BenchSci, a Toronto-based artificial intelligence-powered search engine for biological products, has raised about $8 million in Series A financing. The round was led by Canadian venture capital firm iNovia Capital. It was joined by Google’s AI fund, Gradient Ventures, Golden Venture Partners, Afore Capital, Real Ventures and Radical Ventures. BenchSci’s platform helps biomedical researchers find reliable antibodies faster and less expensively than current methods. Founded in 2015 and led by CEO Liran Belenzon, the company will use the funds raised to expand its team, implement new sales and marketing programs, and scale its technology.
4 min read · 02 May 2018
Quovo, a U.S. data platform that provides connectivity to consumer financial accounts, has expanded into the Canadian market. The initiative was backed by an undisclosed investment from Portag3 Ventures, an early-stage financial technology fund launched in 2016 by Canada’s Power Financial Corp. The deal brings Quovo's total financing so far to US$20 million. Founded in 2010, New York's Quovo provides businesses with connectivity and insights for millions of consumer financial accounts across more than 14,000 institutions. The company said Portag3’s investment will support building a regional team and meeting Canadian consumer demand.
3 min read · 02 May 2018
Cvent Inc has agreed to acquire QuickMobile Inc, a Vancouver-based developer of mobile event apps. No financial terms were released for the deal, which is expected to close this month. Cvent, a U.S. cloud-based enterprise event management company, said the buy will broaden and deepen its mobile app and onsite solution capabilities and expand its reach. Founded in 2006, QuickMobile has been backed by BDC Capital, TIMIA Capital Corp, VA Angels and Vancity Capital Corp. Tysons Corner, Virginia-based Cvent was taken private in 2016 by U.S. private equity firm Vista Equity Partners for US$1.65 billion.
3 min read · 02 May 2018
BenchSci, a Toronto-based artificial intelligence-powered search engine for biological products, has raised about $10.3 million (US$8 million) in a Series A financing. The round was led by Canadian venture capital firm iNovia Capital. It was joined by Google’s AI fund, Gradient Ventures, Golden Venture Partners, Afore Capital, Real Ventures and Radical Ventures. BenchSci's platform helps biomedical researchers find reliable antibodies faster and less expensively than current methods. Founded in 2015 and led by CEO Liran Belenzon, the company will use the funds raised to expand its team, implement new sales and marketing programs, and scale its technology.
5 min read · 02 May 2018
Ottawa-based financial technology startup MindBridge Analytics Inc has raised $8.4 million in a Series A financing, bringing its total funding to $15 million. Real Ventures, which invested in MindBridge Ai's seed financing last June, led the Series A round. It was joined by Reciprocal Ventures, National Bank of Canada, The Group Investment and 8VC. MindBridge Ai's platform uses machine learning and artificial intelligence to detect anomalous patterns of activities, unintentional errors and intentional misstatements to help organizations minimize financial loss and reduce liability. Founded in 2015, the company is led by CEO Eli Fathi.
3 min read · 01 May 2018
Ontario Capital Growth Corp (OCGC), the venture capital agency of the Ontario government, has invested in two venture capital firms as part of its mandate to support the growth of clean technology companies in the province. OCGC committed $20 million to Yaletown Innovation Growth Fund, the emerging-growth technology fund of Canadian firm Yaletown Partners. It also committed $35 million to the Canadian energy technology fund of European firm Emerald Technology Ventures. In December, PE Hub Canada reported on the initial close of the Yaletown fund at more than $100 million.
3 min read · 01 May 2018
Profound Medical Corp (TSX-V: PRN), a Toronto-based medical device company focused on treatments for prostate cancer and other diseases, has appointed Aaron Davidson as CFO and senior vice-president of corporate development. Davidson joins Profound from HIG BioHealth Partners, the healthcare investment affiliate of U.S. private equity firm HIG Capital. He continues to serve as an HIG venture partner, the company said. Davidson formerly served as a vice-president at Ventures West Management. Profound, a portfolio investment of Genesys Capital and BDC Capital, closed a $34.5 million financing in March.
4 min read · 01 May 2018
Canadian specialty finance firm Crown Capital Partners has provided a $12 million term loan to DATA Communications Management Corp (TSX: DCM), a Brampton, Ontario-based business communication solutions provider. The loan's proceeds will be used in part to support DCM's acquisition of Perennial Group of Companies, which includes Perennial Inc, a Toronto-based provider of design strategies for major retail brands, and The Finished Line Studios Inc, a Bolton, Ontario-based art studio. In a separate release, DCM said the deal, expected to close this month, reflects a purchase price of about $12 million.
3 min read · 01 May 2018
Canadian restaurant franchising company FDF Restaurant Brandz has acquired Famoso Neapolitan Pizzeria, a pizza chain with 30 locations in Alberta, British Columbia, Ontario and Saskatchewan. No financial terms were released. FDF Brandz, owner of Ricky's Group of Family Style Restaurants, said the deal increases its franchise restaurant locations to 175. It added that it plans to double the number of Famoso locations in Canada and to grow the brand globally over the next five years. Famoso, established in 2007, has been backed since 2012 by Serruya Private Equity, which invests on behalf of Canada’s Serruya family.
3 min read · 01 May 2018
Skritswap, a Sault Ste. Marie, Ontario-based app for improving information clarity, has secured an investment from Boost VC, a U.S. venture capital firm. No financial terms for the "six-figure" deal, Skritswap's first involving an institutional source, were disclosed. Skritswap, which was founded in 2015 by CEO Melissa Kargiannakis, uses artificial intelligence to replace complex jargon in documents, such as a mortgage, will or tax code, with simple, everyday language. The company is also backed by angel investors, including Joseph Fung, CEO of Kiite and former CEO of TribeHR.
3 min read · 01 May 2018
