• Apple buys Real Ventures-backed Totem headset maker Vrvana November 22, 2017 6:22 pm
    U.S. technology giant Apple has acquired Vrvana, the Montréal-based maker of immersive 3D augmented reality headset Totem, according to a report by TechCrunch. The acquisition was valued at US$30 million, sources told TechCrunch. The report said the deal is important to Apple because of its strategic interest in AR technology. Vrvana was founded in 2005 by CEO Bertrand Nepveu, COO Marc-Olivier Lepage, CPO Jean-François Sicard and CTO Yan Côté. The company has secured financing from Canadian early-stage venture capital firm Real Ventures. Partner JS Cournoyer sits on Vrvana's board of directors, according to Crunchbase.
    Kirk Falconer
  • Siemens to acquire VC-backed Solido Design Automation November 21, 2017 9:47 pm
    Germany's Siemens AG has agreed to acquire Solido Design Automation Inc, a Saskatoon-based provider of variation-aware design and characterization software to semiconductor companies. No financial terms were disclosed for the deal, which is expected to close in December. Siemens said the buy strengthens its commitment to customers in the integrated circuit industry. Solido will now join with Mentor Graphics Corp, which was acquired by Siemens earlier this year. Founded in 2005, Solido was backed by several Canadian investors, including BDC Capital and Golden Opportunities Fund, a retail fund overseen by Westcap Management.
    Kirk Falconer
  • E-mail manager Sendwithus nets $6.4 mln in Series A round November 21, 2017 5:35 pm
    Sendwithus has raised about $6.4 million (US$5 million) in a Series A financing. The round was led by BlueRun Ventures and joined by Initialized Capital and acequía capital. Existing investors Baseline Ventures, SV Angel, Maiden Lane, Y Combinator and Scott Banister also participated. Based in Victoria, British Columbia and San Francisco, Sendwithus provides a communications platform that helps organizations streamline their e-mail creation. It has supported over 10 billion e-mails sent since its 2013 founding by CEO Matt Harris and Brad Van Vugt. The company will use the funds raised to grow sales, marketing and engineering teams.
    Kirk Falconer
  • radient360 seeded with $3.3 mln by Build Ventures, Killick November 21, 2017 4:42 pm
    St. John’s, Newfoundland and Labrador-based energy technology company radient360 has raised a $3.3 million seed-stage financing. The round was backed by Canadian venture capital firm Build Ventures and Canadian private equity firm Killick Capital. Launched in 2011, radient360 provides a cloud platform that digitalizes work processes and creates data analytics for asset-intensive industries, such as oil and gas. The company, led by CEO Steve Taylor, is currently working with oil and gas operators and pursuing the first global deployment of its technology. It will use the funds raise to grow sales and product development teams and open a Calgary office.
    Kirk Falconer
  • FedDev, angels invest $1.2 mln in Clear Blue Technologies November 20, 2017 10:53 pm
    Clear Blue Technologies Inc, a Toronto-based smart off-grid company, has secured $1.2 million in financing. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) invested $400,000, with the balance coming from angel investors. Founded in 2011, Clear Blue combines green energy with communications and cloud technology to power and control off-grid lighting, security and mobile solutions. It will use the funds raised to expand its marketing activities and sell to a broader range of global customers. Clear Blue is led by CEO Miriam Tuerk.
    Kirk Falconer
  • Caisse-backed AvidXchange buys purchase-to-pay company November 20, 2017 6:03 pm
    AvidXchange has acquired Ariett, a Pembroke, Massachusetts cloud solution provider to the purchase-to-pay market. No financial terms were released. AvidXchange, a provider of accounts payable and payment automation solutions, said the deal will give its customers more purchasing functionality to help manage spending with requisition approval, purchase order management, and the ability to analyze expenses. Charlotte, North Carolina-based AvidXchange earlier this year raised a US$300 million financing. The round was co-led by Caisse de dépôt et placement du Québec.
    Kirk Falconer
  • Fidelity-led round brings Adeptmind’s funding to $5.5 mln November 16, 2017 6:34 pm
    Adeptmind Inc has launched its Toronto-based deep learning platform and secured a seed investment from Fidelity Investments Canada. The investment brings total funding so far to $5.5 million. Founded last year by CEO G Wu and CTO Jing He, Adeptmind is developing technology that uses deep learning techniques to help e-commerce companies improve online searches, filters and customer service. It said it aims to deliver "100 percent accurate online shopping results." Adeptmind will use part of the funds raised for a scholarship program targeting university students who are contributing to the advancement of artificial intelligence.
    Kirk Falconer
  • Venture-backed Inocucor raises $7.8 mln in SDTC funding November 15, 2017 10:00 pm
    Sustainable Development Technology Canada (SDTC) has provided about $7.77 million in funding to Inocucor Technologies Inc, a Montréal-based producer of sustainable biological crop inputs. The funds raised will back development of the company's second product, Synergro Free, a bio-fertilizer that increases yields in row crops. They will also support production scale-up and marketing of Synergro Free to farmers, as well as other priorities. Inocucor earlier this year raised a $38.8 million Series B financing led by TPG ART and joined by Cycle Capital Management, Closed Loop Capital and Desjardins Innovatech.
    Kirk Falconer
  • District Ventures earmarks $3 mln for 20 consumer startups November 15, 2017 7:15 pm
    District Ventures Accelerator and District Ventures Capital said they will invest $3 million in 20 early-stage food, beverage and health companies in the consumer packaged goods sector. Beginning in January 2018, 20 successful applicants to the accelerator will receive a $130,000 investment in exchange for a minority equity stake. The applicants, forming cohort 5, will undertake a five-month program to increase brand equity, distribution, sales and valuation. District Ventures' accelerator and fund are led by Arlene Dickinson, a Dragon’s Den star and entrepreneur.
    Kirk Falconer
  • Body clock app Rthm wins backing of District Ventures November 15, 2017 6:50 pm
    Rthm Technologies Inc, a Toronto-based mobile health and wellness company, has secured an investment from Canadian consumer venture capital firm District Ventures Capital. No financial terms were released. Founded in 2014 by CEO Alexander Mosa and Anthony Mouchantaf, Rthm has developed a health tracking app that can monitor biometrics, like heart rate and steps, and help users make healthy decisions. The company is positioned to "go to the next level with our strategic investment,” District Ventures Managing Partner Arlene Dickinson said. Rthm is also backed by MaRS Investment Accelerator Fund.
    Kirk Falconer
  • Venture-backed Imagia acquires Cadens Medical Imaging November 15, 2017 5:05 pm
    Imagia has acquired Cadens Medical Imaging, a Montréal-based provider of medical imaging software. No financial terms were disclosed for the deal, which was funded by Imagia's Series A round, led by BDC Capital's Healthcare Venture Fund and joined by Fidelity Investments Canada in late 2016. Founded in 2015 by COO Alexandre Le Bouthillier and CSO Nicolas Chapados, and led by CEO Frédéric Francis, Montréal-based Imagia said the deal will accelerate its ability to deliver artificial intelligence-driven personalized healthcare solutions. Cadens was backed by Anges Québec, Desjardins-Innovatech, Fonds de solidarité FTQ and other investors.
    Kirk Falconer
  • Team performance startup Nudge Rewards closes $5 mln Series A November 15, 2017 11:00 am
    Toronto-based employee performance platform Nudge Rewards Inc has secured $5 million in a Series A financing. U.S. venture capital firm Generation Ventures led the round, giving President Alistair Mitchell a seat on the board. BDC Capital's Women in Tech Fund, Brightspark Ventures, StandUp Ventures and new and existing angel investors also participated. Founded in 2012 by CEO Lindsey Goodchild and CTO Dessy Daskalov, Nudge Rewards provides a mobile solution to improve frontline team performance for retail, food service, and hospitality brands. It will use the funds raised to fuel expansion in select Canadian and U.S. markets.
    Kirk Falconer
  • AI startup chata.ai raises $2.5 mln in seed financing November 14, 2017 7:45 pm
    Calgary-based artificial intelligence startup chata.ai has raised $2.5 million in a seed-stage financing. The investors, described as "local", were not identified. Founded last year, chata.ai's cloud-based software service offers a conversational analytics assistant to help users access, search and analyze business data. The company is targeting opportunities in the accounting industry with a first integration planned with QuickBooks Online. Led by CEO Kelly Cherniwchan, chata.ai will use the seed round's proceeds for commercialization and growth.
