ventures III, which raised $110 million last year. Avrio Managing Director Steven Leakos said the deal will help POS make the transition from a primary research focus to “a product-focused platform.” Founded in 1973, the company is led by CEO Dale Kelly. In March, Avrio invested in the US$6.5 million Series A financing of Farmlead Inc.
    Kirk Falconer
  • Xpertdoc raises $2.3 mln in mezz funding from BDC Capital June 20, 2017 4:31 pm
    Terrebonne, Québec-based software company Xpertdoc Technologies Inc has secured $2.285 million in mezzanine financing from BDC Capital's Growth and Transition Capital. The funds raised helped the company invest in the construction of a new building and attract and retain information technology professionals. Founded in 2000 by CEO Francis Dion, Xpertdoc provides document generation and customer communications management solutions. It reports achieving a 40 percent year-over-year growth rate over the past six years, in part due to U.S. sales.
    Kirk Falconer
  • SDTC puts $5.5 mln to work in venture-backed Ranovus June 19, 2017 9:05 pm
    Sustainable Development Technology Canada (SDTC) has made a $5.5 million investment in Ranovus Inc, an Ottawa-based developer of advanced interconnect solutions for the telecommunications and information technology industries. Founded in 2012, Ranovus is led by President and CEO Hamid Arabzadeh. It is backed by Azure Capital Partners, BDC Capital, Export Development Canada, MaRS IAF, OMERS Ventures and T-Venture. SDTC, which funds early-stage clean technology projects, also invested $1.45 million in Heliene Inc and $903,000 in BioLINE Corp.
    Kirk Falconer
  • PE-backed Lululemon invests in cycling apparel startup 7mesh June 19, 2017 7:46 pm
    Lululemon Athletica Inc (Nasdaq: LULU) has made an undisclosed minority investment in 7mesh Industries Inc, a Squamish, British Columbia maker of high performance cycling apparel. Vancouver-based Lululemon, an athletic clothing company, said the deal forms part of a strategic partnership with 7mesh, intended to create opportunities in advanced technical apparel. 7mesh was founded in 2013 by clothing industry executives. Lululemon is backed by U.S. private equity firm Advent International. Advent acquired a minority stake in the business for US$845 million in August 2014.
    Kirk Falconer
  • VC-backed Mylo buys Tactex to create investment platform June 19, 2017 6:56 pm
    Montréal financial technology startup Mylo, which closed a pre-seed round last month, has acquired Tactex Asset Management, a Canadian wealth management firm with a client asset book of $110 million. No financial terms were released for the deal, which Mylo said provides "immediate revenue." Mylo CEO Philip Barrar said the acquisition allows the company to launch and manage its own investment funds, giving users "with as little as $1 available to save and invest, get the same professional advice and low cost as those who have hundreds of thousands." Mylo, a mobile personal finance provider, is backed by Ferst Capital Partners and angel investors.
    Kirk Falconer
  • Innovators toil to revive Canada oil sands as majors exit: Reuters June 19, 2017 12:34 pm
    In the boreal forests and on the remote prairies of Alberta, a handful of technology companies are running pilot projects they hope will end a two-decade drought in innovation and stem the exodus of top global energy firms from Canada's oil sands, Reuters reported. They are searching for a breakthrough that will cut the cost of pumping the tar-like oil from the country's vast underground bitumen reservoirs and better compete with the booming shale industry in the United States. If they fail, a bigger chunk of the world's third-largest oil reserves will stay in the ground. Canada's oil sands sector has become one of the biggest victims of the global oil price crash that began in 2014 when top OPEC producer Saudi Arabia flooded the market with cheap crude to drive out high cost competitors.
    Reuters News
  • Leaders Fund helps Top Hat increase Series C to $40 mln June 15, 2017 5:08 pm
    Toronto education technology company Top Hat has increased its previously announced Series C financing to about $40 million (US$30 million). The top up was the result of a US$7.5 million investment by Canadian venture capital firm Leaders Fund, which launched an enterprise-software fund last year. Founded in 2009, Top Hat is the developer of a cloud-based student engagement and interactive teaching platform. Along with the investment, it announced the release of Top Hat Marketplace, a resource of affordable and customizable educational content. Union Square Ventures led Top Hat's Series C round.
    Kirk Falconer
  • Evasc Neurovascular nabs $10 mln in Yonghua-led Series A June 15, 2017 2:51 pm
    Vancouver medical device company Evasc Neurovascular Enterprises ULC has raised $10 million in a Series A financing, bringing its total funding to date to $27 million. Yonghua Investment Management, a Chinese private equity firm, led the round and was joined by undisclosed existing investors. Founded in 2008, Evasc is focused on the development of disruptive endovascular treatments for cerebral aneurysms. It plans to use the funds raised for the advancement and commercialization of its eCLIPs system, a device designed to treat 95 percent of cerebral aneurysm cases. Evasc is led by Dr Donald Ricci, the company's president and CEO.
