Primal, a Waterloo artificial intelligence company focused on consumer and enterprise applications that augment human intelligence, has secured a $2.3 million loan from the Business Development Bank of Canada (BDC). Founded in 2004, Primal's augmented intelligence platform, which is backed by 148 patents, makes use of semantic synthesis and knowledge representation to understand text similar to how the human brain processes and represents information. The company will use the loan's proceeds to commercialize new applications, pursue partnerships, sign licensing deals, and invest in sales and marketing.
3 min read · 17 May 2018
Motorleaf, a Montréal-based artificial intelligence platform for indoor growers, has raised about $3.65 million (US$2.85 million) in seed-stage financing. U.S. agriculture and food technology investor Radicle Growth led the round. It was joined by Desjardins Capital, Real Ventures, Fluxunit, BDC Capital and 500 Startups Canada. Founded three years ago by CEO Alastair Monk and CTO Ramen Dutta, Motorleaf's platform lends monitoring and predictive capabilities to operators of greenhouses, indoor farms and growth chambers, helping them improve crop yields and profits. The company will use the funds raised to further develop its agronomic solutions.
3 min read · 17 May 2018
Toronto-based influencer marketing platform #paid has secured about $11.5 million (US$9 million) in a Series A financing. Canadian venture capital firm ScaleUP Ventures led the round and was joined by several existing investors, including Aitken Investments and Freycinet Investments. Founded in 2014 by CEO Bryan Gold and CSO Adam Rivietz, #paid provides an artificial intelligence-based platform to bring together marketers and content creators for integrated influencer marketing programs, content creation and native amplification. The company plans to use the funds raised to accelerate growth and enhance its technology.
4 min read · 15 May 2018
U.S. mining private equity firm Resource Capital Funds (RCF) has agreed to acquire 100 million shares of Canadian Zinc Corp (TSX: CZN), a Vancouver-based mining company, generating proceeds of $20 million. RCF will also be issued 50 million warrants, generating an additional $12.5 million. Canadian Zinc said the proceeds will be used to repay a bridge loan and develop its Prairie Creek zinc-lead-silver project in the Northwest Territories, among other priorities. RCF's interest in Canadian Zinc will grow to as much as 48.5 percent as a result of the deal. The company also announced the appointment of Don MacDonald as president and eventually CEO.
6 min read · 15 May 2018
Innergex Renewable Energy Inc (TSX: INE) has acquired Ledcor Power Group Ltd’s 33.3 percent interest in Creek Power Inc, which holds three hydro facilities located in British Columbia. No financial terms were disclosed. The facilities are Fitzsimmons Creek, Boulder Creek and Upper Lillooet River. Innergex already owned 67.7 percent of Creek Power as well as all the preferred equity for an amount of $98.4 million. Based in Longueuil, Québec, Innergex is a developer, acquirer and operator of hydroelectric facilities, wind farms, solar farms, and geothermal power plants. It is backed by Caisse de dépôt et placement du Québec.
2 min read · 15 May 2018
U.S. cannabis private equity firm Gotham Green Partners (GGP) has invested US$50 million in iAnthus Capital Holdings Inc, a Canadian listed owner and operator of U.S. licensed cannabis cultivation, processing and dispensary facilities. The company, which is based in New York, said it will use the deal's proceeds to recapitalize its balance sheet with long-term debt, fund its key operations, especially in New York and Florida, and pursue strategic acquisitions. Founded in 2014, iAnthus is led by CEO Hadley Ford.
5 min read · 14 May 2018
HumanaCare has acquired TranQool, a Toronto-based online platform for connecting users with licensed therapists. No financial terms were disclosed for the deal, which closed on May 8. HumanaCare, a Toronto-based employee and member health services provider, said the deal will help expand access to its programs. TranQool was founded in 2015 by Chakameh Shafii, Babak Shahabi and Saeed Zeinali. In 2016, the company raised seed funding from Imagination Catalyst Fund, a university incubator-affiliated fund supported by Relay Ventures.
2 min read · 14 May 2018
Eddyfi Technologies has acquired M2M, a Paris-based developer and maker of phased array ultrasonic testing (PAUT) equipment for non-destructive testing (NDT). No financial terms were disclosed. Eddyfi, a Québec City-based company that specializes in advanced NDT inspection technologies, said the deal will facilitate its entry into the PAUT market as well as its expansion in China, where M2M has operations. Last year, Caisse de dépôt et placement du Québec invested $36.5 million in Eddyfi to support the company’s growth through overseas acquisitions.
3 min read · 14 May 2018
Toronto-based beauty company Marc Anthony Cosmetics Inc has hired advisors to run an initial public offering in Canada, according to a report by Bloomberg. Sources told Bloomberg the company is looking to raise as much as $250 million (US$196 million) in an IPO that could be filed as early as this week. Founded in 1995 by hair stylist Marc Anthony Venere, Marc Anthony develops, markets and distributes hair care and body care products in more than 25 countries. It was acquired in 2016 by U.S. private equity firm TA Associates. Bloomberg said the purchase price was about $230 million.
1 min read · 14 May 2018
Eli Lilly and Co (NYSE: LLY) has agreed to acquire AurKa Pharma Inc, a Montréal-based developer of a cancer treatment for solid tumours originally discovered by Lilly. Lilly will acquire all shares of AurKa for an upfront payment of about $141 million (US$110 million). The company's shareholders could also receive up to about $594 million (US$465 million) in regulatory and sales milestones should AurKa's compound, AK-01, be approved in the United States and other markets. AurKa was founded and financed in 2016 by TVM Capital Life Science. Lilly, a U.S. pharmaceutical business, said the acquisition will expand its oncology pipeline.
4 min read · 14 May 2018
