Israeli private high-tech firms raised US$930 million in venture capital in the second quarter, the highest quarterly amount since 2000, according to the Israel Venture Capital (IVC) Research Center, Reuters reported. In the first half of 2014, 335 Israeli high-tech companies raised US$1.6 billion, an increase of 81 percent from a year earlier, making it the strongest capital raising period on record for Israel's high-tech industry.
2 min read · 29 July 2014
AmorChem has partnered with Swiss drug maker Roche Group (SIX: ROG) in a project to discover a new therapy for treating myotonic muscular dystrophy 1, or Steinert’s disease. The enabling technology was developed by the Université de Montréal's Dr. Pascal Chartrand and was licensed to AmorChem by Univalor, the university’s technology transfer group. Roche, which has an option to acquire an exclusive license at the project's conclusion, will provide support and contribute R&D funding together with AmorChem. AmorChem, a Montréal-based life sciences fund managed by venture capital firm GeneChem, said it may earn up to $107 million from the collaboration.
5 min read · 29 July 2014
BuildDirect.com Technologies Inc has appointed Tal Ball as its first CTO. Previously the senior VP products, technology and content at U.S.-based Gracenote Inc, Ball will lead BuildDirect's innovative efforts to create a smarter, simpler and more empowered home improvement industry, the company said. In early 2014, the Vancouver-based startup raised $30 million in a Series B financing led by U.S. venture capital firm Mohr Davidow Ventures and supported by Canadian investors, including BDC Capital IT Venture Fund.
3 min read · 29 July 2014
Eventi Capital Partners, a Canadian growth investor in software-as-a-service, Internet infrastructure services and medical device sectors, has sold Visualase Inc in a deal that values the company at about US$105 million. The Houston, Texas-based Visualase develops and sells a laser system for minimally invasive neurosurgery. It has been acquired by U.S. medical device company Medtronic Inc (NYSE: MDT), which will pay US$70 million initially plus a possible US$35 million in revenue-based earn-out payments. Eventi first backed Visualase in 2009 and did a follow-on financing round in 2012. As a result of the sale, Eventi said it will earn a multiple of invested capital of about 5.6x.
3 min read · 28 July 2014
Calyx Bio-Ventures Inc (TSX-V: CYX) has agreed to acquire Cannigistics Agri-Solutions Corp, which is designing an enterprise software platform tailored to the medical marijuana industry. Under the terms of the deal, Calyx will buy all of Cannigistics' shares in exchange for 9 million common shares of Calyx. Cannigistics said it aims to become a dominant supply solutions provider to the medical marijuana industry, which is expected to grow to $1.3 billion per year in Canada. Based in Vancouver, Calyx invests in agricultural ventures. It is a portfolio company of BDC Capital Healthcare Venture Fund, one of three sector-specific funds managed by BDC Capital.
4 min read · 24 July 2014
Calyx Bio-Ventures Inc (TSX-V: CYX) has agreed to acquire Cannigistics Agri-Solutions Corp, which is designing an enterprise software platform tailored to the medical marijuana industry. Under the terms of the deal, Calyx will buy all of Cannigistics' shares in exchange for 9 million common shares of Calyx. Cannigistics said it aims to become a dominant supply solutions provider to the medical marijuana industry, which is expected to grow to $1.3 billion per year in Canada. Based in Vancouver, Calyx invests in agricultural ventures. It is a portfolio company of BDC Capital Healthcare Venture Fund, one of three sector-specific funds managed by BDC Capital.
4 min read · 24 July 2014
PumpUp Inc has secured US$2.4 million in seed-stage financing. The round was led U.S. venture capital firm General Catalyst Partners with the participation of Canadian firm Relay Ventures, as well as Azure Capital Partners, Freycinet Investments and a number of angel investors. PumpUp, creator of a photo-based social network for healthy and active living, said the funds will be used to grow its community, expand its internal team, and develop its app, which currently has more than 1.7 million users. Co-founded in 2012 by CEO Garrett Gottlieb and president Phil Jacobson and venture-backed since 2013, the company has its headquarters in Toronto and an office in San Francisco.
3 min read · 24 July 2014
PumpUp Inc has secured US$2.4 million in seed-stage financing. The round was led U.S. venture capital firm General Catalyst Partners with the participation of Canadian firm Relay Ventures, as well as Azure Capital Partners, Freycinet Investments and a number of angel investors. PumpUp, creator of a photo-based social network for healthy and active living, said the funds will be used to grow its community, expand its internal team, and develop its app, which currently has more than 1.7 million users. Co-founded in 2012 by CEO Garrett Gottlieb and president Phil Jacobson and venture-backed since 2013, the company has its headquarters in Toronto and an office in San Francisco.
3 min read · 24 July 2014
AmorChem has partnered with Québec commercialization hub Univalor in an investment in a drug project aimed at stopping the development of atherosclerosis. The value of the investment was not disclosed. Based on the work of Dr. Huy Ong and his colleagues at the Université de Montréal, the project focuses on factors associated with the onset and progression of atherosclerosis, an underlying cause of ischemic heart disease and related cardiovascular complications. Managed by Montréal-based venture capital firm GeneChem, AmorChem invests in R&D-stage initiatives to enable pre-clinical proof-of-concept in a semi-virtual mode.
4 min read · 24 July 2014
Zenith Epigenetics Corp, a Calgary-based early-stage biotechnology company, has raised $4.6 million from a private placement offering. The source of the funding was an existing investor, U.S. healthcare-focused venture capital firm NGN Capital. NGN also participated with Eastern Capital in a US$8 million financing in March. Zenith, which last year emerged as the result of RVX Therapeutics Inc's spinout from Resverlogix Corp (TSX: RVX), intends to use offering proceeds to fund research and development activities and other business purposes.
3 min read · 23 July 2014