    Kirk Falconer
  • Messaging startup Slack said to draw interest from Amazon: Reuters June 15, 2017 2:26 pm
    Slack Technologies Inc, a corporate messaging and collaboration software startup, has received inquiries about a potential takeover from technology companies including Amazon.com Inc, Reuters reported, citing a Bloomberg story. A deal could value the company at least US$9 billion. San Francisco-based Slack has raised more than US$500 million from venture capitalists. It was founded in 2014 by CEO Stewart Butterfield, a Canadian entrepreneur, and has an office in Vancouver.
    Reuters News
  • Customer research platform Lanla raises $2.5 mln in funding June 15, 2017 2:01 pm
    Capital croissance PME (CCPME) has invested $2.5 million in Lanla, a Mont‑Saint‑Hilaire, Québec-based marketing research platform. The investment is the third made by CCPME in the company. Founded in 2002 by President and CEO Luc Brousseau and CTO Christian Watier, Lanla specializes in measuring and managing customer experiences. It is currently expanding its services with a soon­-to-be-released mobile app, Wizper, which analyzes survey results. CCPME is a private equity fund sponsored by Capital régional et coopératif Desjardins and Caisse de dépôt et placement du Québec.
    Kirk Falconer
  • Healthy breakfast provider Oatbox closes $1.55 mln seed round June 14, 2017 8:22 pm
    Oatbox, a Montréal supplier of healthly breakfast products, has raised $1.55 million in a seed-stage financing. The strategic investors in the round were not disclosed. Founded in 2014, Oatbox has created a subscription-based model for delivering new granola mixes and breakfast cereal bars directly to its customers. By the end of this year, it plans to significantly increase the company's subscriber base in North America. Led by CEO Marc-Antoine Bovet, Oatbox will use the funds raised for marketing efforts, development of its product offering, increasing production capacity, and other priorities.
    Kirk Falconer
  • Candrel, Caisse lead $80 mln funding of eStruxture Data Centers June 14, 2017 7:42 pm
    EStruxture Data Centers Inc, a Montréal-based provider of network and cloud-neutral data centre solutions, has raised $80 million in an initial financing. Canderel, a Canadian real estate investment and management firm, and Caisse de dépôt et placement du Québec led the round. The funds raised will be used by eStruxture to expand its footprint across Canada by acquiring existing data centre operators and developing new ones. The company announced its first acquisition, Netelligent Hosting Services, a Montréal specialist in dedicated servers, colocation, cloud solutions and hosting services. EStruxture is led by President and CEO Todd Coleman.
    Kirk Falconer
  • Kensington Capital leads Figure 1’s $13.2 mln Series B round June 14, 2017 2:56 pm
    Figure 1, a Toronto-based knowledge-sharing platform for healthcare professionals, has secured about $13.2 million (US$10 million) in a Series B financing. Canadian alternative assets investor Kensington Capital Partners led the round. It was joined by Samsung NEXT Ventures, Manulife Financial's U.S. insurance subsidiary, Hedgewood and WTI. Existing investors Union Square Ventures, Rho Canada Ventures and Version One Ventures also participated. Founded in 2012, Figure 1 has developed crowd-sourced medical technology that allows healthcare professionals in more than 190 countries to communicate and collaborate. It is led by CEO Gregory Levey.
    Kirk Falconer
  • Element AI raises $137.5 mln in DCVC-led Series A financing June 14, 2017 2:23 pm
    Montréal artificial intelligence solutions company Element AI has raised about $137.5 million (US$102 million) in a Series A financing. The round, which Element AI said is the largest on record for an AI startup, was led by DCVC and joined by Real Ventures, BDC Capital, Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank of Canada, NVIDIA, Tencent and several unidentified sovereign wealth funds. Founded last October, Element AI creates and incubates AI solutions in partnership with corporations and research institutions. It will use the funds raised to accelerate its capabilities and invest in AI projects internationally.
    Kirk Falconer
  • Urban data platform Local Logic nets $1.15 mln in Cycle-led round June 13, 2017 5:57 pm
    Local Logic Inc, a Montréal specialist in urban data collection and analysis, has secured $1.15 million in a first-time financing. The round was led by Canadian venture capital firm Cycle Capital Management, with participation from BDC Capital, 500 Startups Canada and Yellow Pages Group. Founded in 2014, Local Logic is focused on collecting, cleaning, and combining data to help consumers, real estate companies, investors, urban planners and others make more informed decisions about locations. Led by CEO Vincent-Charles Hodder, it plans to use the funds raised to expand into the United States and develop new markets for its technology.