    Kirk Falconer
  • Lyft to drive into Canada in first international foray: Reuters November 13, 2017 5:26 pm
    Ride-hailing company Lyft Inc said this week it would launch its service in Toronto, marking the first international expansion for the U.S.-based rival of Uber Technologies Inc, Reuters reported. "Before you know it, Lyft will be coming to you live in Toronto," the company said in a blogpost, without giving a launch date. Lyft is crossing into Canada at a time when rival Uber has opted out of operating in Québec to avoid following tough new regulations for drivers. Lyft raised US$1 billion in October, in a round led by the growth investment fund of Alphabet Inc. One of the company's investors is Canada's Public Sector Pension Investment Board (PSP Investments).
    Reuters News
  • Enterface closes initial financing round with Anges Québec November 13, 2017 1:52 pm
    Angel network Anges Québec has made an initial investment in Enterface, a Saint-Jérôme, Québec-based developer of websites, mobile applications, web marketing, visual identity and software for small and medium-sized businesses. No financial terms were released for the deal, which was led by information technology entrepreneur Mario Ianniciello. Enterface, founded in 2014, plans to use the funds raised for a more "ambitious" growth and development strategy, CEO Mathieu Tousignant said.
    Kirk Falconer
  • SpherePlay raises $1.26 mln from Anges Québec, BDC Capital November 10, 2017 9:14 pm
    SpherePlay, a Montréal-based developer of media player software and video rendering engines, has raised $1.26 million in funding. The round was backed by 16 members of Québec angel network Anges Québec, Anges Québec Capital Fund and BDC Capital. SpherePlay has created a multi-platform solution that allows broadcasters and media companies to distribute virtual reality content on their own platforms. Launched in 2014 by CEO Christian Eve-Lévesque and CTO Stéphane Lévesque, the company will use the funds raised to continue optimizing its product and accelerate deployment.
    Kirk Falconer
  • Security startup studio Peloton raises $3 mln in seed round November 9, 2017 7:23 pm
    Toronto security startup studio Peloton Innovations has raised $3 million in a seed-stage financing. The round was led by Elevate Toronto CEO Razor Suleman, Globalive Capital and TD Ameritrade CEO Tim Hockey. Peloton is focused on creating B2B and B2C products and services used in the protection industry. The funds raised will support the company's spin out of a first security startup in early 2018. Launched last year, Peloton is majority owned by Craig Campbell, founder and CEO of Resilience Capital. Peloton's other backers include Klass Capital and Purpose Investments CEO Som Seif.
    Kirk Falconer
  • TIMIA ponies up $1.35 mln in revenue funding for Realty Butler November 9, 2017 5:14 pm
    TIMIA Capital Corp has provided a funding facility of $1.35 million to Realty Butler Technology Inc, a Vancouver-based artificial intelligence-powered marketing service for real estate agents. TIMIA, a Canadian revenue financing firm, will invest in two tranches over the next 12 months, as the company achieves certain milestones. Founded three years ago by CEO Chris Troelstra and COO Rebecca Troelstra, Realty Butler is also backed by Canadian venture capital firms Conconi Growth Partners and Pallasite Ventures. TIMIA's investment comes on the heels of its $2 million revenue funding deal with Rise People Inc.
    Kirk Falconer
  • Amgen helps back $32 mln Series B funding of Fortuna Fix November 8, 2017 6:16 pm
    Laval, Québec-based regenerative medicine company Fortuna Fix Inc has raised about $32 million (US$25 million) in a Series B financing. The round was backed by the venture capital arm of U.S. biopharmaceutical company Amgen Inc, which joins other new and existing investors, including Macnguyen Family Office and Salamander Invest. Led by CEO and CSO Jan-Eric Ahlfors, Fortuna has developed technology platforms for treating neurodegenerative diseases and neurotrauma. It will use the funds raised for clinical trials in Parkinson's disease and spinal cord injury and to expand its automated robotic manufacturing capabilities.
    Kirk Falconer
  • Real estate software startup Yongle seeded with $1.5 mln November 7, 2017 8:38 pm
    Yongle Technologies Inc, a Vancouver-based real estate software company for presales, has raised $1.5 million in seed-stage financing. The round's investors were not identified. Launched in 2014, Yongle offers a web-based real estate sales engagement, contract and document generation and management tool. It reports having launched more than 50 projects, representing more than $5 billion in presales, with developers and project marketers in Ontario, British Columbia and Alberta since 2016. Led by President and CEO Richard Bell, it will use the funds raised to hire staff for its U.S. expansion and new product offerings.
    Kirk Falconer
  • Partner One-owned StrongBox nabs $34.4 mln in funding November 7, 2017 8:09 pm
    StrongBox Data Solutions, a Montréal-based cognitive data management and archive solutions provider, has raised about $34.4 million (US$27 million) in funding. The round was led by Fonds de solidarité FTQ, which accounted for a US$20 million investment, and joined by other investors, including Partner One Capital, the company's controlling shareholder. StrongBox provides businesses, governments and other organizations with solutions for automating data and storage management. Led by CEO David Cerf, it will use the funds raised to accelerate the global marketing of its StrongLink technology. Partner One is a Canadian enterprise software investor.
    Kirk Falconer
  • Muse headband maker Interaxon raises $14.8 mln Series B-1 November 7, 2017 2:22 pm
    Toronto-based brain health technology platform Interaxon Inc has secured about $14.8 million (US$11.6 million) in a Series B-1 financing. The round was led by Trend Forward Capital, Export Development Canada and OMERS Ventures, which led the company's prior financing in 2015. Epic Capital Management and Bridge Builders Collaborative also invested. The funds raised will be used to accelerate Interaxon’s growth into the health and wellness space and support the release of new applications and services for its flagship product, brain sensing headband Muse. Led by CEO Derek Luke, Interaxon has raised almost $40 million since its founding in 2007.
    Kirk Falconer
  • Coconut Software nets $4.2 mln in Information VP-led Series A November 7, 2017 2:00 pm
    Coconut Software Corp, a Saskatoon-based appointment scheduling software provider, has raised $4.2 million in a Series A financing. Canadian venture capital firm Information Venture Partners led the round and was joined by ScaleUp Ventures and StandUp Ventures. PIC Investment Group and Bay Partners, which contributed to the company's seed funding about a year ago, also invested. Founded in 2011 by CEO Katherine Regnier, Coconut provides a technology solution that helps large enterprises manage millions of appointments and deliver service securely to customers. It will use the funds raised for expansion plans in Saskatoon and Toronto.
    Kirk Falconer
  • Fraud prevention solution Solink wins $5 mln in funding November 7, 2017 12:01 am
    Solink Corp, an Ottawa subscription-based fraud prevention solution, has secured $5 million in financing. The round was led by U.S. venture capital firm Generation Ventures and joined by ScaleUp Ventures, BDC Capital's IT Venture Fund and Valor Equity Partners. Launched in 2016, Solink has developed a data-driven security platform that captures and audits surveillance video and transactional data to help business customers proactively reduce fraud and obtain insights. It will use the funds raised to pursue global growth. Led by CEO Mike Matta, Solink is also backed by Wesley Clover International.
    Kirk Falconer
  • TIMIA provides $2 mln in revenue funding to Rise People November 6, 2017 8:15 pm
    TIMIA Capital Corp has provided a funding facility of $2 million to Rise People Inc, a digital human resources and group health insurance platform based in Vancouver. A disbursement of an initial $1.5 million, followed by a further $500,000, will be made upon the meeting of certain milestones in the next 12 months. Founded in 2011, Rise People's user base has grown from 15,000 to 30,000 employees in the past two years. It is currently expanding to offer additional group and individual insurance online. TIMIA, a Canadian specialty finance firm, provides funding to technology companies in exchange for a royalty on revenue.
