Private Equity
TECSYS Inc (TSX: TCS) has bought Logi-D Holding Inc. Under the terms of the previously-announced deal, TECSYS purchased Logi-D's shares for $2.95 million, and $100,000 in common shares of TECSYS. Based in Laval, Québec, Logi-D is a provider of point-of-use technology for supply chain automation servicing healthcare organizations. TECSYS said the acquisition would join two Québec technology companies with complementary product lines, and extend its leadership in healthcare supply chains. Logi-D was backed by Canadian technology investor Telesystem and VCIC, the Canadian investment arm of France's Crédit Mutuel CIC Group.
2 min read · 02 June 2014
GreenAngel Energy has bought a 30 percent interest in CamDo Solutions Inc. The newly formed, Vancouver-based CamDo will launch a global marketing venture specializing in proprietary photographic industry and green technology products, according to an agreement involving GreenAngel, Cam-Do.com LLC of Madison, Wisconsin, and Todd McCann of Brisbane, Australia. The ownership interests of the three founders are shares subject to vesting provisions and dilution pursuant to future investment rounds. McCann also will become the CEO of CamDo. The Vancouver-based GreenAngel is a publicly traded angel fund that invests in emerging green technology companies.
4 min read · 02 June 2014
Benoit Forcier has joined the team at Canadian venture capital firm Cycle Capital Management as partner. Forcier previously served in a number of senior management capacities, including the role of vice president, investment, at Innovacorp and partner at Espresso Capital. Based in Montréal, Cycle Capital invests in companies developing clean technologies, reducing greenhouse gas emissions, optimizing resource use and improving process efficiency throughout a product's life cycle.
3 min read · 02 June 2014
Imagistx Inc has closed a $6 million round of financing. The deal, led by Canadian venture capital firm iGan Partners with participation from IAF, Veddis Ventures and additional investors, tops up an earlier round announced last December. Based in Markham, Ontario, Imagistx is the maker of a high resolution ultrasound product that will improve prostate cancer detection and treatment over the current standard of care. It has begun a large-scale clinical trial at five of the leading urology centres in North America, including Johns Hopkins. The new funds will allow the company to clinically validate its product and carry out its corporate strategy.
2 min read · 30 May 2014
Canadian venture capital firm Lumira Capital has formed a new CEO advisory board consisting of five executives from the life sciences industry. The board members are: Maurice Ferré, M.D., former president and CEO of MAKO Surgical Corp; Barry Fishman, former president and CEO of Teva Canada; Paul Lucas, former president and CEO of GlaxoSmithKline Canada; Thomas Wellner, former president and CEO of CML HealthCare Inc; and Theodore Witek, DrPH, former president and CEO, Boehringer Ingelheim (Canada) Ltd. The board will provide strategic input into Lumira’s investment strategy and offer guidance and mentorship to its portfolio companies.
6 min read · 30 May 2014
MolecuLight Inc, developer of a handheld optical imaging platform for point-of-care wound analysis and treatment guidance, has secured $4 million in financing. The round was led by Canadian venture capital firm iGan Partners with the participation of a number of angel investors. Founded by Ralph DaCosta, a molecular imaging scientist at the University Health Network, MolecuLight is based in Toronto. The company plans to use investment proceeds to obtain regulatory approvals in the United States, Canada and Europe, complete key hires and prepare products for full commercialization.
3 min read · 30 May 2014
Energy and power-focused venture capital firm EnerTech Capital has led an new investment in Markwater Handling Systems Ltd. 32 Degrees Capital, which has previously invested in the company, and Export Development Canada joined EnerTech in the deal, whose value was undisclosed. Based in Calgary, Markwater is focused on the treatment and recovery of oil based drilling muds through its subsidiary FP Marangoni. Founded in 2010, the company has raised more than $27 million in funding to date. EnerTech, which has offices in Toronto, Calgary, Montréal, Philadelphia and Menlo Park, is currently investing from its fourth fund, closed in 2013.
3 min read · 30 May 2014
Canadian specialty finance firm Wellington Financial has invested in an undisclosed, U.S.-based web marketing optimization company. The growth financing totaled $11 million. Wellington president and CEO Mark McQueen said the Toronto-based firm has financed more than 30 different venture-backed companies in the United States, helping American entrepreneurs preserve and or create jobs for more than 5,000 knowledge workers.
1 min read · 29 May 2014
CANARIE and GrowLab have entered into a partnership to provide entrepreneurs with cloud-based resources to support product development and commercialization. Through the partnership, clients of Vancouver-based startup accelerator GrowLab will gain access to CANARIE's Digital Accelerator for Innovation and Research, which offers cloud-based computer, network and storage resources to small businesses. Established in 1993, CANARIE is a non-profit corporation based in Ottawa.
4 min read · 29 May 2014
Askuity Inc has raised $1.8 million in a seed-stage financing round. The round's backers included Canadian early-stage venture capital investor MaRS Investment Accelerator Fund, Dunnhumby Ventures, the venture investment arm of U.K.-based customer science company Dunnhumby, and a number of angel investors. Askuity plans to use the funding to accelerate penetration into retail markets with its intelligent cross-retailer analytics platform, which connects retailers and product vendors to enable better collaboration, planning and overall retail execution. Based in Toronto, the company was established in 2012.
3 min read · 28 May 2014