    Kirk Falconer
  • Wellington provides $24 mln to support Exari’s buy of Adsensa June 12, 2017 5:04 pm
    Canadian specialty finance firm Wellington Financial has provided US$24 million in debt financing to Exari, a Boston-based provider of enterprise contract management software. The funds raised will be used to support the company's acquisition of Adsensa, a U.K. supplier of document intelligence solutions. Beacon Equity Partners, a U.S. private equity firm that initially invested in Exari in 2008, also contributed funding. Exari said the deal will create a complete contract lifecycle management platform for customers. Wellington closed its fifth fund at its hard-cap target of $300 million in 2015.
    Kirk Falconer
  • Difference Capital invests $4 mln in Mogo Finance Technology June 9, 2017 2:26 pm
    Difference Capital Financial (DCF) has acquired a $4 million senior secured convertible debenture issued by Mogo Finance Technology Inc (TSX: MOGO), a Vancouver online lending platform. The investment, which forms part of a broader $15 million public financing, brings DCF's total holdings in the company to 9 percent of outstanding shares, assuming the conversion of the debenture's principal amount. DCF is a Canadian provider of debt and equity funding. Mogo's loans are primarily funded by credit facilities supplied by affiliates of U.S. private equity firm Fortress Investment Group.
    Kirk Falconer
  • Financeit closes $85 mln in securitization, warehouse facilities June 8, 2017 10:03 pm
    Toronto-based financial technology company Financeit Canada Inc has closed a $75 million renewable securitization facility and a $10 million warehouse facility with an unidentified Canadian life insurance company. The facilities will support the company's growth strategy. Financeit also announced the extension of a $35 million credit facility with ClearFlow Commercial Finance Inc. Last October, Financeit, a cloud-based point-of-sale financing platform, raised $22 million in equity to help fund its buy of TD Bank Group’s indirect home improvement financing assets. Its backers include Goldman Sachs.
    Kirk Falconer
  • Quark Venture, GF Securities invest $5 mln in Eloxx Pharma June 8, 2017 7:32 pm
    Quark Venture and GF Securities Co Ltd have invested US$5 million in Eloxx Pharmaceuticals Ltd, a Rehovot, Israel clinical-stage company that is developing therapeutics to treat genetic diseases caused by non-sense mutations. The investment was part of a US$24 million Series C financing led by Pontifax Venture Capital. The funds raised will be used to initiate multiple clinical studies for the company's lead compound, ELX-02. Quark, a Canadian venture capital firm, and China's GF Securities are currently raising a US$500 million health sciences fund.
    Kirk Falconer
  • AI conversational platform Automat raises $11 mln in Series A June 8, 2017 6:39 pm
    Automat, an artificial intelligence-driven conversational marketing platform, has secured about $11 million (US$8.3 million) in a Series A financing. The round was led by U.S. brandtech company You & Mr Jones. It was joined by new investors Comcast Ventures and Omidyar Technology Ventures as well as follow-on investors Relay Ventures, Real Ventures and USAA. Launched last year, Automat enables personalized one-on-one conversations between marketers and customers. Led by CEO Andy Mauro, the company will use the funds raised to grow engineering, research and product teams, and further business development, sales and marketing efforts.
    Kirk Falconer
  • CDPQ co-leads $300 mln growth financing of AvidXchange June 8, 2017 5:46 pm
    Caisse de dépôt et placement du Québec (CDPQ) has made a US$100 million growth equity investment in AvidXchange, a Charlotte, North Carolina provider of accounts payable and payment automation solutions. The investment formed part of a US$300 million round with contributions from Mastercard, Temasek and Peter Thiel. CDPQ's Aviva Shneider said AvidXchange is "exactly the kind of financial technology company" the Canadian pension fund has been seeking to back. AvidXchange said the partnership with CDPQ will help it expand its product offering in new markets and serve new clients outside of the United States.
    Kirk Falconer
  • WorldQuant Ventures invests in Vanedge-backed Canalyst June 8, 2017 3:11 pm
    U.S. angel investment firm WorldQuant Ventures has invested in Canalyst, a Canadian equity research technology provider for institutional finance professionals. The investment's value was not disclosed. The deal will allow Canalyst to enhance its cloud-based, on-demand equity model database by enabling analytics capabilities and expanding coverage for small- and mid-cap companies. Launched in 2015, Vancouver-based Canalyst last year raised $2.7 million in seed financing led by Canadian venture capital firm Vanedge Capital. The startup is led by Founder and CEO Damir Hot.
