Private Equity
Motion Gestures, a provider of machine learning-based gesture recognition software, has raised about $2.1 million (US$1.65 million) in a seed-stage financing. The round was led by China Canada Angels Alliance (CCAA) and joined by Golden Triangle Angel Network, Keiretsu Forum and Propel(x). Founded in 2016, Motion Gestures' software can be used to create gesture recognition-based human-machine interfaces for products and services in a variety of business verticals. Led by CEO Kashif Kahn, the Waterloo-based company will use the funds raised to further develop its technology and launch global marketing.
3 min read · 09 May 2018
Toronto-based biomimetic innovation platform BiomeRenewables has secured $3 million in funding from the Government of Ontario's Low Carbon Innovation Fund (LCIF) and unidentified private investors in the wind industry. Founded in 2015 by CEO Ryan Church, BiomeRenewables is an industrial design group developing solutions to address technical and productivity challenges faced by renewable energy technologies. It will use the funds raised to validate the company's aerodynamic PowerConeTM technology in a full-scale wind turbine pilot study.
2 min read · 09 May 2018
When Canada announced plans to legalize adult-use cannabis, the world's press seized on how it would mark a first among the G7 group of industrialized nations. But behind that eye-catching headline, an even bigger one is emerging, writes Karan Wadhera, managing partner of Snoop Dogg's Casa Verde Capital, in a PE Hub Canada feature article. And it tells the story of how Canada's progressive approach is helping transform a talented generation of home-grown companies into tomorrow's global leaders.
5 min read · 09 May 2018
Resson, a Fredericton, New Brunswick-based provider of predictive analytics to the agricultural industry, has raised $14 million in a Series C financing. The round was led by Indian vehicle maker Mahindra & Mahindra Ltd, which joins existing strategic partners McCain Foods Ltd and Monsanto Co. They and Build Ventures, Rho Canada Ventures, BDC Capital, East Valley Ventures and New Brunswick Innovation Foundation also backed the Series C. Resson uses machine learning, big data analytics and computer vision to help growers of crops make better-informed decisions and increase productivity. Founded in 2013, the company is led by CEO Jeff Grammer.
4 min read · 08 May 2018
A study by the Business Development Bank of Canada (BDC) has found only 4 percent of Canadian small and medium-sized enterprises (SMEs) can be classified as high performing. The study, based on data for 950,000 SMEs with less than $100 million in annual sales, suggests that companies with the best results are focused on productivity and innovation, invest in equipment, including information and communication technologies, offer employees competitive wages, expand globally and control debt. The BDC study identifies specific strategies that small, mid-sized and larger companies should adopt to improve their performance.
4 min read · 08 May 2018
OMERS Ventures said it plans to expand its footprint beyond the North American market by opening offices in London and Singapore. The firm is currently looking to identify a team based in London to gain access to emerging technology investment opportunities in Europe, including in the United Kingdom, Germany and France. Once that team is built out, it will create an Asia-focused team based in Singapore. OMERS Ventures, the $800-million venture capital investment arm of the Ontario Municipal Employees Retirement System, earlier this year said it is also looking to open an office in Silicon Valley.
3 min read · 08 May 2018
Photonic quantum computing startup Xanadu has raised $9 million in a seed-stage financing. The round was led by OMERS Ventures and joined by Golden Ventures and Real Ventures. Founded in 2016 by CEO Christian Weedbrook, Toronto-based Xanadu designs and integrates quantum silicon photonic chips into existing hardware to create full-stack quantum computing. The result is expected to be increased capacity for solving problems in machine learning, chemistry, finance, sensing and drug discovery. Xanadu also announced that Seth Lloyd, an MIT professor and quantum computing expert, has joined the company as chief scientific advisor.
3 min read · 08 May 2018
Smart traffic intersection technology provider Miovision has secured a $15 million convertible note, which it said is a precursor to a "significantly larger" financing. MacKinnon, Bennett & Co, Miovision's largest shareholder, co-led the note with McRock Capital. BDC Capital and HarbourVest Partners also invested. McRock Managing Partner Whitney Rockley has joined the board as a result. Founded in 2005, Kitchener, Ontario-based Miovision develops traffic intersection solutions that enable real-time adaptive traffic control and infrastructure communication with connected cars, other vehicles and pedestrians. It will use the funds raised to accelerate global growth.
5 min read · 07 May 2018
Canadian venture capital firm Golden Ventures has raised $72 million in committed capital for its third seed-stage fund. Golden Ventures III, the firm's largest fund to date, was backed by a range of new and returning limited partners. They include: Cendana Capital, Foundry Group Next, HarbourVest Partners, Kensington Capital Partners, Northleaf Capital Partners, Teralys Capital and Venture Investment Associates. It will invest in 20 to 25 early-stage technology companies in Canada and the United States. With Fund III's close, Golden said it promoted Jamie Rosenblatt to principal and hired Marianne Bulger to head the firm's people and platform team.
4 min read · 03 May 2018
Sol Cuisine Inc, a Toronto-based alternative protein brand, has secured $13 million in growth financing led by Avrio Capital, a Canadian food and agriculture technology investor. Export Development Canada (EDC) and Investeco Capital partnered in the deal. Avrio Senior Associate Jonathan Goodkey and an EDC representative will join the board as a result. Sol Cuisine, founded in 1980 by CEO Dror Balshine, caters to retail and restaurant consumers in search of plant-based proteins made on a gourmet vegan, non-GMO, and wheat- and gluten-free basis. Avrio Managing Partner Aki Georgacacos said his firm's investment attests to growth prospects in the protein vertical.
4 min read · 03 May 2018
