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Strato Automation secures mezz financing from BDC CapitalStrato Automation, a Montréal-based maker of smart building control products, has raised mezzanine financing of $1 million from BDC Capital. BDC invested through its Growth and Transition Capital group. Founded in 2010 and led by President and CEO Pierre Samson, Strato designs devices allowing automated and centralized control of all heating, ventilation and air conditioning systems of buildings. In 2017, the company was acquired by a group of shareholders. The funds raised from BDC completes a second financing to accelerate the group's plan to further develop Strato's products and distribute them on a larger scale.
BDC's Women in Tech Fund invests $17 mln in 25 companiesBDC Capital’s Women in Technology Venture Fund (WIT Fund) has invested $14 million in 19 Canadian women-led companies since its capital pool was increased to $200 million in 2018. That brings total investing to more than $17 million in 25 companies. Recent investments include Bridgit, a Kitchener, Ontario-based construction software provider, which raised $6.2 million /canada/2019/03/bridgit-raises-6-2-mln-in-bdc-capital-led-financing-report/ in March, and Sampler, a Toronto-based digital product sampling platform, which raised $3 million /canada/2019/02/sampler-secures-3-mln-in-latest-round-bdc-shipfusion-lead/ in February. Managing Director Michelle Scarborough said WIT Fund has reviewed more than 1,000 women-led companies, suggesting that the "number of women choosing entrepreneurship in technology and innovation is growing in Canada."
TandemLaunch raises initial $23 mln for BDC-anchored Fund IIITandemLaunch has raised $23 million in the first close of its third company creation and seed-stage fund. TandemLaunch Ventures III, expected to wrap up by the summer of 2019, secured a lead commitment of $5 million from BDC Capital. Other limited partners included Venture Capital Catalyst Initiative (VCCI), Harbor Street Ventures and more than 30 entrepreneurs and angel investors. Montréal-based TandemLaunch, founded in 2010 by General Partner and CEO Helge Seetzen, partners with global post-secondary institutions to launch synthetic startups in the consumer-electronics space. Fund III will support the creation of 20 new Canadian technology companies.
AudioConexus secures mezz financing from BDC CapitalAudioConexus, a Kingston, Ontario-based tourism technology company, has raised undisclosed mezzanine financing from BDC Capital. BDC invested through its Growth and Transition Capital group. Founded in 2006, AudioConexus produces software, hardware and multilingual content for automated GPS tours and audio guides. More than 30 million people each year listen to the company's audio tours. Led by President and CEO Jonathan Stanley, AudioConexus will use the proceeds for working capital, building inventory for its new multimedia tour system Navilution, expanding in Europe, and adding to the management team.
InnerSpace raises $4.3 mln in BDC Capital-led seed financingInnerSpace, a Toronto-based turnkey indoor location platform, has secured about $4.3 million (US$3.2 million) in a seed-stage financing. The round was led by BDC Capital‘s Women in Technology Venture Fund. It was joined by MaRS Investment Accelerator Fund, 500 Startups, Industry Ventures, Zach Coelius’ AngelList syndicate and others. Founded in 2014 and led by CEO James Wu, InnerSpace provides an internet-of-things-based platform that automatically maps and deploys location services in indoor spaces. Its customers include technology businesses, airlines, food and service organizations, sporting and entertainment facilities, and property managers.
Robotics maker Avidbots closes $23.6 million Series B roundKitchener, Ontario-based robotics company Avidbots has secured $23.6 million in a Series B financing. True Ventures, a U.S. venture capital firm, led the round, which brings Avidbots' total funding to $36 million. Joining the deal were existing investors, including GGV Capital, SOSV, Real Ventures and 500 Startups Canada, as well as new investors, including Next47, BDC Capital and KCPL. Founded in 2014 by CEO Faizan Sheikh and CTO Pablo Molina, Avidbots designs and makes autonomous connected robots. Its first product, Neo, is a robotic floor scrubber deployed in commercial locations worldwide. The funds raised will be used for global growth and to invest in talent acquisition, engineering, marketing and sales.
Generac acquires BDC Capital-backed Neurio TechnologyGenerac Holdings Inc (NYSE: GNRC) has acquired Neurio Technology Inc, a Vancouver-based intelligent energy management technology company. Terms weren't disclosed. Founded in 2005 and led by CEO Keith Marett, Neurio provides software, hardware and data science solutions to optimize energy consumption and reduce energy-related costs in the home. Generac, a Waukesha, Wisconsin-based maker of power generation equipment products, said the acquisition accelerates its connectivity and remote monitoring strategy. Neurio was backed by BDC Capital's ICE Venture Fund and other investors. The BDC fund provided Neurio with $1.5 million of seed-stage financing in 2014.
BDC, NEA to vote for $1.31 bln acquisition of ClementiaBDC Capital's Healthcare Venture Fund and New Enterprises Associates (NEA) have agreed to vote in favour of Ipsen's acquisition of Clementia Pharmaceuticals (Nasdaq: CMTA). Last month, France's Ipsen agreed to acquire /canada/2019/02/ipsen-to-buy-clementia-pharmaceuticals-in-1-31-bln-deal/ Clementia, a Montréal-based developer of treatments for ultra-rare bone disorders and other diseases, for US$1.31 billion ($1.72 billion). BDC and NEA, which respectively own about 14 percent and 7.1 percent of Clementia's issued and outstanding shares, join OrbiMed Advisors and other investors that have already indicated approval of the deal. These shareholders together hold a 51.7 percent interest in the company.
ClaroNav secures quasi-equity financing from BDC CapitalClaroNav, a Toronto-based medical device company focused on surgical navigation for dentistry, has secured undisclosed quasi-equity financing from BDC Capital. BDC invested through its growth and transition capital group. The funds raised will be used to expand global marketing, training, sales and support activities for ClaroNav's flagship product Navident, a freehand guided system for dental implantation. ClaroNav was spun out as an independent business in 2015, when Lexmark Inc acquired Claron Technologies, which co-CEOs Doron Dekel and Claudio Gatti founded in 2001.