Canada

Cannabis biotech company Trait Bio closes $12.3 mln seed deal

Trait Biosciences Inc, a Vancouver-based cannabis biotechnology company, has closed a seed-stage financing of $12.3 million. The round was led by incoming Trait senior managers, Joseph del Moral, Hannan Fleiman and Ronan Levy, and joined by Green Acre Capital, CannaIncome Fund and industry executives. Trait is developing enhanced cannabinoids, including water-soluble cannabinoids. It is also is developing technologies to increase plant yields and safety. The funds raised will be used for research and patent creation, as well as the construction of a second laboratory in Toronto.

MindBeacon closes Series A round, grows funding to $20 mln

MindBeacon Group, the Toronto-based developer and operator of digital therapy platform Beacon, has closed a Series A financing, bringing its total funding to more than $20 million. The investors included Telus Ventures, Manulife, Elkland Capital and Strauss Interests. Beacon was introduced in 2016 in CBT Associates clinics. Last year, it was launched as a provider of digitally-delivered therapy for people with mental health concerns, such as depression, anxiety, panic and post-traumatic stress disorder. MindBeacon Chair and CEO Sam Duboc said the funds raised will help his company enhance its offerings and increase its reach in Canada.

GHGSat secures $13 mln in OGCI-led Series A2 financing

GHGSat, a Montréal-based provider of global emissions monitoring services, has raised nearly $13 million (US$10 million) in a Series A2 financing. The round was led by U.K.-based OGCI Climate Investments. Other investors included Schlumberger, Space Angels and Business Development Bank of Canada (BDC). Founded in 2011 by CEO Stéphane Germain, GHGSat is focused on remote sensing of greenhouse gas and air quality gas emissions from industrial sites using satellite technology. The company, which has so far raised more than $26 million (US$20 million), including government financing, will use the latest funds raised to accelerate commercialization, expand its custom analytics services, and launch an additional satellite.

IBM's Marc Altshuller joins Information VP as first EIR

Canadian venture capital firm Information Venture Partners (Information VP) has brought on Marc Altshuller as an entrepreneur in residence (EIR). Altshuller, the Toronto-based firm's first EIR, will help mentor portfolio companies and support investment activity. Altshuller joins Information VP from U.S. tech giant IBM, where he served for over six years, most recently as general manager for the business analytics division. He also co-founded Varicent Software Inc, a Toronto-based compensation and sales performance management analytics provider acquired by IBM in 2012. Varicent was backed by Information VP's predecessor, RBC Venture Partners.

Canopy Rivers secures $1.6 bln valuation in trading debut: Reuters

Cannabis investor Canopy Rivers, the venture arm of industry giant Canopy Growth Corp went public this week in a debut that gave it a market capitalization of about $1.6 billion, more than double its valuation prior to the listing, Reuters reported. Canopy Rivers has made about a dozen Canadian and international investments, which include licensed producers, pharmaceutical formulators and retail networks. “It’s Canopy Growth’s proxy for Google Ventures,” Bruce Linton, CEO of both the companies, said. Canopy Rivers is currently looking at investments in Europe and South America, he added.

Beanworks nabs $10.1 mln in FINTOP, BDC-led Series B round

Beanworks, a Vancouver-based accounts payable automation company, has secured $10.1 million in a Series B financing. The round was led by U.S. venture capital firm FINTOP Capital alongside BDC Capital’s Women in Technology Venture Fund. They were joined by new and existing investors. As a result, BDC Capital's Michelle Scarborough and FINTOP's Joe Maxwell joined the board. Founded in 2012, Beanworks' cloud-based solution helps businesses streamline invoice-to-payment strategies by eliminating paperwork and reducing processing costs. Led by CEO Catherine Dahl, Beanworks will use the funds raised to enhance its platform, release an expense module, and expand into new markets.

Expeto Wireless raises $4 mln in Lavrock-led Series A round

Expeto Wireless Inc has secured close to $4 million in a Series A financing. The round was led by U.S. venture capital firm Lavrock Ventures with participation from existing Canadian investors Evok Innovations and Mistral Venture Partners. Based in Victoria, British Columbia and San Francisco, Expeto's platform helps businesses manage internet-of-things deployments over 4G-LTE networks while maintaining their security protocols. Founded in 2015, the company is led by CEO Ryley MacKenzie. The funds raised will be used by Expeto to expand engagements with natural resource companies and further develop its partnerships with cellular providers.

PhoenixMD secures $2.7 mln to advance cancer treatment

Vancouver-based biotechnology company Phoenix Molecular Designs (Phoenix MD) has raised $2.7 million in financing. The round included $2 million of equity, led by Canadian venture capital firm Pallasite Ventures with participation from new and existing angel investors, and about $670,000 in non-dilutive capital. As a result, Pallasite Managing Partner Chris Bissonnette joined the board. Founded in 2012 by CEO Sandra Dunn, Phoenix MD is developing small molecule kinase inhibitors as a targeted therapy for cancer, with a focus on triple-negative breast cancer. It will use the funds raised to advance its lead asset, PMD-026, a disease-modifying therapeutic treatment.

Remote camera platform Brizi seeded with $2.5 mln by 2EP

Brizi Inc, a Toronto-based remote-control camera systems developer, has raised $2.5 million in seed-stage financing led by U.S. investor 2EP. Founded in 2016 by CEO Anna Hu and CTO Sami Dalati, Brizi's technology helps users tap into nearby cameras to capture group images at sports events and landmarks. The platform also provides brands with new sponsorship opportunities and access to data and analytics. Brizi will use the seed round's proceeds for research and development and market expansion.

Seed River invests in industrial 3D printing startup AON3D

U.S. angel investment firm Seed River has provided undisclosed financing to AON3D, a Montréal-based industrial 3D printing specialist. Led by CEO Kevin Han, who helped found the company in 2015, AON3D is developing tools for making 3D manufacturing with plastics easier and more affordable. The startup, which has previously been backed by Off the Grid Ventures, Prototype Capital and other investors, will use the partnership with Seed River to support its long-term growth initiatives.