Private Equity
Dialogue Technologies has acquired DXA, a Montréal-based artificial intelligence-enabled medical technology platform. Terms weren't disclosed. Founded in 2015, DXA developed a tool for automating triage, medical charting and diagnosis. It can be used in most provider-patient interactions, from primary care to chronic and specialized care. Dialogue said the technology complements its virtual care and telemedicine offering and will allow it to explore new partnerships with healthcare providers and insurers. Earlier this year, Montréal-based Dialogue closed a $12 million Series A financing led by White Star Capital.
3 min read · 09 November 2018
Aerial Technologies, a Montréal-based wireless motion analytics software platform, has secured about $3.9 million (US$3 million) in follow-on financing. The round was led by Intel Capital. It was joined by Fonds Innovexport, which co-led Aerial's seed financing in 2017, as well as Kibo Ventures and Telefónica Open Innovation. Founded in 2015 by CEO David Grant, CTO Michel Allegue and VP Engineering François Morel, Aerial's technology leverages wireless infrastructure and machine learning to detect presence and motion in the home and other venues. The company, incubated and backed by TandemLaunch, will use the funds raised to add new functionalities, advance its IP portfolio, and hire more talent.
4 min read · 08 November 2018
The federal government’s $400 million Venture Capital Catalyst Initiative (VCCI) has committed $50 million to seven Canadian venture capital firms. The recipients were chosen because they reflect new and innovative models, supply capital to under-served regions and sectors, and support emerging managers and diverse management teams. The seven firms, which will each secure between $5 million and $15 million, are: AmorChem, Brightspark, Build Ventures, Garage Capital, Highline BETA, Pique Ventures and TandemLaunch. Earlier this year, VCCI committed $350 million to five funds-of-funds managers.
4 min read · 05 November 2018
Transit, a Montréal-based transportation mobile app company, has raised $17.5 million in a Series B financing. The round was led by Alliance Ventures, the venture capital arm of Paris-based automotive alliance Renault-Nissan-Mitsubishi. It was joined by InMotion Ventures and existing investors Accel Partners and Real Ventures, which participated in last year's $5 million Series A round. Alliance Direct Investment Director Christian Noske will join the board. Founded in 2013 by CEO Sam Vermette and CTO Guillaume Campagna, Transit's platform enables multi-modal transportation, integrating public transit, ride-hailing, bike-sharing and scooter-sharing. It currently services more than 175 urban areas worldwide.
5 min read · 05 November 2018
Conversica Inc, a Foster City, California-based provider of conversational artificial intelligence (AI) for business, has raised US$31 million in a Series C financing. The round's investors included Providence Equity Partners, Toba Capital, Kennet Partners and Savano Capital Partners. CIBC Innovation Banking, the technology lending arm of CIBC, provided a credit facility. Founded in 2007, Conversica uses conversational AI technology to enable intelligent assistants that automate business conversations. In September, PE Hub Canada reported on CIBC Innovation Banking's North American scaling strategy.
2 min read · 05 November 2018
Venture capital (VC) investment in Canadian technology companies slowed slightly in Q3 2018, with $694 million deployed to 105 financings, according to final data released by Refinitiv. This marked only the second time in the past two years when quarterly dollar flows fell below $1 billion. However, since January, technology companies have raised $3.2 billion from VC funds, which represents the most active first nine months in dollar terms in 17 years. U.S. VC funds played a key role in year-to-date trends, accounting for 43 percent of the total invested. Information technology sectors remained the main driver of VC investment, securing $2.2 billion at the end of September.
4 min read · 02 November 2018
Dapper Labs, the Vancouver-based creator of consumer blockchain product CryptoKitties, has raised nearly $20 million (US$15 million) in its latest financing. U.S. venture capital firm Venrock led the round, with participation from Google's GV and Samsung NEXT. Other new and existing investors included Andreessen Horowitz, Digital Currency Group, Rising Tide Fund and Union Square Ventures. Dapper, founded this year and led by CEO Roham Gharegozlou, creates games and entertainment, such as CryptoKitties, to give consumers greater access to blockchain technology. The company will use the round's proceeds to expand locally and globally and build out its infrastructure.
5 min read · 02 November 2018
Setter, a Toronto-based personal home maintenance service, has secured about $13.1 million (US$10 million) in a Series A financing. The round, which brings the company's total funding to about $15.7 million, was led by U.S. venture capital firms Sequoia Capital and NFX. Hustle Fund also invested. Sequoia Partner Jess Lee will join the board. Founded in 2016 by CEO Guillaume Laliberté and David Steckel, Setter's technology connects homeowners with a personal home manager to help them meet their maintenance and repair needs. Setter said the funds raised will support its expansion into the San Francisco Bay Area.
4 min read · 02 November 2018
OpenText Corp (TSX, Nasdaq: OTEX) has agreed to acquire Liaison Technologies Inc, an Alpharetta, Georgia-based provider of cloud enterprise application integration and data management solutions. OpenText agreed to pay US$310 million ($407 million) in cash. The deal is expected to close within 90 days. OpenText, a Waterloo-based enterprise information management company, said the acquisition will grow its business network portfolio and expand capabilities in life sciences, healthcare and other verticals. Founded in 2000, Liaison is backed by the venture capital fund of U.S. biopharmaceutical company Merck.
2 min read · 01 November 2018
Canadian early-stage venture capital firm Mantella Venture Partners has recruited Chris Sukornyk as a venture partner. Sukornyk, a Canadian serial entrepreneur and angel investor, is the former CEO of Chango, a Toronto-based digital marketing platform he founded in 2008. Chango, backed by several venture capital firms, including Mantella, was sold to Rubicon Project in 2015 for about US$122 million. In the new role, Sukornyk will help source, mentor and scale Mantella's seed-stage technology investments in Canada.
3 min read · 01 November 2018
