Toronto-based digital health company Analytics 4 Life has secured C$25 million in a Series B financing. The round was backed by a syndicate of undisclosed accredited investors, including physicians, healthcare professionals and medical device experts. Founded in 2012, Analytics 4 Life is using artificial intelligence to advance a novel, radiation-free and exercise-free cardiac imaging technology intended to improve existing care pathways.
4 min read · 29 September 2017
Valeant Pharmaceuticals International Inc (TSX, NYSE: VRX) has wrapped up the sale of its iNova Pharmaceuticals affiliate to Australasian private equity firm Pacific Equity Partners and U.S. private equity firm Carlyle Group. The deal, announced in June, reflected a purchase price of US$930 million in cash. Valeant acquired iNova in 2011 from Archer Capital and Ironbridge Capital for about US$623 million. The Laval, Québec-based specialty pharmaceutical company decided to sell the business to pay down debt.
2 min read · 29 September 2017
Canadian mobile venture capital firm Relay Ventures has expanded its team. The firm brought on Spiros Michalakis, a California Institute of Technology quantum physics professor, as professor-in-residence. It also recruited Jessica Tsoong, co-founder of WiFiSLAM, an indoor mapping startup once funded by Relay, as an entrepreneur-in-residence, and Kady Srinivasan, global head of digital marketing at Dropbox, as a venture partner. Finally, Relay promoted Jake Cassaday to associate partner. Cassaday, who joined the firm in 2015, will as a member of the investment team source and lead deals directly.
4 min read · 29 September 2017
Summit, New Jersey-based clinical-stage biopharmaceutical company Engage Therapeutics Inc has closed a US$23 million Series A financing. The round was led by TPG Biotech with participation from Adage Capital Management and Lumira Capital, a Canadian life sciences venture capital firm. As a result, Lumira Managing Director Gerry Brunk will join the company's board. Engage is developing a new rescue therapy for people who experience uncontrolled epileptic seizures. It will use the funds raised to back the Phase 2b clinical trial of its lead candidate, Staccato alprazolam, an acute epileptic treatment.
6 min read · 28 September 2017
Beaudier Inc, U.S. private equity firm Bain Capital and Caisse de dépôt et placement du Québec (CDPQ) have agreed to sell as much as 11.5 million subordinate voting shares of BRP Inc (TSX: DOO), a Valcourt, Québec-based maker of powersports vehicles and propulsion systems. The secondary deal, priced at $43.35 per share, will generate proceeds to the selling shareholders of up to $498.5 million. With the offering's close, all three investors will continue to hold stakes in the company. BRP was acquired by the family-owned Beaudier, Bain and CDPQ in 2003. The company went public in 2013.
4 min read · 28 September 2017
Montréal-based Stradigi has launched Stradigi Labs, an applied research centre focused on developing artificial intelligence (AI) solutions for medical and healthcare, sports, social platforms and other markets. The launch was backed by a "multi-million dollar" investment by the Dunn family, Panache Ventures, Mike Cegelski and Stradigi Ventures. Led by CSO Carolina Bessega, Stradigi Labs will incubate AI ideas for spin out as standalone companies or software licensed to other businesses. Its first spin-out was Propulse Analytics, a retail purchase prediction startup. Founded in 2005, Stradigi is a software development company.
5 min read · 28 September 2017
Kinova, a Canadian designer and manufacturer of robotic solutions, has secured $25 million in funding. The investment was led by Fonds Manufacturier Québécois, a fund sponsored by Caisse de dépôt et placement du Québec. It was joined by South Korea's KTB Network, Taiwan's Foxconn and BDC Capital's Growth and Transition Capital. Based in Boisbriand, Québec, Kinova develops robotics platforms to empower people with disabilities and support industrial safety and efficiency. It will use the funds raised to pursue R&D, including in the medical robotics field, sales and marketing, and production. Founded in 2006, Kinova is led by CEO Charles Deguire.
5 min read · 28 September 2017
Klue, a Vancouver, British Columbia-based provider of competitive intelligence for enterprise sales, has launched with the close of a C$4 million financing. OMERS Ventures led and was joined by BDC Capital, Vancouver Founder Fund, SK Ventures and angel investors, including Hootsuite‘s Ryan Holmes, Foundation Capital‘s Jonathan Ehrlich and Daniel Debow, previously an executive with Salesforce. Founded in 2015 by CEO Jason Smith and CTO Sarathy Naicker, Klue’s technology helps teams in B2B enterprises collect, curate and distribute external and internal content relevant to sales and competitiveness.
3 min read · 28 September 2017
Canadian innovation hub MaRS Discovery District has appointed Yung Wu as its new CEO. Wu, who will assume the position on November 1st, is chairman of NFQ Ventures, a Toronto early-stage investment firm and venture accelerator. He also has an extensive entrepreneurial background, having served in senior executive roles at several technology startups, including venture-backed Fuse Powered Inc, acquired by Upsight Inc last year. Wu replaces Ilse Treurnicht, who led Toronto's MaRS for 12 years. Treurnicht, a former venture capital professional, announced her departure in June 2016.
3 min read · 28 September 2017
Canadian specialty food products company Premium Brands Holdings Corp (TSX: PBH) has acquired a 100 percent interest in Skilcor Food Products Inc, a Brampton, Ontario-based manufacturer of cooked back ribs and other meat products. No financial terms were released. Skilcor was founded in 1999 by Chair Deborah Kinzinger. Premium Brands said the acquisition expands its presence in central Canada's protein production and distribution segments. Based in Vancouver, Premium Brands has been backed by Canadian private equity firm Pender West Capital Partners since 2005.
3 min read · 28 September 2017
