D-Wave Systems Inc, a Vancouver quantum computing systems and software company, has secured a convertible notes facility of up to US$50 million from Public Sector Pension Investment Board (PSP Investments). PSP funded US$30 at closing, with an additional US$20 million available upon the company's achievement of milestones. The facility will help D-Wave deploy its quantum computing system with more densely-connected qubits, as well as products for machine learning applications. D-Wave has raised about US$200 million, including the facility. Its other backers include BDC Capital, Bezos Expeditions, Fidelity Investments, Goldman Sachs and In-Q-Tel.
3 min read · 16 May 2017
2 min read · 16 May 2017
Invenia, a Canadian machine learning platform, has raised about $5 million in Series A financing. Zetta Venture Partners led the round. Based in Winnipeg, Invenia has developed an autonomous machine learning system that uses data and algorithms to improve electrical grid efficiency and reduce CO2 emissions.
2 min read · 16 May 2017
An affiliate of Bermuda private equity firm Oakley Capital Investments has agreed to acquire a majority stake in TechInsights, an Ottawa-based provider of intellectual property consulting, patent brokerage, and technical reverse engineering. Oakley said it expects to invest $49.9 million in the business. The seller is AXIO Group Management Ltd, a portfolio company of Electra Private Equity, a U.K. private equity firm. Oakley will partner in the deal with AXIO CEO Henry Elkington, who will become TechInsights’ chairman with the acquisition’s close.
3 min read · 16 May 2017
Toronto-based Nymi, creator of the Nymi Band authentication device, has raised about $20.5 million (US$15 million) in a Series B financing. The round was led by Dubai's GII Tech Ventures, a new investor, and joined by Canadian venture capital firm Relay Ventures and U.S. firm Ignition Partners, which led the company's US$14 million Series A round in 2014. Founded in 2011 by CEO Karl Martin and Foteini Agrafioti, Nymi developed the Nymi Band as a wearable device that utilizes cardiac rhythms to enable continuous presence-based authentication. The company plans to use the funds raised to commercialize the technology for enterprises.
3 min read · 16 May 2017
Formation Biologics Inc, a biopharmaceutical company based in Austin, Texas and Montréal, has raised an undisclosed Series B financing. The round was led by European investor HBM Healthcare Investments. Founded in 2011 as a spin out of YM BioSciences Inc, Formation is developing biotherapeutics for life-threatening cancers and orphan diseases. Led by President and CEO Ilia Tikhomirov, the company will use the funds raised to support development of its two lead programs, AVID100 and AVID200, through clinical validation. Formation is also backed by Canadian venture capital firm Lumira Capital and seed investor MaRS Innovation.
2 min read · 15 May 2017
The Fastway Group, a subsidiary of Mill Street & Co, has acquired Sauve Lumber and Building Supplies Ltd, a Timmins, Ontario provider of lumber, construction, home and garden materials, tools and accessories. No financial terms were disclosed. Fastway, which operates in the same industry, said the deal adds to its geographic reach and product knowledge. Mill Street, a Canadian private investment firm, invested in Fastway last year. The company was created through acquisitions of Toronto's Speed Fastening Systems Inc and Port Perry, Ontario's Uxport Tools Inc.
2 min read · 15 May 2017
Canada Pension Plan Investment Board (CPPIB) has partnered with IndoSpace to create IndoSpace Core, a joint venture that will acquire and develop logistics facilities in India. CPPIB has initially committed about US$500 million to the joint venture and will own a majority stake. IndoSpace Capital Asia will manage the new entity. As part of the deal, IndoSpace Core will acquire 13 industrial and logistics parks from IndoSpace's portfolio, and will have the option to acquire more parks worth about US$700 million. IndoSpace, a Mumbai industrial and logistics real estate developer, is owned by the Everstone Group and Realterm.
3 min read · 15 May 2017
Canadian private equity firm Beringer Capital has acquired a majority stake in iCiDIGITAL, a digital consulting business headquartered in Raleigh, North Carolina. No financial terms were released for the deal, which will see the company's top management retain an interest. Founded in 2014, iCiDIGITAL reports achieving expansion of 30 percent per year. Beringer, a specialty investor in media and marketing industries, said it will support the company's continued growth by investing in its team, services and solutions. The iCiDIGITAL deal comes on the heels of Beringer's investment in U.S. digital commerce agency Blue Acorn Inc last month.
3 min read · 15 May 2017
An affiliate of Bermuda private equity firm Oakley Capital Investments has agreed to acquire a majority stake in TechInsights, an Ottawa-based provider of intellectual property consulting, patent brokerage, and technical reverse engineering. Oakley said it expects to invest US$49.9 million in the business. The seller is AXIO Group Management Ltd, a portfolio company of Electra Private Equity, a U.K. private equity firm. Oakley will partner in the deal with AXIO CEO Henry Elkington, who will become TechInsights' chairman with the acquisition's close. Oakley said it will support the growth of TechInsights' subscription and syndicated data product offering.
3 min read · 15 May 2017