    Kirk Falconer
  • Acceleware wins $10 mln in funding from SDTC, ERA November 3, 2017 7:21 pm
    Acceleware Ltd (TSX-V: AXE), a Calgary provider of oil recovery technology and energy software solutions, has been awarded a $10 million non-repayable contribution from Sustainable Development Technology Canada (SDTC) and Emissions Reduction Alberta (ERA). The funds raised will be used to complete a commercial-scale field test of the company's clean technology for bitumen and heavy oil extraction. Acceleware plans to conduct the test in partnership with one or more oil sands producers. Founded in 2004, Acceleware is backed by Resource Merchant Capital, a Canadian energy private capital firm.
    Kirk Falconer
  • Venture-backed BuildDirect obtains creditor protection November 3, 2017 4:39 pm
    BuildDirect, a Vancouver-based online marketplace for home improvement products, was this week granted creditor protection as it seeks to recapitalize or arrange a sales transaction, according to a report by the Canadian Press. Venture-backed BuildDirect has negotiated a US$15 million loan from investors to continue operations while it works on its financial restructuring, the report said. Vice President of Finance John Sotham was quoted as saying the company has generated significant revenue but has not been profitable. BuildDirect was founded in 1999 by President and CEO Jeff Booth and Executive Officer Robert Banks. Sotham reported the resignation of Booth last week.
    Kirk Falconer
  • Further to go: women, technology and venture capital November 1, 2017 8:38 pm
    Wherever you look in Canada’s technology sectors, from the pre-revenue startup to the Bay Street boardroom, you find too few women in leadership roles. That’s the main message of a new report on the state of gender disparity in innovation. Where’s the Dial Now?, co-authored by MoveTheDial, PwC Canada and MaRS Discovery District, draws on numerous sources, including data for some 933 tech businesses, to produce a comprehensive study of female representation in the ranks of tech executives, founders and boards.
    Kirk Falconer
  • StandUp Ventures, MaRS IAF lead $2 mln financing of Bridgit November 1, 2017 1:49 pm
    Bridgit, a Kitchener, Ontario mobile construction manager, has raised $2 million in follow-on financing. The round was led by StandUp Ventures Fund I, a women-focused fund formed earlier in 2017, and MaRS IAF. Launched in 2014, Bridgit provides software that simplifies communication and site management for developers, general contractors and subcontractors. The platform is used by hundreds of contractors across North America. Bridgit will deploy the funds raised to product development and growth in new markets. Last year, Bridgit raised $2.2 million in a seed round led by Hyde Park Venture Partners and joined by Vanedge Capital.
    Kirk Falconer
  • Transportation app Netlift raises additional $3.2 mln in VC October 31, 2017 8:36 pm
    Montréal-based transportation app Netlift has secured $3.2 million in financing, adding to the $1.3 million in seed-stage funding raised last year. Investissement Québec, Fonds InnovExport and Real Ventures backed the latest round. They were joined by existing investors, which include BDC Capital, Cycle Capital Management and SDTC. Founded in 2012, Netlift has created a mobile solution that combines carpooling and taxi travel to help ensure a more efficient and environmentally sustainable commute. It will use the funds raised to accelerate commercialization of the app, which will see its initial roll out in Montréal.
    Kirk Falconer
  • Vistara invests in growth of VC-backed Blueprint Software October 31, 2017 6:01 pm
    Vistara Capital Partners has made an undisclosed investment in Blueprint Software Systems Inc, a Toronto-based provider of solutions that accelerate and de-risk the digital transformation of large organizations. The funds raised will be used to accelerate Blueprint’s direct and channel-based sales and marketing. Founded in 2004, Blueprint helps enterprise software teams build better applications. It serves hundreds of customers in financial services, healthcare and other industries. Blueprint has raised close to $60 million from BDC Capital, Centana Growth Partners, Tandem Expansion Fund, Walsingham Growth Partners and other investors.
    Kirk Falconer
  • Venture studio Creative Labs launches with $16 mln round October 27, 2017 5:40 pm
    Creative Labs, a Vancouver media and entertainment venture studio, has started operations in partnership with Hollywood talent agency Creative Artists Agency (CAA), according to a report by Variety. The incubator is backed by funding of about $16 million (US$12.5 million), Variety said. The round's investors include Boatrocker Ventures, Entertainment One, Real Ventures, Seedcamp Ventures and Telegraph Media Group. Creative Labs is led by CEO Mike Edwards and Chairman Leonard Brody. It has already helped launch two companies, Belletrist, an online book club, and Ground Control, an interactive audio platform.
    Kirk Falconer
  • Greensoil invests in smart building tech company SensorSuite October 26, 2017 8:00 pm
    Toronto smart building technology platform SensorSuite Inc has closed an investment with Greensoil Building Innovation Fund. No financial terms were released for the round, which will see Jamie James, the fund's managing partner, join the board. Founded in 2012, SensorSuite is an IoT company that develops wireless monitoring and energy-saving solutions for commercial and residential buildings. It will use the funds raised to accelerate sales and marketing and execute its product road map. The Greensoil fund was launched in 2015 by GreenSoil Investments. Sensor Suite is also backed by Extreme Venture Partners and BDC Capital.
    Kirk Falconer
  • Lightspeed’s Series D and venture capital’s new pension power October 26, 2017 5:00 pm
    Canada has long had both cash-hungry startups and pension funds with an appetite for direct deals, but only recently have those two things come together. Last week, Lightspeed, a point-of-sale solution for retailers and restaurants, raised $207 million in a Series D financing, the largest for a Canadian IT company in 25 years. Caisse de dépôt et placement du Québec, a $287 billion pension system, led the round, highlighting a growing interest among formerly standoffish Canadian pension funds to invest directly in tech opportunities at home.
    Kirk Falconer
  • Fintech startup Lendified inks $60 mln credit facility October 25, 2017 8:53 pm
    Lendified, a Toronto online small business loans provider, has agreed to access a $60 million credit facility provided by ClearFlow Commercial Finance. The deal increases Lendified’s lending capacity to $85 million, the company said. Founded in 2015 by CEO Troy Wright and President Kevin Clark, Lendified operates an online marketplace that aims to supply fast and affordable working capital loans of $5,000 to $150,000 to Canadian small businesses. It reports receiving more than $220 million in loan requests to date. Last year, Lendified secured a $20 million credit facility from Liquid Capital Corp.
    Kirk Falconer
  • Emerillon, Fonds de solidarité FTQ invest in Searchlight Pharma October 25, 2017 7:48 pm
    Montréal specialty pharmaceutical company Searchlight Pharma Inc has secured an undisclosed investment from Emerillon Capital, managed by CIC Capital Canada, and Fonds de solidarité FTQ. The investment will support the company's organic and acquisition-based growth and therapeutic area expansion. Founded in 2015, Searchlight has a core focus on women's health, urology, and pediatrics. It has so far closed nine deals that have contributed 15 marketed products, with additional pipeline candidates expected to launch over the next 12 to 18 months. Searchlight is led by President and CEO Mark Nawacki.
    Kirk Falconer
  • Tokyo Smoke bumps up Series B financing to $6 mln October 24, 2017 5:46 pm
    Tokyo Smoke, a Toronto-based cannabis lifestyle and retail brand, has increased the size of its Series B financing to $6 million. The round, which is now closed, brings total funding over the past 10 months to more than $10 million. As reported in August, the Series B was led by Aphria Inc, a Canadian medical cannabis producer, and Green Acre Capital, a Canadian cannabis-focused investment firm. Paul Rowan, a founding partner of Umbra, also invested. Founded in 2015, Tokyo Smoke said it will use the funds raised to continue retail expansion, marketing and acquisitions in anticipation of cannabis legalization in Canada.
    Kirk Falconer
  • Smart robots platform Kindred lands $35.4 mln in Series B October 24, 2017 4:21 pm
    Kindred Systems Inc, a Vancouver-based developer of human-like intelligence in machines, has secured about $35.4 million (US$28 million) in a Series B financing, bringing its total funding to US$44 million. Tencent Holdings led and was joined by existing investors Eclipse Ventures and First Round Capital. Kindred is designing robots-as-a-service technology, such as its first commercial offering, Kindred Sort, which is targeted for use in retail distribution and e-commerce fulfillment centres. It will use the funds raised to continue R&D and product deployment. Founded in 2014, Kindred is led by CEO Geordie Rose, a co-founder of D-Wave Systems Inc.
