Rho-backed Fractal Systems raises up to $7.2 mln from SDTC

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.