    Kirk Falconer
  • Zoom.ai secures $2.1 mln in EVP-led seed financing June 6, 2017 3:40 pm
    Canadian chatbot startup Zoom.ai Inc has raised $2.1 million in a seed-stage financing. Ten venture capital firms and angel investors backed the round, including leader Extreme Venture Partners (EVP) as well as Betaworks NYC, MaRS IAF, Golden Triangle Angel Network, BDC Capital, Good News Venture Partners, TribalScale and others. Founded last year by CEO Roy Pereira, Toronto-based Zoom.ai has developed an automated virtual assistant that helps offload unimportant workplace tasks and increase productivity. The company will use the funds raised to expand its team to include sales, customer success, support and marketing.
    Kirk Falconer
  • GroupBy acquires VC-backed retail data platform Edgecase June 5, 2017 2:23 pm
    GroupBy Inc has acquired Edgecase, a U.S. retail data enrichment software company. No financial terms were released. GroupBy, a Toronto-based e-commerce search and merchandising provider, said the deal will create a comprehensive cross-channel digital commerce solution. It will also provide GroupBy with a U.S. headquarters in Austin, Texas. Founded in 2012, Edgecase has been backed by Allegro Venture Partners, Austin Ventures, Contour Venture Partners, Floodgate and other investors. GroupBy, founded in 2014, is a portfolio investment of Canadian venture capital firm BEST Funds.
    Kirk Falconer
  • Beanworks secures $4.5 mln Series A round led by VFF, TIMIA June 2, 2017 5:08 pm
    Beanworks Solutions Inc, a Vancouver accounting automation company, has raised $4.5 million in a Series A financing. Vancouver Founder Fund and TIMIA Capital Corp led the round. Founded in 2012, Beanworks has developed a software-as-a-service platform that helps enterprises manage their accounts payable workflows and pay their vendors. Led by CEO Catherine Dahl, the company plans to use the funds raised to scale its operations. PE Hub Canada earlier this week reported on TIMIA's $2 million revenue financing agreement with Beanworks.
    Kirk Falconer
  • Relay Ventures leads $7.5 mln seed funding of Greenlight Financial June 2, 2017 2:54 pm
    Greenlight Financial Technology Inc, an Atlanta, Georgia-based developer of a smart debit card for kids, has raised US$7.5 million in seed-stage financing. Canadian venture capital firm Relay Ventures led the round, which also saw participation from Social Capital, New Enterprise Associates and TTV Capital. With the investment, Relay Partner Alex Baker joined the board. Founded in 2014, Greenlight reported that it is on track to process more than 1,000,000 transactions this year. It will use the funds raised to accelerate growth, in part by expanding its engineering, marketing and customer service teams.
    Kirk Falconer
  • Monteris raises $26.6 mln in Versant, SightLine-led Series C June 1, 2017 10:42 pm
    Monteris Medical Inc has secured US$26.6 million in a Series C financing. The round was led by new investors Versant Ventures and SightLine Partners, with participation from current investors Birchview Capital and BDC Capital’s Healthcare Venture Fund. Based in Plymouth, Minnesota and Winnipeg, Manitoba, Monteris is a provider of minimally invasive laser ablation systems for treating brain lesions. It said it will use the funds raised to invest in further innovation, clinical research and commercial expansion. Founded in 1999, Monteris' technology was developed from research begun at Winnipeg's St. Boniface General Hospital.
    Kirk Falconer
  • TIMIA closes $2 mln revenue funding deal with Beanworks Solutions June 1, 2017 10:06 pm
    TIMIA Capital Corp has agreed to provide $2 million in revenue financing to Beanworks Solutions Inc, a Vancouver developer of accounting workflow automation solutions. TIMIA will deploy $500,000 at the time of the deal's closing and make further disbursements linked to the company's revenue growth. Beanworks, established in 2012, is led by Co-Founder and CEO Catherine Dahl. TIMIA, a Canadian specialty finance firm, provides funding to technology companies in exchange for a royalty on revenue.
    Kirk Falconer
  • TouchBistro nets $16.3 mln in Napier Park, Recruit-led Series C May 31, 2017 12:07 pm
    TouchBistro Inc, a Toronto-based iPad point-of-sale app for restaurants, has secured $16.3 million in a Series C financing, bringing its total funding to date to $45.3 million. The Series C was led by U.S.-based Napier Park Financial Partners and Japan's Recruit Group. They were joined by BDC IT Venture Fund, Relay Ventures, Kensington Capital Partners and other existing investors. With the deal, Napier Park's Daniel Kittredge will join the board. TouchBistro reports growing its recurring monthly revenue by 150 percent in the past year, and deploying more than 15,000 iPads in over 9,000 restaurants. It will use the funds raised to enhance its technology and expand in global markets.