    Kirk Falconer
  • Banking virtual assistant Finn.ai secures $3 mln in funding October 23, 2017 8:54 pm
    Vancouver-based Finn.ai, developer of an AI-powered virtual assistant for banking and personal finance, has secured $3 million in its first institutional financing. The round was co-led by Canadian private equity firm Yaletown Partners, U.S. venture capital firm Flying Fish Partners, and John Livingston, former CEO of Absolute Software Corp. Angel investors also participated. Founded in 2014 by CEO Jake Tyler, COO Natalie Cartwright and CTO Guru Atlu, Finn.ai provides a conversational platform to help banks engage with their customers. It will use the funds raised to expand its team to meet customer needs and support growth in the United States and worldwide.
    Kirk Falconer
  • Drug developer Appili raises additional $3 mln in VC funding October 23, 2017 3:02 pm
    Halifax anti-infective pharmaceuticals developer Appili Therapeutics Inc has raised about $3.1 million from a private placement offering. The financing, which brings total funds raised by Appili since its 2016 seed round to about $7.5 million, was backed by Canadian venture capital firm Innovacorp, as well as other new and existing investors. Appili said the offering's proceeds will help finance operations and growth. They will also advance the company's pipeline of anti-infectives and move its lead antibiotic, a taste-masked treatment for anaerobic infections, into the clinic. Founded in 2015, Appili is led by CEO Kevin Sullivan.
    Kirk Falconer
  • Thomvest gives Prometic access to $100 mln line of credit October 23, 2017 12:59 pm
    Laval, Québec-based biopharmaceutical company Prometic Life Sciences Inc (TSX: PLI) has secured a $100 million (US$80 million) line of credit from an affiliate of Thomvest Asset Management, the investment vehicle of Canadian billionaire Peter Thomson. The company, which specializes in bioseparation and the development of plasma-derived and small-molecule therapeutics, said the facility's proceeds will support it prior to the expected flow of revenues from sales of plasminogen and other monetization events. Led by President and CEO Pierre Laurin, ProMetic earlier this year raised funding from both Thomvest and California Capital Equity.
    Kirk Falconer
  • Round13 Capital invests in Bluerush’s $1.3 mln financing October 20, 2017 5:32 pm
    Toronto digital solutions provider Bluerush Media Group Corp (TSX-V: BTV) has closed a private placement deal, generating proceeds of $1.3 million. Round13 Capital Founders Fund, an affiliate of Canadian venture capital firm Round13 Capital, invested $750,000. As a result, the fund acquired about 25 percent of issued and outstanding shares and is entitled to nominate a board member. Founded in 2004, Bluerush provides marketing and sales software that helps organizations engage with their customers. It will use the funds raised to ramp up sales and R&D activities that support the company's development "toward a recurring revenue model."
    Kirk Falconer
  • AdHawk raises $5.7 mln in Intel Capital-led Series A round October 19, 2017 8:48 pm
    AdHawk Microsystems Inc, a maker of advanced micro-systems for human-computer interaction, has raised about $5.7 million (US$4.6 million) in a Series A financing. The round was led by Intel Capital, a U.S. venture capital firm, with participation from Canadian firm Brightspark Ventures. Founded in 2015, AdHawk has developed a camera-free eye-tracking system that enables precise, high-speed tracking in headsets and other wearable devices. Led by CEO Neil Sarkar, one of the Kitchener, Ontario-based startup's co-founders, it plans to use the funds raised to commercialize its technology for consumer virtual reality-augmented reality devices.
    Kirk Falconer
  • CPPIB joins $4 bln Series C funding of Meituan-Dianping October 19, 2017 1:48 pm
    Meituan-Dianping, a Chinese service-focused e-commerce platform, has raised US$4 billion in a Series C financing. The round was led by China's Tencent Holdings, with participation from the Priceline Group and a global syndicate of investors that includes Canada Pension Plan Investment Board. The deal values the company at US$30 billion, Reuters reported. Founded in 2003, Meituan-Dianping connects more than 280 million users with roughly 5 million local merchants. It said it will use the funds raised to invest in core businesses and offerings and leverage artificial intelligence-based and analytics-driven technology.
    Kirk Falconer
  • Tencent to invest $50 mln in storytelling platform Wattpad October 19, 2017 1:17 pm
    Toronto storytelling app Wattpad will soon receive about $50 million (US$40 million) from an investment by China's Tencent Holdings, according to a report by the Globe and Mail. The investment will form part of a new US$50 million financing of Wattpad, to be finalized in the weeks ahead, the report said. The round, which will be backed by a mix of Canadian and U.S. venture capital firms, is expected to value the company at about US$400 million. Founded in 2006 by CEO Allen Lau and CPO Ivan Yuen, Wattpad operates a social platform that creates direct connections between readers and writers. In 2014, it raised US$46 million in a Series C financing led by OMERS Ventures .
    Kirk Falconer
  • ThinkRF secures $5 mln in Wesley Clover-led follow-on deal October 18, 2017 7:12 pm
    ThinkRF Corp, an Ottawa-based provider of software-defined spectrum analysis solutions, has raised $5 million in funding. Wesley Clover International, a Canadian venture capital firm and existing investor in the company, led the round. It was joined by new private investors. Founded in 2006, ThinkRF develops technology to give users more versatility, better performance, and additional capabilities for wireless spectrum analysis. The funds raised will be used for the next phase of its strategy, which includes expanding into new geographic and vertical markets. ThinkRF is led by President and CEO Jim Roche, a Canadian serial entrepreneur.
    Kirk Falconer
  • Insurtech startup Covera nets $1.5 mln in seed, pre-seed rounds October 18, 2017 2:49 pm
    Montréal-based insurance technology startup Covera Technologies Inc has secured $1 million in a seed-stage financing. The round, which adds to a $500,000 pre-seed deal last year, was led by Canadian venture capital firm Ferst Capital Partners and joined by angel investors. Established in 2016 by CEO Scott Loong and CTO Paul O'Reilly, Covera develops technology that helps customers automatically re-shop their insurance policies. The funds raised will be used to support the company's growth and user acquisition initiatives, drive expansion in Canada, and build a team to accelerate product development.
    Kirk Falconer
  • Security workforce manager TrackTik wins $7 mln from CDPQ, iNovia October 18, 2017 1:36 pm
    Montréal-based security workforce management platform TrackTik Inc has secured $7 million in funding. The round was backed by Caisse de dépôt et placement du Québec (CDPQ) and iNovia Capital, which led the startup's $1.5 million seed financing in 2015. Founded in 2010 by President and CEO Simon Ferragne, TrackTik provides integrated security operations management software that gives security service companies control over all aspects of their business. It plans to use the funds raised to fuel growth beyond its current bases in North America and Europe, develop its product, hire more staff, and pursue acquisitions. TrackTik is also backed by Klass Capital.
    Kirk Falconer
  • Caisse de dépôt leads $207 mln Series D round of Lightspeed POS October 18, 2017 12:57 pm
    Lightspeed POS Inc, a Montréal-based point-of-sale software solution for retailers and restaurateurs, has raised about $207 million (US$166 million) in Series D financing. Caisse de dépôt et placement du Québec, which co-led Lightspeed's $80 million Series C in 2015, also led the Series D. Investissement Québec, iNovia Capital and Silicon Valley Bank joined the round. Lightspeed, which has brought in US$292 million of funding since its launch in 2005 by CEO Dax Dasilva, said the proceeds of the latest round will back further innovation and expansion. The company now operates in over 100 countries, processes more than US$15 billion in transactions annually, and has nearly 50,000 customers.
    Kirk Falconer
  • Resverlogix to raise $87 mln from China’s Shenzhen Hepalink October 16, 2017 4:39 pm
    Calgary biotechnology company Resverlogix Corp (TSX: RVX) has entered into a private placement deal with China's Shenzhen Hepalink Pharmaceutical Co Ltd, an existing investor. The deal, which is expected to generate gross proceeds of $87 million, will result in Hepalink holding as much as 45.16 of the company's outstanding shares. Eastern Capital, an existing investor that is not joining the private placement, will see its interest reduced. Founded in 2001, Resverlogix develops treatments for cardiovascular disease and other conditions. It said the funds raised will be used to repay a $68.8 million secured loan, fund R&D, and support other priorities.
