Cognixion, a neurotechnology artificial-intelligence startup based in Toronto and Santa Barbara, California, has secured about $1.2 million (US$1 million) in a seed-stage financing. The round was led by Tom Washing, founding partner of Sequel Venture Partners, and joined by nine angel investors. The funds raised will help Cognixion develop a commercially viable biosignal recognition system that is intended to help non-verbal people communicate using a brain computer interface and AI. Formerly known as Smartstones, Cognixion was founded in 2014 by CEO Andreas Forsland.
3 min read · 08 February 2018
Alberta Investment Management Corp (AIMCo) has agreed to acquire a 49 percent interest in two Pincher Creek, Alberta wind energy projects through a partnership with the U.S. affiliate of Italy's Enel SpA. AIMCo will acquire the stake in Castle Rock Ridge II Wind Farm, a 30.6 megawatt expansion of a facility owned by Enel, and Riverview Wind Farm, a 115 megawatt greenfield project adjacent to the former site. No financial terms were disclosed. Project construction and commercial operation are expected in 2019. Enel's U.S. affiliate will retain majority ownership of the wind projects and manage them with the deal's close.
4 min read · 08 February 2018
U.S. private equity firm New Heritage Capital has made an investment in Flying Colours Corp, a Peterborough, Ontario-based aviation refurbishment, completion, and maintenance, repair and overhaul (MRO) business. No financial terms were disclosed for the deal, which gave New Heritage a minority stake. It will support Flying Colours' growth and help the company realize high-value projects, such as expanding service lines, infrastructure development, and building additional hangars. Flying Colours, a family-owned business led by President and CEO John Gillespie, has facilities in North America and Singapore. It was established in 1989.
3 min read · 08 February 2018
Public Sector Pension Investment Board has appointed Neil Cunningham as its president and CEO. He replaces André Bourbonnais, who is leaving to lead a new initiative at BlackRock later this year. Bourbonnais took the helm at PSP Investments in 2015 after running Canada Pension Plan Investment Board‘s private investments group. Cunningham, who joined PSP Investments in 2004, was most recently senior vice president and global head of real estate and natural resources. Before then he held real estate investment positions at Merrill Lynch, Brazos Advisors Canada, National Bank of Canada and Coopers & Lybrand.
4 min read · 08 February 2018
Taxelco Inc, a Montréal transportation company founded in 2015 by XPND Capital, has raised an additional $17 million in financing. XPND invested alongside Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and Fondaction CSN. The funds raised will allow Taxelco brand Téo Taxi, an electric taxi service, to advance technology development, buy 200 vehicles, hire about 600 drivers as well as other personnel, set up an operations centre, and grow its recharging station network. Taxelco, which also owns Taxi Diamond, acquired in 2016, and Taxi Hochelaga, said it plans to export its business model beyond Montréal starting in 2019.
4 min read · 08 February 2018
The U.S. affiliate of BluEarth Renewables LP has acquired a majority interest in two operating wind facilities in Meeker County, Minnesota. The company bought an 80 percent stake in Adams Wind Generations LLC and Danielson Wind Farms LLC, the respective owners of the 19.8 megawatts Adams Wind Farm and the 19.8 megawatts Danielson Wind Farm. No financial terms were released. The remaining interest is held by local partners. BluEarth, a Calgary-based renewable power producer, said the deal marks its first wind investment in the United States. BluEarth is majority owned by Ontario Teachers’ Pension Plan.
3 min read · 08 February 2018
Tilray, a Canadian medical cannabis startup, has raised $60 million in a Series A financing. The company, owned and funded since its founding in 2014 by U.S. cannabis private equity firm Privateer Holdings, was backed in the Series A for the first time by unidentified institutional investors. Tilray researches, cultivates, processes and distributes medical cannabis and cannabinoids. Headquartered in Nanaimo, British Columbia and led by CEO Brendan Kennedy, the company will use the funds raised to increase production capacity in North America and Europe, and scale distribution of products to more patients and pharmacies around the globe.
4 min read · 08 February 2018
Public Sector Pension Investment Board (PSP Investments) has appointed Neil Cunningham as its president and CEO. He replaces André Bourbonnais, who is leaving to lead a new initiative at BlackRock later this year. Bourbonnais took the helm at PSP Investments in 2015 after running Canada Pension Plan Investment Board's private investments group. Cunningham, who joined PSP Investments in 2004, was most recently senior vice president and global head of real estate and natural resources. Before then he held real estate investment positions at Merrill Lynch, Brazos Advisors Canada, National Bank of Canada and Coopers & Lybrand.
4 min read · 08 February 2018
Claridge, the family office of Stephen Bronfman, has signaled an interest in making new investments in the food and beverage sector in Canada and the United States. Claridge, which has specialized in investing in mid-market food and beverage companies over the past two decades, said it offers a differentiated partnership model based on long hold periods and working closely with management teams to achieve growth. It plans to give particular focus to opportunities that emphasize nutrition, health and wellness. One of Claridge's investments, Les Plats du Chef Inc, a Canadian frozen food company, was sold last year to C.H. Guenther & Son Inc.
4 min read · 07 February 2018
White Star Capital has promoted Lylan Masterman to general partner. Masterman, who joined White Star as a principal in 2014, will lead the firm's office in New York City and drive investments in the area. He will also continue to build White Star's networks in Silicon Valley and Asia on behalf of portfolio companies. Masterman's technology executive and venture capital background includes his on-going role as a fellow at Kauffman Fellows. Operating from London, New York, Montréal, Paris and Tokyo, White Star is an investor in early-stage technology companies.
3 min read · 07 February 2018