    Kirk Falconer
  • Fintech startup Wave closes $32 mln round with new, existing VCs May 30, 2017 2:11 pm
    Toronto financial technology startup Wave has raised about $32.3 million (US$24 million) in follow-on funding. National Australia Bank, RBC, Power Corp's Portag3 Ventures and Exhibition Capital participated in the round. They were joined by existing investors, including CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd. Founded in 2010, Wave develops cloud-based financial management software for entrepreneurs and small business owners. It reports having more than 2.5 million users of its software worldwide. The company plans to use the funds raised to accelerate development of its solutions.
    Kirk Falconer
  • HeyOrca raises $2 mln in seed funding from Killick, Pelorus May 30, 2017 1:30 pm
    HeyOrca Inc has raised $2 million in follow-on seed-stage financing, bringing its total funding to $2.65 million. The company's existing Canadian investors, Killick Capital and Pelorus Venture Capital, backed the round. Founded in 2015 by CEO Joseph Teo and CTO Sahand Seifi, HeyOrca develops cloud-based software that helps streamline social media planning workflow for marketing agencies and their clients. It reports growing its customer base by 800 percent in the past year. HeyOrca, which has its headquarters in St. John's, Newfoundland, will use the funds raised to expand its presence in the U.S. market and grow product and sales teams.
    Kirk Falconer
  • Cannabis biotech startup Avicanna raises $1.6 mln in funding May 29, 2017 2:03 pm
    Avicanna Inc, a biotechnology startup focused on the medical cannabis industry, recently secured $1.6 million in seed-stage financing. The investors in the round were not disclosed. Launched in 2016, Toronto-based Avicanna said the funds raised will allow the company to execute on its business plan, including the clinical development of its primary product line, PURA Elements, a cannabinoid delivery system. Avicanna, which is led by CEO Aras Azadian, also announced its acceptance as a resident in the Johnson & Johnson Innovation-backed JLABS incubator at MaRS Discovery District.
    Kirk Falconer
  • VC-backed MemberClicks buys event registration platform ePly May 29, 2017 1:00 pm
    Vancouver-based online event registration software company ePly has been acquired by MemberClicks, an Atlanta, Georgia-based provider of membership management software for small-staff associations. No financial terms were disclosed. Established in 2001, ePly manages event registrations for more than 600 organizations across North America. MemberClicks said it will continue to develop its product lines, as well as ePly's platform, and identify opportunities to benefit both customer bases. MemberClicks is backed by U.S. growth equity firms Five Elms Capital and Level Equity.
    Kirk Falconer
  • Venture-backed Blue Ant Media acquires Racat Group May 24, 2017 10:18 pm
    Blue Ant Media Inc has acquired Racat Group, a Sydney, Australia-based media organization. No financial terms were disclosed. The buy includes production houses NHNZ, Beach House Pictures and Northern Pictures, as well as children’s nature broadcaster ZooMoo Networks, and Runaway Play, a mobile game developer and publisher. Blue Ant, a Toronto-based media content creator and distributor, said the deal grows its global production capacity and will fuel its content sales business and worldwide video channels. Founded in 2011, Blue Ant is backed by Difference Capital, Gibraltar Ventures and Relay Ventures.
    Kirk Falconer
  • Relay Ventures leads $10 mln Series A funding of Circle Media May 24, 2017 9:48 pm
    Circle Media Inc, a U.S. connected home device management company, has raised US$10 million in a Series A financing. The round was led by Canadian venture capital firm Relay Ventures. Founded in 2014, Circle develops products used by families to manage all their connected devices. The company's flagship product, Circle with Disney, helps parents oversee network devices through a simple companion app. It will use the funds raised to accelerate growth of U.S. users, expand globally, and enhance its product offering. Last November, Relay closed its third mobile fund, Relay Ventures III, at $200 million.
    Kirk Falconer
  • Bionik Labs raises $1.95 mln to sell robotics products in China May 24, 2017 6:48 pm
    Canadian medical device and robotics company Bionik Laboratories Corp has secured $1.95 million in funding from Ginger Capital Investment Holding, a Hong Kong investment and management consulting firm. Ginger Capital will invest $500,000 directly into the company and $1.45 million into a joint venture established with Bionik. The joint venture will include an exclusive license to sell Bionik's products in China. Founded in 2009, Toronto-based Bionik develops robotics technologies that provide rehabilitation solutions to individuals with neurological and mobility challenges.
    Kirk Falconer
  • Version One leads seed funding of Ethereum platform Citizen Hex May 23, 2017 9:15 pm
    Citizen Hex Inc, a Toronto-based Ethereum liquidity company, has raised an undisclosed seed-stage financing. The round was led by Version One Ventures and joined by OMERS Ventures, Purpose Investments, League CEO Mike Serbinis and Morgan Stanley Managing Director Laura Adams, among others. Citizen Hex, founded last year by CEO Benjamin Roberts and CTO Brett Bergmann, will focus on acquiring, securing and trading ERC-20 tokens and helping accelerate the ecosystem for Ethereum, a successor to Bitcoin, by increasing liquidity. Version One's Boris Wertz, who sits on the company's board, discusses Citizen Hex here.
