Private Equity
Medical imaging company XLV Diagnostics Inc, a portfolio company of commercialization agent MaRS Innovation, has secured $3 million in a Series A financing round. The funds were provided by U.S.-based foundation Bernard M. Gordon Charitable Remainder Unitrust, and will be used to support continued product development and regulatory approval. Based in Thunder Bay, Ontario, XLV specializes in low-cost, next-generation digital mammography machines. Established in 2011, it was previously funded by MaRS Innovation, the Ontario Institute for Cancer Research, Sunnybrook Health Sciences Centre, Thunder Bay Regional Research Institute and FedNor.
3 min read · 28 May 2014
Flixel Photos Inc, a developer of photography software that combines still photographs and features of video, has secured convertible debenture financing totaling $460,000. The funds were raised by Canadian boutique investment banking firm Cranson Capital from a number of private accredited investors, and will be used to help develop and expand the business. The Toronto-based Flixel has previously raised financing from the Canadian Media Fund and Fierce Capital, the venture capital investment arm of U.S. fashion company The Tyra Banks Co. The company was founded in 2011.
3 min read · 28 May 2014
RapidFire Inc has bought the proprietary in-game advertising technology of IGA Worldwide Inc. The financial terms of the transaction were not disclosed. Founded in 2011, the Vancouver-based RapidFire enables advertisers to target engaged consumers playing video games. The acquisition of IGA's Radial Network platform will give the company a more robust system and allow it to provide more services to media-buying clients and game-developer partners, RapidFire said. Based in New York, IGA Worldwide has been venture-backed since 2005. Its investors have included Easton Capital, Kreos Capital and T-Venture.
3 min read · 28 May 2014
Arius Technology Inc, a provider of laser-based optical scanning systems, has closed a Series A financing round that brings its total funding to $2 million. The round's investors were not disclosed. Funding proceeds will be used to facilitate the company's ramp up of manufacturing and production of its mobile color scanner, as well as its go-to-market marketing and sales initiatives. The Vancouver-based Arius had its core technology developed by the National Research Council of Canada.
2 min read · 27 May 2014
Canadian specialty finance firm Difference Capital Financial has made an additional investment in Thunderbird Films Inc. The Vancouver-based company, which creates, produces and distributes content for the Canadian and U.S. media markets, received $2 million from Difference Capital as part of an oversubscribed $11.5 million preferred shares financing. Proceeds will be used for general corporate purposes, potential strategic acquisitions and specific production development opportunities. Difference Capital first invested in Thunderbird Films in late 2012.
3 min read · 27 May 2014
Social TV audience company Seevibes Inc has obtained $1 million in seed-stage financing. The round was led by Swiss venture capital firm Polytech Ventures, with the participation of existing investors, including Canadian firm Real Ventures, which has backed Seevibes since 2011. As part of the deal, Polytech managing director Laurent Bischof will join the company's board of directors. Funding proceeds will allow the Montréal-based Seevibes to ramp up international development efforts, to secure additional media partnerships and to bolster its growing team. A graduate of startup accelerator FounderFuel, the company currently has offices in both North America and Europe.
2 min read · 27 May 2014
Canadian angel groups invested a total of $89 million in early-stage companies last year. That is according to a new report published by the National Angel Capital Organization in partnership with the Canadian government, KPMG Enterprise and BDC Venture Capital. The 29 groups that participated in the study, representing more than 2,100 individual investors, were engaged in 199 deals in 2013. Angel funds were focused on information technology sectors, which took around $29 million invested, as well as life sciences and clean technology. The report also found that startups sponsored by Canadian accelerators last year captured more than $31 million from angel investors, venture capitalists and government sources.
4 min read · 27 May 2014
Water treatment solutions provider Saltworks Technologies Inc has received an undisclosed funding round from U.S. energy business ConocoPhillips Co (NYSE: COP). ConocoPhillips joins the company's existing corporate investors Cenovus Energy Inc (TSX, NYSE: CVE) and Teck Resources Ltd (TSX: TCK.A, TCK.B, NYSE: TCK). The venture capital program of Cenovus invested in Saltworks in 2011. Founded in 2008, the Vancouver-based Saltworks designs, manufactures and assembles systems for desalination, brine management and chemical recovery applications.
2 min read · 27 May 2014
The Business Development Bank of Canada (BDC) and Canada's Venture Capital & Private Equity Association (CVCA) have announced Mirametrix Inc as the inaugural winner of the BDC Innovation Award. The award honours an early-stage Canadian company that has succeeded in bringing innovation into the marketplace in a novel and exciting way. Based in Montréal, Mirametrix is a provider of eye-tracking software and devices to aid in human and computer interaction. It is also a portfolio company of venture capital firm TandemLaunch, and was in 2013 supported by an investment from members of angel organization Anges Québec.
3 min read · 23 May 2014
BitLit, a Vancouver-based app that helps readers obtain an e-book for a print book they own, has closed a seed funding round. The undisclosed deal included Three Angels Capital, a venture capital fund formed this year by Michael Serbinis, founder and former CEO of e-reading company Kobo Inc. BDC Venture Capital, WUTIF Capital, led by Mike Volker, and angel investor Jim Fletcher joined the round. Founded in 2012, BitLit has partnered with 85 publishers and has more than 10,000 titles available for print and e-book bundling. Last October, Lars Leckie, managing director of Hummer Winblad Venture Partners, wrote a peHUB Canada exclusive about Mike Serbinis' legacy as a Canadian entrepreneur.
2 min read · 22 May 2014
