Toronto-based artificial intelligence (AI) chip startup Untether AI has emerged from stealth, raising $13 million in a Series A financing. The round was led by Intel Capital, the venture capital arm of U.S. chip maker Intel Corp. It was joined by other investors, none of which were identified. Founded in 2018 by CEO Martin Snelgrove, CTO Darrick Wiebe and Raymond Chik, Untether AI has developed new chip architecture for neural net inference that eliminates data movement bottlenecks that cost energy and performance. Untether said its Kensington architecture, which moves data 1,000 times faster than traditional architectures, will "enable new frontiers in AI applications."
4 min read · 01 April 2019
Agorize, a Paris-based online platform for hackathons and open innovation challenges, has raised $20 million from European investors Creadev, Sofiouest, Iris Capital and Capnamic Ventures. The funds raised will allow the company to accelerate its development in Canada, invest in local teams, and meet demand from client organizations. Agorize currently has locations in Montréal and Toronto led by Aurélie Wen, managing director, North America. Canada is the world's fifth most active adopter of innovation marathons, Agorize reports, holding 247 hackathons last year out of 5,636 organized globally.
5 min read · 01 April 2019
Canada’s initial public offering (IPO) market had a "stable start" in Q1 2019, potentially opening a window for new issues later this year, according to a report by PwC Canada. In all, eight new issues on exchanges raised $327 million in the first quarter, up from $157 million raised by nine new issues at the same time in 2018. Activity between January and March was led by the public debut of venture capital-backed Lightspeed POS (TSX: LSPD), a Montréal-based retail and restaurant point-of-sale and e-commerce solution. Dean Braunsteiner, PwC national IPO leader, said Lightspeed's IPO is the first of several technology companies that have "long been expected to enter public markets."
3 min read · 01 April 2019
Calligo has acquired Connected Technologies Inc, a Brampton, Ontario-based outsourced information technology and cloud services company. No financial terms were disclosed. The acquisition follows Calligo's 2017-2018 purchases of Toronto-based 3 Peaks and Mico Systems. Calligo, a Jersey, U.K.-based optimization and privacy specialist, said the combined acquisitions have made it one of the largest providers of cloud and managed services serving the Toronto region. Founded in 2011, Calligo raised US$20 million in 2016 from Bahrain investor Investcorp. It has also secured financing from U.K. venture capital firm Ti23.
4 min read · 01 April 2019
Stephen Smith and U.S. private equity firm Centerbridge Partners have acquired Walmart Canada Bank from discount retailer Walmart Canada Corp. No financial terms were disclosed. Concurrent with the deal's closing, the bank, which will be renamed Duo Bank, agreed to continue to provide new and existing financial services products through Walmart Canada. CEO Trudy Fahie said the bank will work with Smith and Centrebridge to execute on its long-term growth strategy. Smith is chairman and CEO of Canada's First National Financial Corp. He is also one of the backers of Peloton Capital Management, a Canadian private equity firm launched last year.
4 min read · 01 April 2019
Metalla Royalty & Streaming Ltd (TSX-V: MTA), a Vancouver-based precious metals royalty and streaming company, has secured a convertible loan facility of $12 million from Beedie Capital. Established in 2016, Metalla is engaged in the acquisition and management of royalties, streams and similar production-based interests with a focus on gold, silver and other precious metals. It will use the facility's proceeds to fund purchases of new royalties and streams. Beedie Capital is the family office arm of Beedie Group, a Canadian industrial owner, developer and property manager led by President Ryan Beedie.
3 min read · 01 April 2019
Sagard Healthcare Royalty Partners (SHRP) has acquired a portion of a royalty interest in novel cancer drug Rubraca for US$31 million in cash. The seller is the U.K.-based University of Newcastle upon Tyne, which developed Rubraca in partnership with Cancer Research UK’s Cancer Research Technology Ltd and Pfizer Inc. Rubraca treats adults with ovarian cancer, fallopian tube or primary peritoneal cancer whose cancer has come back and are in response to a platinum-based chemotherapy, as well as other conditions. The investment is the first made by SHRP, launched this year by Sagard Holdings, an affiliate of Canada’s Power Corp.
6 min read · 01 April 2019
AudioConexus, a Kingston, Ontario-based tourism technology company, has raised undisclosed mezzanine financing from BDC Capital. BDC invested through its Growth and Transition Capital group. Founded in 2006, AudioConexus produces software, hardware and multilingual content for automated GPS tours and audio guides. More than 30 million people each year listen to the company's audio tours. Led by President and CEO Jonathan Stanley, AudioConexus will use the proceeds for working capital, building inventory for its new multimedia tour system Navilution, expanding in Europe, and adding to the management team.
2 min read · 01 April 2019
Alignvest Student Housing (ASH) has agreed to acquire four off-campus purpose-built student accommodation (PBSA) properties in Ontario. No financial terms were disclosed. The purchases include two Waterloo PBSA assets near Wilfrid Laurier University and the University of Waterloo. ASH will also buy assets close to McMaster University in Hamilton and the University of Ontario Institute of Technology in Oshawa. ASH, an affiliate of Alignvest Management Corp, said the deals will grow its asset base to nearly $400 million. Earlier this month, PE Hub Canada wrote about ASH's strategy to consolidate Canada's PBSA sector.
5 min read · 29 March 2019
Canada Pension Plan Investment Board has agreed to invest about $750 million in Aqua America Inc, a Bryn Mawr, Pennsylvania-based water and wastewater utility. As a result, CPPIB will acquire about 21.7 million newly issued shares of the company’s common stock. The proceeds will support Aqua’s acquisition of Peoples Natural Gas Co LLC, a Pittsburgh, Pennsylvania-based provider of natural gas services, from SteelRiver Infrastructure Partners. The deal, announced in October, is valued at $4.3 billion, including debt.
3 min read · 29 March 2019
