Canada

Interface Fluidics nabs $6 mln in Equinor and Techstars-led Series A

Interface Fluidics, a Calgary-based oilfield laboratory services provider, has raised about $6 million (US$4.5 million) in a Series A financing. Equinor Technology Ventures, the venture capital arm of Norway's Equinor ASA, and U.S. accelerator Techstars led the round. Interface was founded in 2015 by CEO Stuart Kinnear, COO Tom De Haas and CTO David Stinton. It has developed a nanotechnology platform for optimizing oil production and visualizing fluid-fluid interactions through chemical testing at reservoir temperature and pressure. The company, a recent graduate of the first class of Techstars Energy Accelerator, said it will use the round's proceeds to expand capacity to meet market demand.

Canadian VC hits record level in H1 with $2.15 bln invested: CVCA

Canada’s venture capital (VC) market saw a record $1.28 billion invested in 143 financings in the second quarter of 2019, surpassing the prior record set in Q4 2018 , according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). VC investment stood at a record $2.15 billion at the end of June, exceeding the previous high-water mark of $1.67 billion in the first half of 2018. Information and communication technology companies took 54 percent of VC invested in the first half, followed by life sciences companies, which captured 27 percent. Early-stage activity led late-stage activity in this period, accounting for 45 percent of the total invested.

Agtech company Vive Crop Protection raises $10 mln in funding

Mississauga, Ontario-based agricultural technology company Vive Crop Protection has secured $10 million in follow-on financing. The round was backed by new and existing investors, including Middleland Capital and the cleantech practice of the Business Development Bank of Canada (BDC). Founded in 2006 out of the University of Toronto, Vive develops new ways to use crop protection products using its Allosperse Delivery System, which improves the targeting and performance of pesticide ingredients. This creates farming efficiencies, as well as higher crop quality and yields. Led by CEO Darren Anderson, Vive will use the funds raised for commercialization of new products and continued field development.

BDC Capital's growth equity group invests in TeraXion's succession

TeraXion, a Québec City-based designer and maker of photonic components, has finalized a succession plan and restructured its share capital. The deal was backed by an undisclosed minority investment from the growth equity group of BDC Capital. BDC's Growth and Transition Capital division also partnered with CIBC to help the company with its bank refinancing. TeraXion said CEO Alain-Jacques Simard will assume the role of executive chairman, while CFO Richard Kirouac will retire but continue to hold a board seat. Simard and Kirouac are both co-founders. Ghislain Lafrance will be promoted to CEO. Established in 2000, TeraXion serves businesses in the light and heavy manufacturing, telecommunications, medical equipment, aerospace and defence industries.

OMERS Ventures leads $6.5 mln Series A funding of PeerWell

PeerWell, a San Francisco-based health technology company, has secured US$6.5 million in a Series A financing. The round was led by OMERS Ventures, the venture capital arm of Canadian pension fund OMERS. It was joined by existing backer XSeed Capital and several individual investors. Founded in 2015, PeerWell provides a surgery optimization platform that helps patients with musculoskeletal conditions prepare for surgery and recover faster. In so doing, it contributes to lowering patient risk, controlling costs, and improving return-to-work times. Led by CEO Manish Shah, PeerWell will use the funds raised to accelerate the roll-out of its worker’s compensation solution.

Canada's PE market slows in H1 with $4.9 bln invested: CVCA

Canada's private equity (PE) market saw $3 billion invested in 158 deals in the second quarter of 2019, up 54 percent from three months earlier but down 63 percent from Q2 2018, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). PE investment between January and June totalled $4.9 billion, the lowest amount invested in a first half since CVCA began collecting data (2013). The dollars went to 289 deals in this period, down from 324 deals in H1 2018. There was a record share of deals in the information and communications technology sector in Q2 2019 (20 percent). The industrial and manufacturing sector captured a comparable share (21 percent).

OTPP's Rosemarie McClean to become head of UN pension fund

Ontario Teachers' Pension Plan (OTPP) said Rosemarie McClean, COO, enterprise operations, and senior vice president, will depart the organization at the end of this year. McClean, who joined Ontario Teachers' in 1986 and assumed her current role in 2014, will become CEO of the United Nations Joint Staff Pension Fund (UNJSPF) in January 2020. Based in New York, UNJSPF provides benefits to more than 205,000 staff of the United Nations and 23 other member organizations. As of June 30, it oversaw assets valued at US$67.4 billion.

Transat shareholders OK $720 mln acquisition by Air Canada

Shareholders of Transat AT Inc (TSX: TRZ), a Montréal-based tour operator, have approved the company's proposed acquisition by Air Canada (TSX: AC) for $18 per share in cash. Air Canada, Canada's largest airline, amended the deal earlier this month. It is valued at about $720 million and expected to close early next year. Transat's largest shareholders include Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec. Both voted in favour of the acquisition, according to a report by Reuters.

BV-backed Geologic Systems acquires Top Analysis

Geologic Systems Ltd has acquired Top Analysis Ltd, a Calgary-based provider of thermal oilsands information and competitive intelligence though a software-as-a-service platform. No financial terms were released for the purchase, which includes Top's entire product suite and team, led by President Trevor Phenix. Geologic, a Calgary-based provider of data and software decision support systems to the upstream oil and gas industry in Western Canada and elsewhere , said the deal will allow the company to better serve its customers. Established in 1983, Geologic in 2015 secured an investment from U.S. technology private equity firm BV Investment Partners.

Spear Street Capital acquires Montréal tech hub O Mile-Ex

U.S. real estate private equity firm Spear Street Capital has acquired O Mile-Ex, a Montréal-based artificial intelligence (AI) and technology hub. No financial terms were disclosed. The sellers were Canadian real estate development and investment firm TGTA, Québec private equity and venture capital firm Fondaction, and several local pension funds. In 2014, TGTA and Fondaction partnered in the acquisition of two buildings that now make up the nearly 400,000 square-foot O Mile-Ex. TGTA designed, developed, financed and managed the project. O Mile-Ex today houses some 20 tenants, including Element AI, a Montréal-based AI solutions company backed by venture capital investors.