Private Equity
Kitchener, Ontario nanotechnology startup Nicoya Lifesciences Inc has secured $2 million in its latest financing. U.S. venture capital firm Ripple Ventures and Canadian angel group Golden Triangle Angel Network (GTAN) led the round. They were joined by MaRS Investment Accelerator Fund, BDC Capital, Garage Capital, Angel One, Maple Leaf Angels, Innovation Grade Ventures and others. Launched in 2012, Nicoya's premiere product is OpenSPR, a biosensor platform that supports R&D applications in a range of fields, from pharmaceuticals to diagnostics. The funds raised will be used for new product development and sales and marketing.
3 min read · 30 January 2018
Mnubo, a Montréal-based internet-of-things data analytics and artificial intelligence company, has raised $16.5 million in a Series B financing. HSB Group, an affiliate of German reinsurance provider Munich Re, led the round. The investment is being made in parallel with an HSB strategic partnership with the company. White Star Capital and McRock Capital, which backed Mnubo's Series A round in 2015, also invested. Founded in 2012 by CEO Frédéric Bastien, CTO JC Cimino, VP Growth Aditya Pendyala and VP Data Science Jean-Charles Beaudin, Mnubo will use the funds raised to grow its platform, which helps manufacturers build better connected products and services.
5 min read · 30 January 2018
Montréal-based Busbud, an online marketplace that enables global travellers to shop for and book intercity bus tickets on more than 1.4 million bus routes worldwide, has raised about $14 million (US$11 million) in Series B funding. The lead investor was iNovia Capital with Teralys Capital, Claridge, Plaza Ventures, Erik Blachford, former CEO of Expedia, and Philippe Vimard, current CTO of Doctolib, also participating. In addition to the funding, Blachford, Vimard and Magaly Charbonneau, an iNovia principal, will join Busbud's board. According to Busbud, the capital infusion will be used for technology development, personnel hiring, and geographic expansion.
4 min read · 30 January 2018
Sudbury, Ontario-based medical device company FloSonics Medical has raised $5 million in a seed-stage financing. Canadian venture capital firm iGan Partners led the round. It was joined by Genesys Capital, MaRS Investment Accelerator Fund, Accel-RX, MaRS Catalyst, Angel One and Northern Ontario Angels. Founded in 2015, FloSonics is focused on developing non-invasive sensors to improve the management of critically-ill patients. Led by CEO Joe Eibl, the company will use the funds raised to commercialize FloPatch, a wearable sensor which adheres to a patient’s neck and detects blood flow following clinical interventions.
2 min read · 29 January 2018
Polychain Capital, a blockchain technology hedge fund manager backed by U.S. venture capital firms Andreessen Horowitz (a16z) and Sequoia Capital, is planning to launch an initial public offering in Canada, according to a report by Bloomberg. Polychain, which invests in blockchain-based digital assets, aims to raise about $400 million (US$325 million) and list on the Toronto Stock Exchange, the report said. San Francisco-based Polychain was founded in 2016 by CEO Olaf Carlson-Wee. The fund manager's other backers include U.S. venture capital firm Union Square Ventures.
1 min read · 29 January 2018
Ethereum Capital, a newly-formed Canadian technology company that aims to become the central business and investment hub for the Ethereum ecosystem, has launched a private offering to raise $50 million. The proceeds will be used to implement Ethereum's strategy of acquiring Ether, the crypto-asset native to the Ethereum platform, as well as Ethereum-based businesses. As part of the deal, the company agreed to combine with an affiliate of Movit Media Corp (TSX.V: MV.H) to create the listed Ethereum Capital Corp. Ethereum is being supported by blockchain investors, including OMERS Platform Investments' John Ruffolo and Version One Ventures' Boris Wertz.
6 min read · 29 January 2018
A record number of Canadian clean technology companies have been named to Cleantech Group's 2018 Global Cleantech 100 list. The list, which recognizes companies that show the greatest potential for market impact, included 13 Canadian companies, up from last year's record of 11. The companies, a high proportion of which are backed by venture capital, are: Awesense, Axine Water Technologies, CarbonCure, Ecobee, Enbala Power Networks, Enerkem, Farmers Edge, GaN Systems, MineSense Technologies, Opus One Solutions, Saltworks Technologies, Semios and Terramera.
4 min read · 24 January 2018
Toronto biotechnology company panCELLa Inc has secured $1 million in a seed-stage financing. The investor was Chiefswood Holdings, a Canadian holding company. The proceeds of the round will be used to begin commercialization of panCELLa's "fail-safe" cell therapy, which is being developed to treat degenerative and malignant disorders, such as Alzheimer's disease and Parkinson's disease. Founded in 2015 by Dr. Andras Nagy and Dr. Armand Keating, panCELLa's technology platform is based on Dr. Nagy's work in the area of stem cell research.
2 min read · 24 January 2018
U.S. construction-focused technology startup Katerra Inc has raised US$865 million in a Series D financing. SoftBank Vision Fund led the round with participation from several new and existing investors, including Canada Pension Plan Investment Board (CPPIB). Founded in 2015, Menlo Park, California-based Katerra provides a service model and software platform that aim to reduce the time and costs associated with building development, design and construction. It will use the funds raised for continued manufacturing expansion and further investment in R&D.
4 min read · 24 January 2018
Commercial drone provider PrecisionHawk Inc has raised US$75 million in its latest round, bringing total funding to more than US$100 million. Third Point Ventures led the round and was joined by Intel Capital, Millennium Technology Value Partners, Verizon Ventures and multiple other venture capital and strategic investors. Founded in 2010 in Toronto and now based in Raleigh, North Carolina, PrecisionHawk provides aerial data and analytics to enterprises in a range of industries. It will use the funds raised to expand its team, undertake product innovation, and make acquisitions.
4 min read · 24 January 2018
