Canada

Fan engagement platform Trufan raises $500k from angels

Trufan, a Vancouver-based fan engagement software provider, has raised $500,000 in a pre-seed financing. The round was backed by angel investors, including Manny Padda, managing partner of New Avenue Capital, Andrew D'Souza and Michele Romanow, co-founders of Clearbanc, Jason Robins, CEO of DraftKings and Eagle Rock Wealth Management. Trufan was founded this year by CEO Swish Goswami and COO Aanikh Kler to help influencers, brands and agencies discover, engage and reward their top fans. It will use the funds raised to launch its web platform and expand across Canada and the United States.

VR orthopaedic solution Precision OS closes $2.3 mln Series A

Precision OS Technology, a Vancouver-based provider of virtual reality (VR) orthopaedic software, has raised $2.3 million in a Series A financing. The round was led by AO Invest, a Swiss medical technology venture capital firm, and joined by other investors. Led by CEO Danny Goel, who co-founded the company last year, Precision OS' software allows surgeons to perform simulated procedures in a digital operating room and offers feedback to help improve techniques. The round's proceeds will be used to develop distribution partnerships, create content for trainees, and craft VR education and preoperative planning tools.

ISARA nabs $13.2 mln in Shasta Ventures-led Series A round

ISARA Corp, a Waterloo-based quantum-safe security software company, has raised about $13.2 million (US$10 million) in a Series A financing. The round was led by Shasta Ventures, a U.S. venture capital firm. It follows an earlier $15.1 million (US$11.5 million) financing by Mike Lazaridis' Quantum Valley Investments. Additional investors will be announced in the weeks ahead. Founded in 2015 by CEO Scott Totzke and CTO Mike Brown, ISARA develops agile quantum-safe technology solutions to help corporate and government organizations address emerging security threats posed by quantum computing. It plans to use the funds raised for global growth.

BlackBerry to buy cybersecurity firm Cylance for $1.4 bln: Reuters

Canada's BlackBerry Ltd raised its bets on artificial intelligence and cybersecurity this week with the US$1.4 billion purchase of U.S. machine-learning specialist Cylance, Reuters reported. The Irvine, California-based Cylance uses machine learning to preempt security breaches before they occur. Its applications seek to block malware or infiltration attempts rather than react after a breach. Founded in 2012, Cylance secured more than US$280 million from venture capital funds, according to Refinitiv data. That includes the US$120 million raised earlier this year in a round led by Blackstone Tactical Opportunities.

Data centre software provider Kaloom nabs $10 mln in Series A1

Kaloom, a Montréal-based data centre networking software company, has secured $10 million in a Series A1 financing, bringing its total funding to $20.7 million. Fonds de solidarité FTQ and Somel Investments led the round and were joined by MBUZZ Investments. All three investors backed the company's Series A financing in 2017. Kaloom was founded in 2014 by CEO Laurent Marchand to develop an automated, programmable and scalable data centre networking fabric that addresses how data centres are built and managed. The funds raised will support the development and sales of Kaloom’s industrialized software solution for open networking white boxes and to hire additional team members.

Ario raises $10 mln from OMERS-backed Purpose Financial

Ario, an Ottawa-based digital banking platform built for enterprises, has secured a $10 million investment. The source of the financing was Purpose Financial LP, a Canadian financial services firm led by CEO Som Seif and backed by OMERS Platform Investments. Founded last year and led by CEO Avinash Chidambaram, Ario helps enterprise partners provide their customers with automated, contextual and real-time financial solutions managed through machine learning systems. The investment's proceeds will allow the company to further develop and launch its solutions.

Q&A with Boris Wertz, founding partner of Version One Ventures

Version One Ventures is growing its franchise. The Vancouver firm, founded in 2012 by renowned seed investor Boris Wertz, made the decision to expand when raising its third fund. One result was the September promotion of Angela Tran Kingyens to general partner. A further step will soon be taken with the hire of an associate. In an interview with PE Hub Canada , Wertz said the increased resources will help deploy Version One Ventures III, which raised about $57 million last month. He also told us more about Version One's growing franchise, Fund III, recent deals and the firm’s evolving strategy.

Freshly funded Drop Technologies acquires Canopy Labs

Drop Technologies has acquired Canopy Labs, a Toronto-based customer-focused predictive analytics software provider. No financial terms were disclosed. Derrick Fung, CEO of Drop, a Toronto-based mobile rewards program, said the acquisition of Canopy Labs' machine learning technology will help his company build "a best-in-class product for both consumers and our merchant partners." Earlier this year, Drop raised a US$21 million Series A financing led by New Enterprise Associates. Founded in 2012 by CEO Wojciech Gryc and CTO Jorge Escobedo, Canopy Labs secured financing from BDC Capital, Valar Ventures and other investors.

Real Ventures leads $6 mln Series A financing of Logojoy

Logojoy, a Toronto-based artificial intelligence-enabled design platform, has secured $6 million in a Series A financing. The round was led by Canadian early-stage venture capital firm Real Ventures. It was joined by Flybridge Capital. Logojoy closed a $900,000 seed round in 2017 backed by angel investors. Led by CEO Dawson Whitfield, who helped launch the company in 2016, Logojoy's online logo maker provides businesses with a quick and affordable way to create professional-quality branding assets. To date, it has sold more than 100,000 logos to customers in 188 countries. Logojoy plans to use the funds raised to expand its team of data scientists and developers.

OMERS-backed Purpose Financial leads Series A round for d1g1t

Toronto-based enterprise wealth management platform d1g1t has closed a Series A financing, bringing its total funding to more than $9 million. The Series A and a prior round were both led by Canadian financial services firm Purpose Financial LP, headed by CEO Som Seif and backed by OMERS Platform Investments. The company's other investors include Extreme Venture Partners and Portag3 Ventures. Founded last year by CEO Dan Rosen, COO Philippe Rouanet and CPO Benoit Fleury, d1g1t uses analytics and risk management tools to provide portfolio management services to advisors and their clients. The funds raised will support the continued build out of d1g1t's platform.