NEXT Canada, a Toronto non-profit organization focused on supporting Canadian entrepreneurs, has unveiled NextAI. The program is intended to provide financing, advice and sector-specific tools to developers of artificial intelligence (AI) and machine learning solutions, and help position Canada as a leader in the global AI market. Beginning early next year, entrepreneurial teams will have access to up to $200,000 in seed financing to develop their technology. NextAI applications are open until January 5, 2017. The program's partners include EY, MasterCard, TD and Osler, Hoskin & Harcourt.
3 min read · 27 October 2016
Boston-based TVision Insights has secured US$6.8 million in funding. The round was led by U.S. venture capital firm Accomplice and joined by several other investors They include Golden Venture Partners, a Canadian venture capital firm that also participated in the company's seed financing last December. TVision's platform combines performance-based metrics with advanced measurement technology to provide actionable insights into television audience behavior. It plans to use the funds raised to expand its operations and grow its team.
3 min read · 26 October 2016
U.S. private equity firm ATL Partners and British Columbia Investment Management Corp (bcIMC) have acquired a controlling interest in Pilot Freight Services LLC, a Lima, Pennsylvania transportation and logistics provider. No financial terms were disclosed. The Phillips family, the company's current owners, will maintain an equity stake, and Richard Phillips will remain as CEO. Pilot, which has 75 locations in North America and Europe, said the partnership with ATL and bcIMC will support its growth plans. Based in Victoria, bcIMC oversees $121.9 billion of net assets.
4 min read · 26 October 2016
Element AI, an artificial intelligence (AI) startup factory, was launched today in Montréal. Founded by Jean-François Gagné, Yoshua Bengio, Nicolas Chapados and Jean-Sébastien Cournoyer, a partner at Canadian venture capital firm Real Ventures, Element AI will create and incubate advanced AI solutions in partnership with large corporations and research institutions. Cournoyer said Real Ventures believes strongly "in the promise of Element AI," which has the potential "to level the playing field in AI" and support partners "with the ability to succeed in their respective markets."
3 min read · 26 October 2016
Toronto-based financial technology startup nanoPay Corp has raised $10 million in a Series A financing. The round's investors included the merchant banking division of Goldman Sachs, APAGM Services LLC, Jarnac Capital Management and Rohatton. Founded in 2012 by CEO Laurence Cooke, nanoPay is a secure, real-time payments provider. Earlier this year, the company acquired MintChip, a digital currency platform, from the Royal Canadian Mint. It said the funds raised will support nanoPay's development of new business partnerships and additional service offerings, and help expand the utility and acceptance of MintChip.
2 min read · 26 October 2016
The Fonds de solidarité FTQ has acquired a 31 percent interest in Jamp Pharma Corp, a Boucherville, Québec-based generic pharmaceutical company. The investment's value was not disclosed. Jamp Pharma specializes in developing, distributing and marketing generic drugs and over-the-counter products. It said the partnership with the Fonds will support new product development and increased growth across Canada and in select international markets. Founded in 1988 as a family-owned company, Jamp Pharma was acquired in 2006 by Louis Pilon, its current president and CEO.
3 min read · 25 October 2016
Fintech Innovators, a collaboration between H2 Ventures and KPMG Fintech, has released its third annual global Fintech 100 list. It includes 50 established fintech companies, of which Canada's League and SecureKey Technologies placed 36th and 42nd, respectively. League and SecureKey both raised substantial funding rounds earlier this year. The 2016 list also features "emerging stars" in the fintech sector. Among them are other venture-backed Canadian startups, including Wealthsimple and Overbond. Companies on the list have secured a combined US$14.6 billion since a year ago.
3 min read · 25 October 2016
Canadian snowboard outerwear company FA Design has received an investment from Prime Group Holdings, a U.S. private investment firm. No financial terms were released. Founded in 2009 by Frederick Ansara, Calgary-based FA Design is currently focused on outwear for men, but plans to introduce a women’s line and expand its lifestyle apparel and snowsport offerings. The partnership with Prime Group Holdings will support the brand's launch in the United States, anchored by FA Design's opening of an office in Saratoga Springs, New York.
3 min read · 25 October 2016
Canadian private equity firm TorQuest Partners has invested in McKeil Marine Ltd, a Hamilton, Ontario-based provider of marine transportation and project services across the Great Lakes, St. Lawrence Seaway, East Coast and the Canadian Arctic. No financial terms were disclosed. McKeil, which is celebrating its 60th anniversary, said the deal will support its continued growth. It also announced that long-serving executive Steve Fletcher has been appointed president and CEO. McKeil is the eighth investment of TorQuest Partners Fund III. It follows last month's acquisition by TorQuest of natural stone producer Polycor Inc. In June, the firm closed its fourth fund at $925 million.
3 min read · 25 October 2016
Canada Pension Plan Investment Board (CPPIB) has made a US$375 million investment in Raffles City China Investment Partners III (RCCIP III), an integrated development private investment vehicle in China. With the deal, CPPIB has taken a 25 percent stake in RCCIP III, which is managed by CapitaLand, a Singapore real estate business that operates in Asian markets. The CPPIB-backed vehicle will invest in commercial property developments in cities across China.
3 min read · 25 October 2016