    Kirk Falconer
  • VC-backed Calligo buys cloud services provider 3 Peaks October 13, 2017 3:42 pm
    Calligo has acquired 3 Peaks Inc, a Burlington, Ontario-based provider of cloud solutions, including e-mail, website hosting, backups and infrastructure-as-a-service. No financial terms were released. Founded in 1995, 3 Peaks has been led by President and CEO Ian Clark. Calligo, a U.K. cloud service provider to the mid-tier enterprise segment, said the deal will expand its presence in the North American market. Founded in 2011, Calligo last year raised US$20 million from U.S. investor Investcorp Technology Partners. It also secured funding from British venture capital firm Ti23.
    Kirk Falconer
  • Canadian VC approaches 2016 peak as top Q3 deals draw $572 mln October 12, 2017 8:28 pm
    Canada’s top 10 venture-capital financings in the third quarter won $572 million from investors, up 45 percent from the $395 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 in Q3 2017, supplemented by preliminary data from Thomson Reuters. The list is headed by LeddarTech, which accounted for 2017’s fourth $100 million-plus round, Milestone, Absorb Software and Freshbooks. Third-quarter data, when combined with the results of Q1 2017 and Q2 2017, suggest Canadian VC investment activity this year is poised to match or exceed the robust levels of 2016.
    Kirk Falconer
  • VC-backed Metamaterial Technologies wins $5.4 mln from SDTC October 12, 2017 7:00 pm
    Sustainable Development Technology Canada (SDTC) has invested about $5.4 million in Metamaterial Technologies Inc (MTI), a Halifax-based smart materials and photonics company. Dr. George Palikaras, founder and CEO of MTI, said the funds raised will help advance the company's development and commercialization of a light-weight and high-efficiency silicon-based solar cell technology suitable for the transportation industry. The SDTC investment follows the close of MTI's $8.3 million Series A financing earlier this year. The round was led by Radar Capital and joined by Innovacorp and other investors.
    Kirk Falconer
  • iNovia Capital leads ROSS Intelligence’s $8.7 mln Series A round October 11, 2017 10:24 pm
    ROSS Intelligence, an artificial intelligence company focused on the legal industry, has raised US$8.7 million in a Series A financing, bringing its total funding to US$13 million. The round was led by iNovia Capital. Comcast Ventures Catalyst Fund, Y Combinator Continuity Fund, Real Ventures, Dentons’ NextLaw Labs and others also invested. Founded in 2015 by CEO Andrew Arruda, CTO Jimoh Ovbiagele and Pargles Dall’Oglio at the University of Toronto, San Francisco-based ROSS develops AI technology to support legal research by answering questions and supplying relevant information. It recently launched ROSS North, its AI R&D headquarters in Toronto.
    Kirk Falconer
  • Brookfield Property leads investment in Honest Buildings: Reuters October 11, 2017 9:27 pm
    Brookfield Property Partners LP, one of the largest commercial real estate companies, said this week it has invested in Honest Buildings, a New York project management startup that compiles data for property owners to make construction projects more efficient, Reuters reported. Brookfield led a group that raised US$13 million for Honest Buildings in the hopes its platform can establish an industry-leading standard for large property owners that need greater clarity into construction projects. Greensoil Building Innovation Fund was among the other investors in the company's Series B financing. Honest Buildings' first move abroad will be Canada and then other countries alongside Brookfield, Founder and CEO Riggs Kubiak said.
    Reuters News
  • HIVE Blockchain raises $7 mln in funding, buys second data centre October 11, 2017 3:01 pm
    HIVE Blockchain Technologies Ltd (TSX-V: HIVE) has secured $7 million in a private placement deal with Genesis Mining Ltd, an existing strategic investor. The round was closed concurrently with a $30 million bought deal financing. HIVE, a Vancouver-based developer of blockchain infrastructure, said it used some of the funds raised to acquire a second data centre in Reykjanes, Iceland. The company acquired the asset from Genesis, a cryptocurrency mining business, for $5 million, the issuance of 2 million common shares, and fees. Founded in 2012, HIVE describes its goal as "building a bridge from the blockchain sector to traditional capital markets."
    Kirk Falconer
  • Accelerate Fund II invests in digital ad network Visio Media October 10, 2017 9:44 pm
    Accelerate Fund II, an Alberta early-stage angel co-investment fund, has invested an undisclosed amount in Visio Media Inc, an Edmonton digital out-of-home advertising network. Founded in 2011, Visio uses software called Elev8 in the elevators of high-rise commercial and residential properties to help advertisers reach their target audiences. Its network currently broadcasts to 200 elevators in Edmonton and Vancouver high-rises. Visio, which is led by CEO Fouad El-Masri, will use the funds raised to expand into other Canadian urban centres. Accelerate Fund II is managed by Canadian growth equity firm Yaletown Partners.
    Kirk Falconer
  • Payment Rails closes seed round, grows funding to $1.1 mln October 10, 2017 4:09 pm
    Toronto-based financial technology startup Payment Rails has closed a seed-stage financing, bringing its total funding to $1.1 million. The seed round was backed by angel investors, including financial executives like Scott Thompson, the former president of PayPal. With the deal, Thompson joins the company as a board advisor. Founded in 2015 by President Ferhan Patel and CEO Tim Nixon, Payment Rails has developed an API-first payouts platform that enables companies to send payments to on-demand workers, employees and suppliers globally. It is currently in public beta, with an official launch scheduled for next month.
    Kirk Falconer
  • Rewards app Drop seeded with $5.5 mln in Sierra-led round October 10, 2017 3:40 pm
    Toronto-based millennial-focused rewards program Drop has secured $5.5 million in a seed-stage financing. The round was led by U.S. venture capital firm Sierra Ventures with participation from White Star Capital, ff Venture Capital, Power Corp's Portag3 Ventures and HOF Capital. Founded in 2015 by CEO Derrick Fung, Drop provides a free mobile rewards app that allows millennials to earn rewards while shopping. It at the same time helps brands gain knowledge about new consumers. Drop plans to use the funds raised to launch its technology platform in the United States.
    Kirk Falconer
  • Swept raises $2.5 mln in financing co-led by iNovia, Afore October 10, 2017 1:28 pm
    Swept, a Halifax-based provider of software solutions for the janitorial industry, has raised about $2.5 million (US$2 million) in funding, according to a report by Entrevestor. Canadian venture capital firm iNovia Capital and U.S. firm Afore Capital co-led the round, the report said. Founded in 2014 by CEO Michael Brown and COO Matt Cooper, Swept, formerly known as Clean Simple, designs software that helps commercial cleaning businesses attract and retain staff and customers. The startup plans to use the round's proceeds to accelerate sales growth and improve its product.
    Kirk Falconer
  • LifeRaft closes $1.45 mln Series A round led by Mike Durland October 6, 2017 2:40 pm
    Halifax-based corporate security software provider LifeRaft has raised $1.45 million in a non-dilutive Series A financing. The round, which follows LifeRaft's $2 million financing last year, was led by Mike Durland, head of Melancthon Capital, a Canadian investment and advisory firm. As a result, Durland will join the startup's team. Launched in 2014, LifeRaft has built a technology platform that identifies potential security threats to people and business assets by gathering actionable intelligence from open-source channels. It will use the funds raised to expand sales and marketing, drive product development, and add to its global customers.
    Kirk Falconer
  • CTI Life Sciences invests in Visterra’s $46.7 mln Series C October 5, 2017 7:28 pm
    U.S. clinical-stage biotechnology company Visterra Inc has wrapped up its Series C financing, raising US$46.7 million in total. The round was backed by existing and new investors. The latter include CTI Life Sciences, a Canadian life sciences venture capital firm. Founded in 2007, Cambridge, Massachusetts-based Visterra is the creator of the Hierotope platform, which identifies unique disease targets and designs and engineers effective therapeutics. The company will use the round's proceeds to focus on its two lead product candidates and further leverage its platform.
    Kirk Falconer
  • Georgian Partners backs Bluecore’s $35 mln Series C round October 5, 2017 5:57 pm
    Bluecore Inc, a New York-based decisioning platform for retail and brand marketers, has closed a US$35 million Series C financing. The round was led by U.S. venture capital and growth equity firm Norwest Venture Partners. Bluecore's existing investors also participated. They included Canadian growth equity firm Georgian Partners, which led the company's US$21 million Series B round in 2015. Launched in 2013, Bluecore supports e-commerce marketers by unifying customer and catalog data. It will use the funds raised to accelerate the delivery of its platform to customers and enable product development.
