Private Equity
Kitchener, Ontario-based wearable technology company North has raised about $54 million (US$40 million) in convertible debt financing, according to a report by the Globe and Mail. The money came from the company's existing investors Amazon Alexa Fund, Intel Capital and Fidelity Investments Canada, the report said. Formerly called Thalmic Labs, North in 2018 launched a line of augmented reality eyewear called Focals. The funds raised will support operations prior to a more significant round, potentially earmarked for a new version of the glasses, the report said. Founded in 2012, North's other investors include First Round Capital, Inovia Capital and Spark Capital.
1 min read · 22 May 2019
PEI Media Group has acquired Buyouts Insider and its portfolio of subscription-led information platforms and event assets from Simplify Compliance LLC. Terms weren't disclosed. The acquired brands include Buyouts, Venture Capital Journal, PE Hub, PE Hub Canada, PartnerConnect events, Regulatory Compliance Watch and the Credit Union Leadership Convention. Based in London, PEI Media is an information and events provider to global private capital markets. PEI Media was acquired in 2018 by European private equity firm Bridgepoint Development Capital. Simplify Compliance is backed by Leeds Equity.
3 min read · 08 April 2019
CIBC Innovation Banking has hired Elie Bou Daher and Corey Perlmutter as directors. Bou Daher joins CIBC's technology lending group from a Québec financial institution, where he was a technology and life sciences lender and underwriter. He will serve in the group's Montréal office. Perlmutter joins from Hercules Capital, where most recently he was an associate focused on healthcare and technology investing. He will serve in the office in Menlo Park. Last year, PE Hub Canada interviewed Mark McQueen, president and executive managing director of CIBC Innovation Banking, about the group's North American scaling strategy.
2 min read · 15 February 2019
Influitive, a Toronto-based customer advocacy community platform provider, has raised $10 million in equity and debt financing. The deal was led by Canadian growth equity firm Georgian Partners and U.S. financial services firm Comerica Bank. They were joined by Relay Ventures and Export Development Canada. Founded in 2010, Influitive provides software and services to help businesses mobilize their advocates to accelerate sales and increase customer lifetime value. The funds raised will be used to invest in AdvocateHub, a customer advocacy community platform, and a pool of community managers and advocate marketers. Influitive will also expand its Canadian footprint to Halifax.
3 min read · 14 February 2019
Elevate Security, a security behaviour platform with offices in Berkeley, California and Montréal, has raised US$8 million in a Series A financing. The round, which brings total funding to US$10 million, was led by Defy Partners and joined by Costanoa Ventures. Founded in 2017, Elevate's platform measures, motivates and rewards employee security behaviour changes in order to prevent breaches. It will use the funds raised in part to establish an engineering hub in Montréal. Elevate hired Jean-François Gailleur, formerly of AppDirect, to build out the team. The startup also plans to make key hires and accelerate its go-to-market strategy.
4 min read · 13 February 2019
Fractal Systems Inc, a Calgary-based developer of partial upgrading technology solutions for bitumen producers, has received funding of up to $7.2 million from Sustainable Development Technology Canada (SDTC). The proceeds of SDTC's investment will facilitate the first commercial deployment of Fractal's Enhanced JetShear (EJS) technology. The EJS system helps oil sands companies reduce their environmental impact while at the same time realizing significant operating and transportation cost advantages. Founded in 2006, Fractal is backed by Rho Ventures, a U.S. venture capital firm.
4 min read · 13 February 2019
Dark Slope Studios, a Toronto-based virtual and augmented reality (VR and AR) developer, has raised more than $1.5 million in a seed-stage financing. Steven DeNure, formerly president and COO of DHX Media, was the only disclosed investor. He will join the board. Founded last year by President CJ Hervey, COO Dan Fill, Technical Director Ben Unsworth and Executive Chair Raja Khanna, Dark Slope creates free-roam multiplayer content for the location-based entertainment market and enterprise customers. The seed round's proceeds will be used to launch Dark Slope's first VR offering, Scarygirl Mission Maybee, hire staff and advance its technology and product line.
4 min read · 13 February 2019
Circle Cardiovascular Imaging Inc has acquired Corstem Inc, a Montréal-based machine learning and artificial intelligence software developer focused on cardiac imaging analysis. No financial terms were disclosed. Circle, a Calgary-based developer of advanced, post-processing solutions for the cardiac imaging industry, said the deal will expand its technology and offerings. Corstem's platform will be integrated into Circle's core product, cvi42, a cardiovascular imaging reading and reporting solution. Last year, Circle raised $16 million in a round led by Kayne Anderson Capital Advisors and Yaletown Partners.
3 min read · 13 February 2019
Japan’s Dynamic Map Platform agreed to acquire Ushr, a Canadian-born maker of high-definition map technology for autonomous driving. Terms weren’t disclosed. Reuters reported the purchase price to be nearly US$200 million ($264 million). Upon closing, DMP and Ushr will form a single platform to develop HD mapping solutions for autonomous vehicles and driver-assistance systems. Detroit-based Ushr is a spinout of the automotive mapping unit of GeoDigital, a Canadian provider of geospatial mapping software and services. It was launched two years ago with a US$10 million Series A financing backed by EnerTech Capital, Emerald Technology Ventures, Forté Ventures and GM Ventures.
2 min read · 13 February 2019
Anges Québec Capital has appointed Geneviève Morin as CEO. Morin joins Anges Québec Capital from Fondaction, a Canadian labour-sponsored private equity and venture capital firm, where she served for the past eight years as CIO. Morin joined Fondaction at its inception in 1996. Anges Québec Capital, an $86 million fund, was launched in 2012 to invest alongside members of Anges Québec, a Montréal-based angel organization. The fund's backers include Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and Investissement Québec.
3 min read · 12 February 2019