    Kirk Falconer
  • Drone maker SkyX raises $6.8 mln from Kuang-Chi GCI Fund May 23, 2017 7:08 pm
    SkyX Systems Corp, a maker of autonomous drones to service the oil and gas industry, has secured most of a $6.8 million (US$5 million) investment by the Kuang-Chi GCI Fund, a fund launched last year by China's Kuang-Chi Group. Founded in 2015 by CEO Didi Horn, Markham, Ontario's SkyX has developed a self-charging drone that can inspect pipelines for damage and provide clients with mapping and security surveillance. The technology helps energy companies limit their reliance on road vehicles and manned aircraft. SkyX said it will use the funds raised to grow its markets and develop its product.
    Kirk Falconer
  • Ferst Capital helps Mylo close pre-seed financing at $1.25 mln May 23, 2017 6:30 pm
    Montréal financial technology startup Mylo has closed its pre-seed financing at $1.25 million. The close resulted from a new $750,000 investment by Canadian fintech venture capital firm Ferst Capital Partners, the round's leader. Several angel investors also joined the deal. Founded in 2015 by CEO Philip Barrar, Mylo has developed a mobile platform that automatically rounds up every purchase that users make and invests the spare change. It plans to use the funds raised to grow technical and operations teams, expand its user base, and complete the acquisition of a registered asset management firm.
    Kirk Falconer
  • VC-backed D-Wave raises $50 mln facility from PSP Investments May 16, 2017 7:01 pm
    D-Wave Systems Inc, a Vancouver quantum computing systems and software company, has secured a convertible notes facility of up to US$50 million from Public Sector Pension Investment Board (PSP Investments). PSP funded US$30 at closing, with an additional US$20 million available upon the company's achievement of milestones. The facility will help D-Wave deploy its quantum computing system with more densely-connected qubits, as well as products for machine learning applications. D-Wave has raised about US$200 million, including the facility. Its other backers include BDC Capital, Bezos Expeditions, Fidelity Investments, Goldman Sachs and In-Q-Tel.
    Kirk Falconer
  • Nymi secures $20.5 mln in Series B funding led by GII Tech May 16, 2017 1:29 pm
    Toronto-based Nymi, creator of the Nymi Band authentication device, has raised about $20.5 million (US$15 million) in a Series B financing. The round was led by Dubai's GII Tech Ventures, a new investor, and joined by Canadian venture capital firm Relay Ventures and U.S. firm Ignition Partners, which led the company's US$14 million Series A round in 2014. Founded in 2011 by CEO Karl Martin and Foteini Agrafioti, Nymi developed the Nymi Band as a wearable device that utilizes cardiac rhythms to enable continuous presence-based authentication. The company plans to use the funds raised to commercialize the technology for enterprises.
    Kirk Falconer
  • Formation Biologics closes HBM-led Series B financing May 15, 2017 10:03 pm
    Formation Biologics Inc, a biopharmaceutical company based in Austin, Texas and Montréal, has raised an undisclosed Series B financing. The round was led by European investor HBM Healthcare Investments. Founded in 2011 as a spin out of YM BioSciences Inc, Formation is developing biotherapeutics for life-threatening cancers and orphan diseases. Led by President and CEO Ilia Tikhomirov, the company will use the funds raised to support development of its two lead programs, AVID100 and AVID200, through clinical validation. Formation is also backed by Canadian venture capital firm Lumira Capital and seed investor MaRS Innovation.
    Kirk Falconer
  • 3D sensor platform Airy3D raises $4.8 mln in seed round May 15, 2017 3:52 pm
    Canadian 3D sensor startup Airy3D has raised about $4.8 million (US$3.5 million) in a seed-stage financing. The round was led by CRCM Ventures and R7 Partners and joined by WI Harper Group, Robert Bosch Venture Capital, Nautilus Venture Partners and angel investors affiliated with TandemLaunch, the Canadian incubator and seed investor that spun out the company. Montréal's Airy3D, led by President and CEO Dr. Dan Button, has developed a TDM technology platform that can cost effectively convert any camera sensor into a versatile 3D sensor. It will use the funds raised to bring the platform into commercial use with a strategic partner.
