Ambyint Inc, a Calgary-based energy-focused artificial intelligence (AI) startup, has raised about $14 million (US$11.5 million) in a Series A financing. U.S. venture capital firm Mercury Fund led the round and was joined by GE Ventures, Statoil Technology Invest and Cottonwood Venture Partners. Launched in 2015, Ambyint has developed an AI-driven, artificial-lift optimization solution that helps oil and gas companies reduce costs and improve production. It will use the funds raised to expand deployments of the technology in Canada and the United States and pursue further innovation. Ambyint was founded by COO Nav Dhunay and is led by CEO Alex Robart.
5 min read · 25 September 2017
Fusion Pharmaceuticals Inc has secured about $26 million (US$21 million) in the second close of its Series A financing. The additional funding, which brings the round to nearly $57 million (US$46 million) in total, was supplied by Adams Street Partners, Seroba Life Sciences and Varian Medical Systems Inc, among others. They join the backers of the round's first close, announced in February. Hamilton, Ontario's Fusion, a spin-out of the Centre for Probe Development and Commercialization, is developing targeted radiotherapeutics for treating cancer. It will use the additional funds raised to develop its lead program, expand its pipeline, and form new strategic partnerships.
3 min read · 25 September 2017
Vancouver financial services platform Koho has raised $8 million in additional financing from Portag3 Ventures, a fund launched last year by Canada's Power Financial Corp. With the round, Paul Desmarais III, senior vice president of Power Financial, Adam Felesky, president of Portag3, and Michael Katchen, co-founder and CEO of Wealthsimple, joined the board. Launched this year by CEO Daniel Eberhard, Koho provides Canadians with a no-fee, mobile alternative for managing daily spending and saving, and gaining insights into personal finances. It will use the funds raised to scale the platform and expand its engineering and operations team at a new Toronto headquarters.
3 min read · 25 September 2017
2 min read · 25 September 2017
Alberta Investment Management Corp (AIMCo) has agreed to provide a $215 million second lien senior secured term loan facility to Western Energy Services Corp, a Calgary-based provider of contract drilling, well servicing and rental operations in North America. AIMCo also entered into a private placement deal that will generate gross proceeds of about $11.4 million. With the close of the deal and a concurrent bought deal financing, the pension fund will own up to 16 percent of the company's outstanding shares. AIMCo CEO Kevin Uebelein said the investment will support Western as it navigates current energy industry challenges and prepares for future growth.
3 min read · 22 September 2017
Canadian alternative equity firm Alaris Royalty Corp has committed an additional US$6 million to Sandbox Group LLC, a Chicago marketing and advertising services specialist. Alaris first funded the company last year. The firm also committed an additional US$2 million to C&C Communications LLC, a Federal Way, Washington Sprint preferred retailer, also backed in 2016. Alaris said the proceeds of the deals will help the companies make acquisitions. Alaris has so far this year deployed about $150 million in capital, including to Sales Benchmark Index LLC, the firm's largest investment on record.
2 min read · 21 September 2017
Mobify, a Vancouver-based customer engagement platform, has raised funding from Vistara Capital Partners, Impulse International, an affiliate of Kuwait Investment Authority (KIA), Comerica Bank and other investors. The round adds to other recent investments made by Acton Capital, BDC Capital and Plaza Ventures, and brings the total raised to $15 million. Launched in 2007, Mobify provides progressive web apps for retailers and brands looking to close the gap between desktop and mobile conversion rates, keep up with customer expectations, and win loyal customer relationships. It is led by CEO Igor Faletski.
4 min read · 21 September 2017
Marshall Excelsior Co (MEC) has bought BASE Engineering Inc, a Canadian designer and maker of radio remote control technology for the liquefied petroleum gas (LPG) and refined fuels industries. No financial terms were disclosed. Founded in 1996 by President and CEO Steve Belyea, BASE has its headquarters in Saint John, New Brunswick. Marshall, Michigan-based MEC said the acquisition will complement its flow-control products, which are used to transport, store and consume LPG and NH3. MEC is backed by U.S. private equity firm Harbour Group, which acquired it earlier this year.
3 min read · 21 September 2017
Content experience platform ScribbleLive has acquired ion interactive, a Boca Raton, Florida-based provider of interactive content marketing software. No financial terms were released. ScribbleLive said the acquisition is its largest to date, bringing on more than 250 enterprise customers, and will add new interactive capabilities to its platform. Based in Toronto, ScribbleLive help brands, sports and media organizations manage the full lifecycle of their content. It has raised more than $60 million from investors, including Emerillon Capital, Georgian Partners, OpenText Enterprise Apps Fund, Rogers Ventures and Summerhill Venture Partners.
3 min read · 21 September 2017
Manifold, a developer services platform, has emerged from stealth and raised about $18.4 million (US$15 million) in a Series A financing. The round was led by OMERS Ventures and joined by Boldstart Ventures, Version One Ventures, Amplify Partners and Leaders Fund. Based in Halifax and San Francisco, Manifold has created technology that supports developers by reducing the complexity of building and deploying applications with micro-services and third-party infrastructure services. Founded last year and led by CEO Jevon MacDonald, the company will use the funds raised to build its team, which already includes top developers, and expand its roster of services.
4 min read · 21 September 2017
