Canadian private equity firm Roynat Equity Partners has sold its interest in SkyTrac Systems Ltd, a Kelowna, British Columbia-based provider of business solutions to the non-scheduled commercial aviation industry. No financial terms were disclosed for the deal, which saw SkyTrac go to Drew Marine Global Holdings, a portfolio company of U.S. private equity firm Jordan Co. Established in 1986, SkyTrac serves more than 6,500 users with flight following, flight data and communications technology. It will continue as an independent brand affiliated with U.S.-based Drew Marine's emergency beacon unit. Roynat invested in SkyTrac's management buyout in 2013.
3 min read · 24 October 2017
Vancouver-based Finn.ai, a developer of an AI-powered virtual assistant for banking and personal finance, has secured C$3 million in its first institutional financing. The round was co-led by Yaletown Partners, Flying Fish Partners and John Livingston, former CEO of Absolute Software Corp. Founded in 2014 by CEO Jake Tyler, COO Natalie Cartwright and CTO Guru Atlu, Finn.ai provides a conversational platform to help banks engage with their customers.
3 min read · 24 October 2017
Kindred Systems Inc, a Vancouver-based developer of human-like intelligence in machines, has secured about $35.4 million (US$28 million) in a Series B financing, bringing its total funding to US$44 million. Tencent Holdings led and was joined by existing investors Eclipse Ventures and First Round Capital. Kindred is designing robots-as-a-service technology, such as its first commercial offering, Kindred Sort, which is targeted for use in retail distribution and e-commerce fulfillment centres. It will use the funds raised to continue R&D and product deployment. Founded in 2014, Kindred is led by CEO Geordie Rose, a co-founder of D-Wave Systems Inc.
3 min read · 24 October 2017
Nouveau Monde Graphite Inc, a natural graphite producer, has closed the second tranche of a private placement offering, raising gross proceeds of about $9.2 million. Québec private equity funds, including Ressource Québec, Sodémex Développement, Fonds de solidarité FTQ, Sidex and Capital croissance PME (CCPME), backed the tranche. Montréal-based Nouveau said the funds raised will be used to develop its Matawinie graphite project in Québec. Sodémex is sponsored by Caisse de dépôt et placement du Québec (CDPQ), while CCPME is jointly sponsored by CDPQ and Capital régional et coopératif Desjardins.
4 min read · 23 October 2017
Vancouver-based Finn.ai, developer of an AI-powered virtual assistant for banking and personal finance, has secured $3 million in its first institutional financing. The round was co-led by Canadian private equity firm Yaletown Partners, U.S. venture capital firm Flying Fish Partners, and John Livingston, former CEO of Absolute Software Corp. Angel investors also participated. Founded in 2014 by CEO Jake Tyler, COO Natalie Cartwright and CTO Guru Atlu, Finn.ai provides a conversational platform to help banks engage with their customers. It will use the funds raised to expand its team to meet customer needs and support growth in the United States and worldwide.
3 min read · 23 October 2017
The family office of Philippe de Gaspé Beaubien III has launched DGC Capital, a new Canadian private equity firm that will invest in entrepreneurial businesses in information and communication technologies, technology, lifestyle and advanced manufacturing sectors. DGC will be led by President and Managing Partner Françoise Lyon. Lyon joins the firm following a long career as a financial executive, most recently as a senior vice president at Pembroke Private Wealth Management, a boutique wealth advisory firm. Beaubien will assume the role of DGC's chairman, while Robert Courteau will serve as co-managing partner, investments.
3 min read · 23 October 2017
Xplornet Communications Inc has agreed to acquire the Internet access business of NetSet Communications, a Brandon, Manitoba telecommunications company. No financial terms were released for the deal, the largest in Xplornet's history. Xplornet, a rural broadband service provider, said the deal will accelerate its expansion across Western Canada, add to its customer base, and support the launch of a mobile wireless service in Manitoba. Based in Woodstock, New Brunswick, Xplornet is backed by Catalyst Investors, Sandler Capital Management, Werklund Capital Corp and other investors.
3 min read · 23 October 2017
BDC Capital has provided $2.2 million in senior debt and mezzanine financing to Fuller Industrial Corp, a Sudbury, Ontario-based maker and supplier of rubber-lined pipes, fittings and tanks for the mining, forestry and heavy industrial sectors. The funds raised will support Fuller's acquisition of ACR Group Inc, a manufacturer of wear and impact resistant products. The deal will help Fuller expand into Western Canada and penetrate the oil and gas industry. Fuller was established in 2004 by CEO Jeff Fuller. BDC Capital invested in the company through its Growth and Transition Capital group, which earlier in 2017 received $1.8 billion in fresh funding.
3 min read · 23 October 2017
Halifax anti-infective pharmaceuticals developer Appili Therapeutics Inc has raised about $3.1 million from a private placement offering. The financing, which brings total funds raised by Appili since its 2016 seed round to about $7.5 million, was backed by Canadian venture capital firm Innovacorp, as well as other new and existing investors. Appili said the offering's proceeds will help finance operations and growth. They will also advance the company's pipeline of anti-infectives and move its lead antibiotic, a taste-masked treatment for anaerobic infections, into the clinic. Founded in 2015, Appili is led by CEO Kevin Sullivan.
2 min read · 23 October 2017
Canadian venture capital firm iNovia Capital has hired Magaly Charbonneau as a principal. Charbonneau, an entrepreneur and investor with about 25 years of experience, joins iNovia from Intel Corp, where she led business development strategy for True Key Worldwide and operations for PasswordBox, a password security platform she invested in and served as COO. (PasswordBox was bought by Intel in 2014.) Between 2009 and 2016, she was also a member of Anges Québec's angel investment network. Charbonneau will work with iNovia's investment team and portfolio companies from the firm's headquarters in Montréal.
5 min read · 23 October 2017