    Kirk Falconer
  • NorthSpring invests $1.5 mln in five Toronto-Waterloo startups May 15, 2017 1:49 pm
    Canadian private equity firm NorthSpring Capital Partners has invested more than $1.5 million in five technology companies located in the Toronto-Waterloo corridor. The companies are video quality platform SSIMWave; surgical navigation solutions provider Intellijoint Surgical (which last November closed a $11 million Series A financing); workplace health company Sprout; hyperconvergence software solutions provider HTBase and; diesel gas converter Envoy Energy (which recently acquired ComTech CNG, a designer of compressed gas refuelling stations). NorthSpring partnered with venture capital and angel investors in several of the deals.
    Kirk Falconer
  • Power Financial invests $50 mln in robo-adviser Wealthsimple: Reuters May 11, 2017 8:22 pm
    Power Financial Corp has invested $50 million in "robo-adviser" Wealthsimple, bringing its total investment in the two-year-old financial technology company to $100 million, Reuters reported. Toronto-based Wealthsimple provides automated investment advice to consumers and helps manage personalized portfolios based on responses to an online questionnaire about investment goals. It entered the U.S. market at the end of January. The company said it now has more than 30,000 clients in Canada and the United States, up from 20,000 earlier this year. Wealthsimple, which is led by Founder and CEO Michael Katchen, said it will use the funds raised to continue its North American expansion and grow Wealthsimple for Advisors, its B2B platform.
    Reuters News
  • Voice recognition platform Fluent.ai nets $1.8 mln in seed round May 11, 2017 7:30 pm
    Montréal voice recognition software company Fluent.ai Inc has raised $1.8 million in a seed-stage financing. The round was backed by BDC Capital, Danhua Capital, investors affiliated with Creative Destruction Lab and Maple Leaf Angels. Fluent.ai, which is now graduating from TandemLaunch's incubation program, is focused on developing a voice recognition software solution to be used in the products and services of original equipment manufacturers and user interface designers. Led by CEO Niraj Bhargava, the company plans to use the funds raised to commercialize its technology.
    Kirk Falconer
  • Invenia raises $6.8 mln in Zetta Venture-led Series A funding May 10, 2017 10:35 pm
    Invenia, a Canadian machine learning platform, has raised about $6.8 million (US$5 million) in a Series A financing. U.S. venture capital firm Zetta Venture Partners led the round. Based in Winnipeg, Invenia has developed an autonomous machine learning system that uses data and algorithms to improve electrical grid efficiency and reduce CO2 emissions. The company has built a team of researchers from universities, including the United Kingdom's Cambridge University, where it recently opened a second office. Led by CEO Matthew Hudson, Invenia will use the funds raised to scale its solution.
    Kirk Falconer
  • Emerillon, Sanderling seed PreciThera, plan for Series A round May 10, 2017 8:11 pm
    Canadian venture capital firm Emerillon Capital and U.S. firm Sanderling Ventures have provided seed-stage financing to PreciThera Inc, a Montréal precision medicine company. No financial terms were released. Recently founded by Dr. Philippe Crine and Dr. Susan Schiavi, PreciThera is focused on designing and developing biological agents for the treatment of orphan diseases. The drug development team at Sanderling's Therillia Development Company Inc will support the company as it advances its program. Emerillon and Sanderling said the seed round will help launch PreciThera and prepare it for a Series A backed by Canadian and foreign investors.
    Kirk Falconer
  • Georgian Partners invests in Opcity’s $27 mln Series A round May 10, 2017 5:31 pm
    Austin, Texas real estate technology company Opcity has raised US$27 million in a Series A financing. The round was led by Icon Ventures with participation from Georgian Partners, a Canadian growth equity firm, and LiveOak Venture Partners. Founded in 2015, Opcity uses proprietary data sets and applied analytics to match top agents with qualified home buyers and sellers in real-time. The company plans to use the fund raised to scale its workforce and expand its footprint among real estate brokers across the United States.
    Kirk Falconer
  • 500 Startups Canada leads pre-Series A financing of Attendease May 9, 2017 2:48 pm
    Attendease, a Vancouver cloud-based event automation solution, has closed a pre-Series A financing. The round, which was undisclosed, was led by 500 Startups Canada and joined by Canadian investors Conconi Growth Partners and 7Gate Ventures. Founded in 2004, Attendease has developed a software platform that helps corporate teams plan and execute an entire portfolio of meetings and events. Led by President and CEO Todd Heintz, the company will use the funds raised to accelerate sales and marketing and invest in product feature development. 500 Startups Canada, launched in 2016, announced the first close of its US$30 million fund in January.
    Kirk Falconer
  • Supplier intelligence platform Tealbook closes seed funding May 8, 2017 10:03 pm
    Supplier knowledge management platform Tealbook has closed its seed-stage financing. No financial terms were released. As previously reported, StandUp Ventures Fund I, a women-focused fund, invested in the round. It was joined by MaRS Investment Accelerator Fund, which manages StandUp, as well as a several angel investors. Toronto-based Tealbook, which provides actionable supplier intelligence to enterprises, was founded in 2014 by CEO Stephany Lapierre.