    Kirk Falconer
  • Latitude Geographics secures investment from Battery Ventures October 3, 2017 9:47 pm
    Canadian software company Latitude Geographics Group Ltd has secured a "significant" investment from Battery Ventures, a U.S. venture capital firm. No financial terms were disclosed. Founded in 1999, Latitude provides advanced, web-based mapping software, called Geocortex, and related Geographic Information System (GIS) capabilities. Used by more than 1,400 organizations worldwide, the technology helps government and industry customers maximize their use of Esri's GIS platform. Led by CEO Steven Myhill-Jones, Victoria, British Columbia-based Latitude will use the funds raised for global growth.
    Kirk Falconer
  • CrowdCare rebrands as Wysdom.AI, wins $8.5 mln more in VC October 3, 2017 4:18 pm
    CrowdCare, a Toronto provider of enterprise cognitive care solutions, has rebranded as Wysdom.AI and raised $8.5 million in a follow-on financing. The round was led by ScaleUP Ventures, which announced a prior investment in Wysdom.AI earlier in 2017. Brightspark Ventures and Mantella Venture Partners also invested. Launched five years ago by CEO Ian Collins and President Jeff Brunet, Wysdom.AI's technology allows enterprises to deliver artificial intelligence-based customer care across all digital channels. The funds raised will be used to "scale our business and take this solution to hundreds of new clients," Collins said.
    Kirk Falconer
  • BrightSpark, Kensington back Nanoport’s $7 mln financing September 29, 2017 2:39 pm
    Nanoport Technology Inc, a U.S. research lab for mobile technologies, has emerged from stealth and raised US$7 million in financing. Horizons Ventures led and was joined by other investors, including Canadian venture capital firm BrightSpark Ventures and Canadian alternative asset management firm Kensington Capital Partners. Founded in 2014, Sunnyvale, California-based Nanoport develops solutions for connectivity, haptics, multi-device applications and human-device interfaces. It also provides components for close-range communication, power transfer and modular device interactivity.
    Kirk Falconer
  • Lumira joins Engage Therapeutics’ $23 mln Series A round September 28, 2017 9:50 pm
    Summit, New Jersey-based clinical-stage biopharmaceutical company Engage Therapeutics Inc has closed a US$23 million Series A financing. The round was led by TPG Biotech with participation from Adage Capital Management and Lumira Capital, a Canadian life sciences venture capital firm. As a result, Lumira Managing Director Gerry Brunk will join the company's board. Engage is developing a new rescue therapy for people who experience uncontrolled epileptic seizures. It will use the funds raised to back the Phase 2b clinical trial of its lead candidate, Staccato alprazolam, an acute epileptic treatment.
    Kirk Falconer
  • VCs invest in Stradigi’s launch of applied AI research lab September 28, 2017 5:59 pm
    Montréal-based Stradigi has launched Stradigi Labs, an applied research centre focused on developing artificial intelligence (AI) solutions for medical and healthcare, sports, social platforms and other markets. The launch was backed by a "multi-million dollar" investment by the Dunn family, Panache Ventures, Mike Cegelski and Stradigi Ventures. Led by CSO Carolina Bessega, Stradigi Labs will incubate AI ideas for spin out as standalone companies or software licensed to other businesses. Its first spin-out was Propulse Analytics, a retail purchase prediction startup. Founded in 2005, Stradigi is a software development company.
    Kirk Falconer
  • Robotics maker Kinova raises $25 mln in FMQ-led financing September 28, 2017 4:51 pm
    Kinova, a Canadian designer and manufacturer of robotic solutions, has secured $25 million in funding. The investment was led by Fonds Manufacturier Québécois, a fund sponsored by Caisse de dépôt et placement du Québec. It was joined by South Korea's KTB Network, Taiwan's Foxconn and BDC Capital's Growth and Transition Capital. Based in Boisbriand, Québec, Kinova develops robotics platforms to empower people with disabilities and support industrial safety and efficiency. It will use the funds raised to pursue R&D, including in the medical robotics field, sales and marketing, and production. Founded in 2006, Kinova is led by CEO Charles Deguire.
    Kirk Falconer
  • Snoop Dogg’s cannabis VC firm leads $2.5 mln funding of Trellis September 28, 2017 1:56 pm
    Trellis Solutions Inc, a Canadian cannabis inventory management software provider, has raised about $2.5 million (US$2 million) in funding. The round was led by Casa Verde Capital, the venture capital firm of U.S. rapper Snoop Dogg. Additional funding was provided by cannabis incubator Gateway, an existing investor, as well as Argonautic Ventures, One Gun and others. Founded in 2014 by CEO Pranav Sood, Toronto-based Trellis leverages technology to help cannabis enterprises optimize operations and comply with regulations. It said it will use the funds raised to expand in the United States and scale to accommodate demand for its software.
    Kirk Falconer
  • Family organizer Picniic raises $2 mln from Norway’s Telenor September 27, 2017 8:16 pm
    Picniic, a Canadian family assistance technology platform, has secured $2 million in funding, a spokesperson for the company told PE Hub. The investor was Telenor Group, a Norwegian mobile telecommunications business, the source said. Founded last year by CEO Michael Cole and CTO Ivan Tung, Vancouver-based Picniic has created an operating system that helps family households become more organized, productive and connected.
    Kirk Falconer
  • Freshly seeded Zoom.ai acquires SimplyInsight September 27, 2017 6:58 pm
    Zoom.ai, which earlier this year closed a seed-stage financing, has acquired SimplyInsight, a San Francisco-based automated data analysis and visualization company. No financial terms were released. Zoom.ai, a Toronto-based developer of an automated virtual assistant for the workplace, said the integration of SimplyInsight's data-querying technology with its platform will support increased employees' efficiency. Zoom.ai's $2.1 million seed round was led by Extreme Venture Partners and joined by BDC Capital, Betaworks NYC, Good News Venture Partners, MaRS IAF and other investors.
    Kirk Falconer
  • Kik’s $100 mln in proceeds from token sale below expectations: Reuters September 27, 2017 5:38 pm
    Kik Interactive, which created the global chat platform Kik, valued at US$1 billion, said this week it raised nearly US$100 million in the sale of its own token, below its expectations, Reuters reported. A volatile crypto-currency market has partially reduced demand for token offerings, the Waterloo, Ontario-based company said. In late August, Kik said it expected to raise US$125 million. Kik, a free chat and messaging application, is the first social media application to create its own digital currency. The company considers its token offering a success, noting that more than 10,000 people from 117 countries participated.
    Reuters News
  • Digital health startup Analytics 4 Life closes $25 mln Series B September 27, 2017 5:04 pm
    Toronto-based digital health company Analytics 4 Life has secured $25 million in a Series B financing. The round was backed by a syndicate of undisclosed accredited investors, including physicians, healthcare professionals and medical device experts. Founded in 2012, Analytics 4 Life is using artificial intelligence to advance a novel, radiation-free and exercise-free cardiac imaging technology intended to improve existing care pathways. The first application, CorVista, tests the presence of coronary artery disease. Analytics 4 Life, which has its U.S. headquarters in North Carolina's Research Triangle Park, is led by President and CEO Don Crawford.
    Kirk Falconer
  • Klue launches with $5 mln OMERS Ventures-led financing September 27, 2017 4:20 pm
    Klue, a Vancouver provider of competitive intelligence for enterprise sales, has launched with the close of a $5 million financing. OMERS Ventures led and was joined by BDC Capital, Vancouver Founder Fund, SK Ventures and angel investors, including Hootsuite's Ryan Holmes, Foundation Capital's Jonathan Ehrlich and Daniel Debow, previously an executive with Salesforce. Founded in 2015 by CEO Jason Smith and CTO Sarathy Naicker, Klue's technology helps teams in B2B enterprises collect, curate and distribute external and internal content relevant to sales and competitiveness. Smith is the former president of Vision Critical.
