AmorChem has launched SemaThera Inc, a Montréal biotechnology company focused on the development of novel SEMA 3A TRAP inhibitors for the treatment of ocular diseases, such as diabetic macular edema. The startup was also provided with $1 million in seed funding. Maxime Ranger will be appointed the company's CEO, while Dr. Przemyslaw Sapieha, who researched the SEMA 3A technology, will be appointed CSO. SemaThera is one of three companies recently spun out by AmorChem, a fund managed by Canadian life sciences venture capital firm GeneChem. Another, Corbin Therapeutics Inc, was also unveiled this week.
5 min read · 12 January 2017
Canada’s top 10 private equity deals in 2016 reflected values of more than $10.8 billion, down 11 percent from the $12.2 billion invested in the top 10 deals in 2015. That number is based on PE Hub Canada’s list of the largest deals announced last year, supplemented by preliminary Thomson Reuters data. It suggests that PE dollar flows in Canada’s market declined in 2016, relative to a year ago, as they reportedly did on a global basis.
3 min read · 12 January 2017
Ontario Teachers' Pension Plan has partnered with RedBird Capital Partners in an investment in Compass Datacenters LLC, a U.S. wholesale data centre developer. Financial terms were not disclosed for the deal, which was done in collaboration with the company's management team, including Founder and CEO Chris Crosby. Jane Rowe, senior managing director, private capital, at Ontario Teachers' said the investment will allow Compass to significantly advance its growth plan and maintain its focus on innovative customer solutions. Established in 2011, Compass has its headquarters in Dallas, Texas.
5 min read · 12 January 2017
Canadian venture capital firm McRock Capital has reopened McRock iNFund LP, which raised $65 million in April 2015, to admit a new strategic investor. Caterpillar Ventures, the venture arm of Caterpillar Inc, committed undisclosed capital to the fund. Caterpillar's John Carpenter said the investment will help the U.S. industrial manufacturer keep abreast of new technologies and startups in the Internet of Things (IoT) space. Caterpillar joins two other strategic investors in the McRock fund, Cisco Systems and EDF, as well as other limited partners. McRock's recent deals include last November's $6 mln Series A financing of Decisive Farming Corp.
2 min read · 12 January 2017
Ottawa-based mobile medical device company Clearwater Clinical Ltd has secured $6 million in a Series A financing. The round was led by Canadian venture capital firm Whitecap Venture Partners. BDC Capital Healthcare Venture Fund, which led Clearwater's $2 million round in 2014, joined the Series A along with other investors. The company will use the funds raised to scale its audiology business unit and product, SHOEBOX Audiometry, a clinically-validated tablet-based audiometer. It will also expand its service offerings, increase its North American sales presence, and grow business initiatives into Europe. Founded in 2005, Clearwater is led by CEO Michael Weider.
4 min read · 12 January 2017
Canadian private equity firm Stern Partners has acquired OUTtv, a Vancouver-based gay, lesbian, bisexual and transgender (LGBTQ) television network. No financial terms were disclosed for the deal, which saw Stern and new CEO Brad Danks buy a majority stake in the company from 10-year owner and CEO James Shavick. Shavick will remain chairman of the board. Shamsh Kassam, CFO of Stern, said the investor will "help build OUTtv to the next level." Founded in 2001, OUTtv's programming features a mix of drama, comedy, talk and movies. It commissions and produces original programming.
2 min read · 11 January 2017
Montréal waste-to-biofuels and renewable chemicals producer Enerkem Inc has appointed Dominique Boies as executive vice-president and CFO. Boies formerly served as senior vice-president private equity, funds group and portfolio strategy, at Caisse de dépôt et placement du Québec. After working at Caisse for five years, he joined Canadian retail company Rona Inc in 2011 as executive vice-president and CFO. Founded in 2000, Enerkem is backed by several venture capital firms, including Canada's Cycle Capital Management, Fondaction CSN and Fonds de solidarité FTQ.
2 min read · 11 January 2017
AmorChem has launched Corbin Therapeutics Inc, a drug discovery platform to identify and develop novel USP15 inhibitors for treatment of inflammation diseases, such as multiple sclerosis. Corbin, AmorChem's third spin-off company, was also provided with $1 million in seed-stage financing. Maxime Ranger was appointed the Montréal-based startup's CEO, while Dr Philippe Gros, who researched the USP15 technology, was named its scientific advisor. AmorChem, which is managed by Canadian life sciences venture capital firm GeneChem, spun out and financed another company, Mperia Therapeutics Inc, last September.
4 min read · 11 January 2017
Toronto ranks among the top financial technology centres in the world, a new survey conducted by the Toronto Financial Services Alliance (TFSA) and Z/Yen has found. The survey, which examined current trends and innovations in various areas of financial services, put Toronto in the fourth spot internationally. Toronto's fintech strengths include the quality of its universities, the presence of "globally recognized" accelerators and incubators, such as Communitech, MaRS Discovery District, OneEleven and DMZ, and increased venture capital investment.
3 min read · 11 January 2017
Boston-based educational technology startup AdmitHub has raised US$2.95 million in seed-stage financing. Canadian mobile venture capital firm Relay Ventures and U.S. firm Reach Capital co-led the round, with participation from University Ventures and others. Launched in 2014, AdmitHub is the developer of a conversational artificial intelligence platform for guiding students to and through college. The startup will use the funds raised to expand and scale its platform by growing its engineering and sales teams. Last November, Relay closed its third mobile fund, Relay Ventures III, at $200 million.
3 min read · 11 January 2017