    Kirk Falconer
  • Thymox maker nets $4.6 mln in Cycle, Desjardins-led Series B May 8, 2017 3:30 pm
    Laboratoire M2 has raised $4.6 million in a Series B financing. The round was led by Canadian venture capital firms Cycle Capital Management and Desjardins-Innovatech, existing investors in the company. They were joined by new investors, including Germain Benoit of Gercanoit. Founded in 2003, Sherbrooke, Québec-based Laboratoire M2 is the maker of Thymox, a botanically-derived disinfectant for use in animal health and crop protection. Led by CEO Frank Palantoni, the company plans to utilize the funds raised to pivot from development of its Thymox technology to full-scale commercial expansion on three continents.
    Kirk Falconer
  • Women-focused StandUp Ventures Fund I launches, backs Tealbook May 8, 2017 1:56 pm
    BDC Capital and MaRS Investment Accelerator Fund (MaRS IAF) announced the initial close of StandUp Ventures Fund I, a pre-seed and seed fund that will focus on investing in Canadian women-led technology companies. BDC, which said last November it would help create a fund, committed $5 million to the close. Additional investors will also be sought. The fund will be managed by MaRS IAF and make up to 20 investments sized $250,000 to $1 million over the next three to five years. It has already closed its debut deal, backing Tealbook, a Toronto supplier intelligence platform founded in 2014 by CEO Stephany Lapierre.
    Kirk Falconer
  • SABIC invests in Pangaea-backed Airborne International May 4, 2017 7:00 pm
    Airborne International BV, a Dutch provider of advanced composite solutions, has secured an undisclosed investment from the corporate venturing arm of Saudia Arabia's SABIC. With the deal, SABIC, a chemicals manufacturer, joins the company's existing shareholders, including Pangaea Ventures, a Canadian venture capital firm. Airborne said the funds raised will contribute to its full automation and digitization of composite manufacturing of goods. Vancouver-based Pangaea, which invested in Airborne in 2015, is currently raising its fourth advanced-materials fund.
    Kirk Falconer
  • Pythian secures $15 mln in mezz financing from BDC Capital May 3, 2017 3:18 pm
    Ottawa-based information technology services company the Pythian Group Inc has closed a $15 million mezzanine financing with BDC Capital's Growth and Transition Capital. The proceeds will be used to invest in growth initiatives, including expansion into Europe, and to repurchase shares from several long-term shareholders. Founded in 1997, Pythian helps businesses adopt new technologies, such as advanced analytics, big data, cloud, databases, development and operations, and infrastructure management. Last week, BDC Capital announced a new $1.8 billion commitment to supply mezzanine debt and growth equity to small businesses in Canada.
    Kirk Falconer
  • Public safety software company SceneDoc closes follow-on round May 2, 2017 7:00 pm
    SceneDoc Inc, a Toronto-based law enforcement and public safety software provider, has raised an undisclosed follow-on financing. The round was co-led by Responder Ventures, Motorola Solutions Venture Capital and iGan Partners, which led the company's $4 million Series A financing in 2015. SceneDoc said it plans to use the funds raised to expand its sales and marketing, bring its mobile data collection platform to new global markets, and accelerate product development. Founded in 2011 by CEO Alex Kottoor and CTO Adrian Bubalo, SceneDoc is also backed by MaRS Investment Accelerator Fund and several angel investors.
    Kirk Falconer
  • Vanedge Capital leads $5 mln Series A financing of Bitfusion May 2, 2017 5:13 pm
    Bitfusion, a U.S. provider of artificial intelligence (AI) infrastructure management software, has secured US$5 million in a Series A financing. The round was led by Canadian venture capital firm Vanedge Capital. It was joined by new and existing investors, including Sierra Ventures, Data Collective, Resonant VC and Geekdom. Bitfusion, founded in 2015 and headquartered in Sunnyvale, California, also announced the beta availability of a new software product, Bitfusion Flex, which aims to make the delivery of AI applications faster and more cost effective. Earlier in 2017, Vanedge closed its second information technology fund, raising $161 million.
    Kirk Falconer
  • Patient engagement platform QoC Health secures additional VC May 2, 2017 2:28 pm
    Canadian digital health startup QoC Health Inc has raised an undisclosed follow-on financing. The round was backed by Epic Capital Management, Bayshore HealthCare and other institutional and angel investors that joined the company's seed financing in 2015. Founded in 2011, Toronto-based QoC Health has developed a patient-centered technology platform to help scale digital health ideas, including patient monitoring, analytics, educational materials, communications, decision aids, planning tools, and turnkey integration with medical records. It will use the funds raised to make the platform available to developers.
    Kirk Falconer