SPARQ Systems Inc, a designer of microinverters for solar power systems, has received $11 million in new funding. The deal was led by Canadian clean technology venture capital firm ArcTern Ventures, which also led SPARQ's $2.75 million financing in 2013. Proceeds of the latest round will help launch the company's uQuad technology, a residential microinverter that optimizes power from up to four solar modules. Founded in 2009, the Kingston, Ontario-based SPARQ has also been backed by MaRS Investment Accelerator Fund, Ontario Centres of Excellence and other investors. ArcTern's Tom Rand last month wrote about climate risk challenges in a peHUB Canada feature article.
3 min read · 21 October 2014
New research published by the Business Development Bank of Canada (BDC) points to five fundamental elements of Canadian business success, as well as five common pitfalls. The report, The Five Do's and Five Don'ts of Successful Businesses, indicates that factors of high performing companies include: innovation; reliance on external advice; a solid and measurable business plan; hiring the best employees and keeping them engaged; and strong relationships with suppliers. The BDC has provided an infographic that highlights its key findings. The report was released as part of the 35th annual BDC Small Business Week, which runs from October 19 to 25.
5 min read · 20 October 2014
U.S. venture capital firms have invested more than US$33 billion in the first nine months of 2014, according to the MoneyTree Report from PricewaterhouseCoopers LLP and the National Venture Capital Association, based on data provided by Thomson Reuters. That level of activity already exceeds the US$30 billion invested during the whole of 2013. Between July and September, US$9.9 billion was invested, down from the second quarter of 2014, but up from the same time last year. Venture capital fundraising in the U.S. market, which totals US$23.8 billion to date this year, also surpasses full year 2013 levels.
9 min read · 17 October 2014
MedAvail Technologies Inc has received US$30 million in a Series C financing round. The round was led by U.S. healthcare investment firm Pura Vida Investments and was joined by Deerfield Management Co and Adage Capital Management, all of which are new investors in the company. Existing investors Redmile Group, Walgreens Inc and Alliance Boots GmbH also participated in the deal. The Mississauga, Ontario-based MedAvail, which was formed in 2012, will use the new funds to help commercialize its MedAvail MedCenter system, a prescription-drug dispensing kiosk to be deployed in hospitals, clinics, retail locations, pharmacies, employer sites and other locations.
3 min read · 17 October 2014
Slyce Inc (TSX-V: SLC), a visual search technology company based in Calgary and Toronto, has completed its previously announced purchase of BuyCode Inc for a total consideration of US$5 million in shares, cash and earn-out incentives. Based in Tel Aviv, Israel, BuyCode is the developer of the Pounce image recognition-based shopping app. The company was backed by Entrée Capital, Gigi Levy-Weiss and Plus Ventures. Slyce said the acquisition will bolster its suite of mobile shopping services and help it advance its business-to-consumer strategy. The formerly venture-backed Slyce closed a going public deal in July.
6 min read · 16 October 2014
Xagenic Inc has named Timothy I. Still as its new president and CEO. He will also serve on the company's board of directors. Still previously led Accumetrics Inc, a U.S.-based point-of-care test manufacturer acquired by ITC Nexus Holding Co in 2013. Based in Toronto, Xagenic is the developer of a fully-automated molecular diagnostic platform that will enable lab-free testing. It is backed by a number of Canadian and U.S. venture capital firms, including BDC Capital, CTI Life Sciences Fund, Domain Associates and Ontario Capital Growth Corp.
3 min read · 16 October 2014
Canadian specialty pharmaceuticals company Highland Therapeutics Inc has raised US$25 million in follow-on financing. The deal was led by an unnamed private equity partner. Update: The Toronto-based company said that proceeds will be used to conduct clinical development and study of its lead drug product candidates, expand manufacturing capacity and pursue pipeline expansion opportunities. Highland Therapeutics is a client of Canadian innovation hub MaRS Discovery District.
3 min read · 16 October 2014
Keek Inc (TSX-V: KEK), a mobile video social network, has appointed David Birnbaum to its board of directors. Birnbaum is the president of Broadway Video Ventures, the corporate strategy, venture capital investment and acquisition arm of U.S.-based Broadway Video Entertainment Inc. He is also a former investment professional at British private equity firm Apax Partners. Update: Based in Toronto, Keek has been backed by a number of private equity and venture capital firms since 2011.
3 min read · 16 October 2014
Envestnet Inc (NYSE: ENV) recently closed its acquisition of Placemark Investments Inc for US$66 million. Based in Dallas and Boston, Placemark is a developer of unified managed accounts programs for banks, broker-dealers and registered investment advisory firms. The transaction has provided exits to the company's investors, which include RBC Venture Partners, the venture capital investment arm of Canadian bank RBC. Placement's other backers have included U.S. venture capital firms Flybridge Capital Partners and North Hill Ventures.
4 min read · 15 October 2014
Toronto-based media company Blue Ant Media Inc has joined forces with KeyWest Marketing Ltd to form Outdoor Group Media, a publisher of outdoor publications in Canada. The new company, which The Canadian Press reported was the result of a joint venture, and not a merger, will bring together a number of outdoor sports magazines and a subscriber base of 200,000. Blue Ant is backed by Relay Ventures, Kensington Global Private Equity Fund and Difference Capital Financial.
2 min read · 15 October 2014
