Private Equity
Primal, a Waterloo artificial intelligence company focused on consumer and enterprise applications that augment human intelligence, has secured a $2.3 million loan from the Business Development Bank of Canada (BDC). Founded in 2004, Primal's augmented intelligence platform, which is backed by 148 patents, makes use of semantic synthesis and knowledge representation to understand text similar to how the human brain processes and represents information. The company will use the loan's proceeds to commercialize new applications, pursue partnerships, sign licensing deals, and invest in sales and marketing.
3 min read · 17 May 2018
Motorleaf, a Montréal-based artificial intelligence platform for indoor growers, has raised about $3.65 million (US$2.85 million) in seed-stage financing. U.S. agriculture and food technology investor Radicle Growth led the round. It was joined by Desjardins Capital, Real Ventures, Fluxunit, BDC Capital and 500 Startups Canada. Founded three years ago by CEO Alastair Monk and CTO Ramen Dutta, Motorleaf's platform lends monitoring and predictive capabilities to operators of greenhouses, indoor farms and growth chambers, helping them improve crop yields and profits. The company will use the funds raised to further develop its agronomic solutions.
3 min read · 17 May 2018
Toronto-based influencer marketing platform #paid has secured about $11.5 million (US$9 million) in a Series A financing. Canadian venture capital firm ScaleUP Ventures led the round and was joined by several existing investors, including Aitken Investments and Freycinet Investments. Founded in 2014 by CEO Bryan Gold and CSO Adam Rivietz, #paid provides an artificial intelligence-based platform to bring together marketers and content creators for integrated influencer marketing programs, content creation and native amplification. The company plans to use the funds raised to accelerate growth and enhance its technology.
4 min read · 15 May 2018
Auvik Networks Inc, a Waterloo, Ontario-based provider of network monitoring and management software for managed service providers, announced it has raised $20 million in a Series C financing. OpenView led the round with participation from Celtic House Venture Partners and Rho Canada Ventures. All three venture capital firms are existing investors. Auvik was founded in 2011 by CEO Marc Morin, CTO David Yach and Vice President, Product and Sales, Alex Hoff. Last year, the company closed a $15 million Series B financing, also led by OpenView. To date, Auvik has raised close to $45 million.
1 min read · 15 May 2018
HumanaCare has acquired TranQool, a Toronto-based online platform for connecting users with licensed therapists. No financial terms were disclosed for the deal, which closed on May 8. HumanaCare, a Toronto-based employee and member health services provider, said the deal will help expand access to its programs. TranQool was founded in 2015 by Chakameh Shafii, Babak Shahabi and Saeed Zeinali. In 2016, the company raised seed funding from Imagination Catalyst Fund, a university incubator-affiliated fund supported by Relay Ventures.
2 min read · 14 May 2018
1 min read · 14 May 2018
Eli Lilly and Co (NYSE: LLY) has agreed to acquire AurKa Pharma Inc, a Montréal-based developer of a cancer treatment for solid tumours originally discovered by Lilly. Lilly will acquire all shares of AurKa for an upfront payment of about $141 million (US$110 million). The company's shareholders could also receive up to about $594 million (US$465 million) in regulatory and sales milestones should AurKa's compound, AK-01, be approved in the United States and other markets. AurKa was founded and financed in 2016 by TVM Capital Life Science. Lilly, a U.S. pharmaceutical business, said the acquisition will expand its oncology pipeline.
4 min read · 14 May 2018
Klashwerks, a connected car technology company, has raised an undisclosed seed-stage financing. The round was led by Canadian venture capital firm Celtic House Venture Partners. It was joined by FundFire and MaRS Investment Accelerator Fund. Founded in 2016 by CEO Russell Ure and Dan Carruthers, Ottawa-based Klashwerks' flagship product is Raven, a comprehensive solution for connecting drivers with their cars. Its cameras, navigation, diagnostics, data and mobile app help monitor road conditions, auto security and the whereabouts of family members. Klashwerks said Raven is the first of many products to come.
5 min read · 10 May 2018
TIMIA Capital Corp has provided an investment facility of $2 million to Vonigo Software Ltd, a Vancouver-based online business management platform that helps streamline operations and increase sales of mobile service companies. TIMIA, a Canadian revenue financing firm, will disburse an initial $700,000 and provide a further $1.3 million as the company meets certain milestones. Vonigo was founded in 2010 by CEO John Carter and CTO Roman Azbel. The deal with TIMIA is intended to support the company's growth plans.
2 min read · 10 May 2018
Canadian early-stage venture capital firm Brightspark has hired Jacques Perreault as a senior partner. Operating from the firm's office in Montréal, Perreault will evaluate startups, create deal flow, and support new and existing investments. He joins Brightspark after working for 20 years in senior roles in the VC industry, most recently at Desjardins Capital, where he served as associate vice president of technology investments. Before joining Desjardins in 2008, Perreault served as a vice president at MMV Financial and as a partner at Caisse de dépôt et de placement du Québec's technology affiliate.
3 min read · 10 May 2018