    Kirk Falconer
  • Restaurant app Ritual secures $54 mln in Series B funding September 27, 2017 2:38 pm
    Toronto-based restaurant app Ritual Technologies Inc has raised about $53.8 million (US$43.5 million) in a Series B financing, according to a report by the Wall Street Journal. The round was led by U.S. venture capital firm Insight Venture Partners, the report said. The startup's other backers include Canadian venture capital firms Golden Venture Partners, Mantella Venture Partners and Mistral Venture Partners, as well as U.S. firm Greylock Partners, according to Crunchbase. Founded in 2014 by CEO Ray Reddy, Ritual offers a mobile order-and-pay platform that enables users to secure coffee and food orders quickly and easily. It will use the funds raised to add staff and further expand into the U.S. market.
    Kirk Falconer
  • Transit raises $5 mln Series A round led by Accel Partners September 26, 2017 5:46 pm
    Montréal-based urban transportation app Transit has secured $5 million in a Series A financing. The round was backed by existing Canadian and U.S. venture capital firms, among them Accel Partners, which led. Accomplice, BDC Capital and Real Ventures also invested. Launched in 2013 by CEO Sam Vermette and CTO Guillaume Campagna, Transit's app helps millions of users in more than 130 cities navigate local transport options and plan trips. The company said it will use the funds raised to further develop and enhance its technology.
    Kirk Falconer
  • Deep Genomics lands $16 mln in follow-on round led by Khosla September 25, 2017 9:44 pm
    Deep Genomics, a Toronto genetic medicine startup, has raised about $16 million (US$13 million) in follow-on financing. U.S. venture capital firm Khosla Ventures led the round and was joined by True Ventures, which led the company's $5 million seed financing in 2015. Spun out of the University of Toronto in 2014, Deep Genomics is building a biologically accurate, data- and artificial intelligence-driven technology platform that supports geneticists, molecular biologists and chemists in the development of therapies. It will use its platform to unlock new classes of anti-sense oligonucleotide therapies and advance them for clinical evaluation. Deep Genomics is led by CEO Brendan Frey.
    Kirk Falconer
  • Ambyint secures $14 mln in Mercury Fund-led Series A round September 25, 2017 2:44 pm
    Ambyint Inc, a Calgary-based energy-focused artificial intelligence (AI) startup, has raised about $14 million (US$11.5 million) in a Series A financing. U.S. venture capital firm Mercury Fund led the round and was joined by GE Ventures, Statoil Technology Invest and Cottonwood Venture Partners. Launched in 2015, Ambyint has developed an AI-driven, artificial-lift optimization solution that helps oil and gas companies reduce costs and improve production. It will use the funds raised to expand deployments of the technology in Canada and the United States and pursue further innovation. Ambyint was founded by COO Nav Dhunay and is led by CEO Alex Robart.
    Kirk Falconer
  • Fusion Pharmaceuticals tops up Series A round, raises $57 mln September 25, 2017 1:20 pm
    Fusion Pharmaceuticals Inc has secured about $26 million (US$21 million) in the second close of its Series A financing. The additional funding, which brings the round to nearly $57 million (US$46 million) in total, was supplied by Adams Street Partners, Seroba Life Sciences and Varian Medical Systems Inc, among others. They join the backers of the round's first close, announced in February. Hamilton, Ontario's Fusion, a spin-out of the Centre for Probe Development and Commercialization, is developing targeted radiotherapeutics for treating cancer. It will use the additional funds raised to develop its lead program, expand its pipeline, and form new strategic partnerships.
    Kirk Falconer
  • Koho raises $8 mln from Portag3 Ventures, opens Toronto HQ September 25, 2017 10:00 am
    Vancouver financial services platform Koho has raised $8 million in additional financing from Portag3 Ventures, a fund launched last year by Canada's Power Financial Corp. With the round, Paul Desmarais III, senior vice president of Power Financial, Adam Felesky, president of Portag3, and Michael Katchen, co-founder and CEO of Wealthsimple, joined the board. Launched this year by CEO Daniel Eberhard, Koho provides Canadians with a no-fee, mobile alternative for managing daily spending and saving, and gaining insights into personal finances. It will use the funds raised to scale the platform and expand its engineering and operations team at a new Toronto headquarters.
    Kirk Falconer
  • Uncharted Territory: Foundation Capital’s Paul Holland talks Kik’s ICO September 22, 2017 3:10 pm
    Initial coin offerings took the summer by storm, with more than US$1.5 billion raised from April through August. Reactions have been extreme and varied. For VCs, digital-token offerings present opportunities and challenges. They open the door to new liquidity for startups and investors, while presenting a host of regulatory issues. Waterloo-based Kik Interactive, the anonymous social-media app founded in 2009, is raising US$125 million by selling digital tokens called Kin. Paul Holland, a general partner at Foundation Capital, which invested in the company five years ago, spoke with Venture Capital Journal about the ICO strategy.
    Kaitlyn Landgraf Bartley
  • Vistara, KIA, Comerica help Mobify close $15 mln follow-on round September 21, 2017 5:38 pm
    Mobify, a Vancouver-based customer engagement platform, has raised funding from Vistara Capital Partners, Impulse International, an affiliate of Kuwait Investment Authority (KIA), Comerica Bank and other investors. The round adds to other recent investments made by Acton Capital, BDC Capital and Plaza Ventures, and brings the total raised to $15 million. Launched in 2007, Mobify provides progressive web apps for retailers and brands looking to close the gap between desktop and mobile conversion rates, keep up with customer expectations, and win loyal customer relationships. It is led by CEO Igor Faletski.
    Kirk Falconer
  • Venture-backed ScribbleLive acquires ion interactive September 21, 2017 4:07 pm
    Content experience platform ScribbleLive has acquired ion interactive, a Boca Raton, Florida-based provider of interactive content marketing software. No financial terms were released. ScribbleLive said the acquisition is its largest to date, bringing on more than 250 enterprise customers, and will add new interactive capabilities to its platform. Based in Toronto, ScribbleLive help brands, sports and media organizations manage the full lifecycle of their content. It has raised more than $60 million from investors, including Emerillon Capital, Georgian Partners, OpenText Enterprise Apps Fund, Rogers Ventures and Summerhill Venture Partners.
    Kirk Falconer
  • Manifold launches, nets $18.4 mln in OMERS Ventures-led Series A September 21, 2017 2:51 pm
    Manifold, a developer services platform, has emerged from stealth and raised about $18.4 million (US$15 million) in a Series A financing. The round was led by OMERS Ventures and joined by Boldstart Ventures, Version One Ventures, Amplify Partners and Leaders Fund. Based in Halifax and San Francisco, Manifold has created technology that supports developers by reducing the complexity of building and deploying applications with micro-services and third-party infrastructure services. Founded last year and led by CEO Jevon MacDonald, the company will use the funds raised to build its team, which already includes top developers, and expand its roster of services.
    Kirk Falconer
  • Emerald, EnerTech invest in $10 mln Series A round of Ushr September 20, 2017 7:49 pm
    Ushr Inc, a U.S. provider of autonomous vehicle navigation solutions, has raised US$10 million in a Series A financing. The round, which was commensurate with the company's spin-off from GeoDigital Inc, was led by Forté Ventures. It was joined by other investors, including Emerald Technology Ventures and EnerTech Capital, venture capital firms with offices in Canada. Ushr has developed precise, high-definition mapping technology and software for autonomous and semi-autonomous vehicles. Based in Detroit, Michigan, the company is led by CEO Bruce Gordon.
    Kirk Falconer
  • Renewal Funds leads Series B funding of FoodLogiQ September 20, 2017 7:20 pm
    FoodLogiQ, a U.S. provider of traceability, food safety and supply chain transparency software, has raised a Series B financing. The round, the value of which was not disclosed, was led by Renewal Funds, a Canadian impact venture capital firm. FoodLogiQ, which has its headquarters in Durham, North Carolina, said the funds raised will support its growth in the food technology space. Launched in 2006, the company is led by CEO Dean Wiltse.
    Kirk Falconer
  • Cybersecurity startup inBay Technologies lands $1 mln in VC September 20, 2017 3:17 pm
    Ottawa-based cybersecurity software startup inBay Technologies Inc has raised more than $1 million in financing. Dutch venture capital firm Ramphastos Investments co-led the round with angel investors represented by Tongda One Partners, a Canadian advisory firm. Founded in 2009, inBay develops password-less authentication solutions to ensure safe and secure access to enterprise services and applications. Shane Young, the company's president and CEO, said the funds raised will help accelerate commercialization of inBay's idQ trust-as-a-service platform.
    Kirk Falconer
  • Lumira Capital leads Edesa Biotech’s $7 mln Series A financing September 20, 2017 2:45 pm
    Edesa Biotech Inc, a developer of novel dermatology and anorectal treatments, has secured $7 million in a Series A financing. Lumira Capital, a Canadian life sciences venture capital firm, led the round and was joined by Pharmascience Inc, Inveready Technology Investment Group and several Canadian family offices. The funds raised will be used to support the Markham, Ontario company's growth and development of its product pipeline. Edesa was founded in 2015 by its CEO, Dr. Par Nijhawan, a serial entrepreneur. In parallel with the round, Edesa licensed the Canadian rights to its anorectal products to a division of Pharmascience.
    Kirk Falconer
  • BDC Capital provides $1 mln in funding to Mobi724 Global September 19, 2017 7:44 pm
    Montréal-based financial technology company Mobi724 Global Solutions Inc has secured $1 million in financing from the Growth & Transition Capital division of BDC Capital. The company said it will use the proceeds to accelerate its growth, including the addition of sales and marketing resources. Founded in 2008, Mobi724 provides EMV payment, card link couponing and digital marketing solutions. It is led by CEO Marcel Vienneau. Earlier this year, BDC Capital made available $1.8 billion in fresh funding for investments by Growth & Transition Capital.
    Kirk Falconer
  • Biba secures $1.3 mln in Leonite-led pre-Series A financing September 19, 2017 4:46 pm
    Smart playground technology platform Biba Inc has raised $1.3 million in a pre-Series A financing. U.S. investor Leonite Capital led the round and was joined by Greg Zeschuk, co-founder of BioWare Corp, and Jason Kapalka, co-founder of PopCap Games Inc. Founded in 2014 by Ryan Nadel and led by CEO Matt Toner, Vancouver-based Biba develops augmented reality games and mobile apps to encourage parents and children in playground activities. To date, 1,000 Biba playgrounds have been installed across North America. The company will use the funds raised to fuel R&D, create more games, and install more playgrounds.
    Kirk Falconer
  • Aspect Biosystems closes first institutional round led by Pangaea September 18, 2017 3:41 pm
    Vancouver biotechnology company Aspect Biosystems Ltd has completed its first institutional financing. The round, the value of which was not disclosed, was led by Canadian venture capital firm Pangaea Ventures and joined by Endure Capital, Pallasite Ventures and Relentless Pursuit Partners, as well as other new and existing investors. Founded in 2013, Aspect is a developer of 3D bio-printing and tissue engineering technologies. Led by President and CEO Tamer Mohamed, the company plans to use the funds raised to back continued product development, expand its strategic partnerships, and commercialize its platform technology, Lab-on-a-Printer.
    Kirk Falconer
  • Slack valued at $5.1 bln after new funding led by SoftBank: Reuters September 18, 2017 2:06 pm
    Software startup Slack Technologies Inc said it raised US$250 million from SoftBank Group Corp and other investors in its latest funding round, boosting the company’s valuation to US$5.1 billion, Reuters reported. The latest fundraising, led by SoftBank through its giant Vision Fund and joined by Accel Partners and other investors, lifted Slack’s total funds raised to US$841 million, the enterprise messaging operator said in an e-mailed statement. The fund provides resources which will help Slack to run as a cash-generating company and the raise will reduce its dependence on outside financing, Slack CEO Stewart Butterfield said. San Francisco-based Slack, which has an office in Vancouver, was launched in 2014 by Butterfield, a Canadian entrepreneur.
    Reuters News
  • Ovensa raises $1.38 mln from Anges Québec, Aligo Innovation September 15, 2017 3:57 pm
    Canadian biotechnology startup Ovensa Inc has secured $1.38 million in follow-on financing. The round was backed by 22 members of angel organization Anges Québec, the affiliated Anges Québec Capital, and Aligo Innovation, a university research commercialization company. Founded in 2012, Aurora, Ontario's Ovensa develops technology with mucosal and brain-barrier crossing properties that can deliver medication to hard-to-reach parts of the body. It is mainly focused on oncology. Led by President and CEO Stéphane Gagné, the company plans to use the funds raised to further develop its platform.
    Kirk Falconer
  • Auto repair platform Fiix nets $2.2 mln in Javelin-led seed round September 14, 2017 2:06 pm
    Canadian auto repair platform Fiix said it raised about $2.2 million (US$1.8 million) of seed capital in a round led by Javelin Venture Partners and joined by Y Combinator and angel investors. The company will use the money to expand marketing, further product development and improve its customer experience. Fiix, based in Toronto, enables mechanics to repair cars at homes and offices. Fiix was founded in 2016 by President and CEO Arif Bhanji, CTO Khallil Mangalji and Chief Product Officer Zain Manji.
    Mark Boslet
  • Pangaea invests in NewLeaf Symbiotics’ $30 mln Series C September 13, 2017 6:50 pm
    St. Louis, Missouri-based agricultural biologicals company NewLeaf Symbiotics Inc has secured US$30 million in the second close of its Series C financing. S2G Ventures joined first close lead investors Monsanto Growth Ventures and Otter Capital, as well as other participating investors, among them Pangaea Ventures, a Canadian venture capital firm. NewLeaf said it plans to use the funds raised to commercialize seed treatment and in-furrow products for soybeans, corn, wheat, peanuts, and other crops. Vancouver-based Pangaea, which has backed NewLeaf since 2013, is currently raising its fourth advanced-materials fund.
    Kirk Falconer
  • AI startup DeepLearni.ng closes $9 mln Series A with Fidelity September 13, 2017 3:57 pm
    DeepLearni.ng, a Toronto-based artificial intelligence company, has raised $9 million in a Series A financing. The round was backed by mutual funds managed by the Canadian subsidiary of Fidelity Investments. DeepLearni.ng was founded last year by Co-CEOs Stephen Piron and Eric Lee, Chief of Machine Learning Ragavan Thurairatnam and COO Vincent Wong to design, build and deploy applied AI systems for enterprises. The close of the Series A coincides with its plan to scale development of Frontiers, a machine learning platform. DeepLearni.ng will use the funds raised to grow its global footprint in financial services and other industries and add to its team.
    Kirk Falconer
  • E-learning solutions provider Lambda raises $2.2 mln in funding September 13, 2017 1:35 pm
    Vancouver-based e-learning solutions provider Lambda Solutions Inc has secured $2.2 million in non-dilutive funding. The source of the capital was Quantius, a Canadian lender to innovative businesses. The deal's proceeds will be used to grow the company's international reach and accelerate product growth and innovation. Established in 2002 and led by CEO Shevy Levy, Lambda provides online learning management systems technology, training and services to enterprises in education, healthcare and other sectors. It has also received funding from TIMIA Capital Corp.
    Kirk Falconer
  • Foodee secures second tranche of $10 mln Series A round September 12, 2017 3:46 pm
    Vancouver meal delivery startup Foodee has raised the second tranche of a $10 million Series A financing. The round, initially closed last year, was led by BDC Capital and joined by Kensington Capital Partners, by way of the BC Tech Fund, Yaletown Partners, Structure Capital and Voyager Capital. Founded in 2012, Foodee has developed an online platform that connects offices with top restaurants. It today partners with more than 500 restaurants and serves more than 8,000 customers. Led by CEO Ryan Spong, the company will use the funds raised to enhance its platform and continue expansion into cities across Canada and the United States.
    Kirk Falconer
  • Mobile Klinik secures $6.85 mln in Kensington-led Series B September 11, 2017 7:08 pm
    Smartphone and tablet repair company Mobile Klinik has raised $6.85 million in a Series B financing. The round was led by Canadian alternative asset management firm Kensington Capital Partners. It was joined by individual investors, including Tim McGuire, formerly of McKinsey & Co, and Rob Pitfield, formerly of Scotiabank. With the deal, McGuire has joined the board and will serve as chairman. Based in Ottawa, Mobile Klinik was launched in 2015 by wireless and retail executives, including CEO Rob Bruce, the former president of Rogers Communications Inc. It currently operates a chain of 20 stores in Ontario, Québec and Alberta.
    Kirk Falconer
Advertisements