Private Equity
Stem Inc, a Millbrae, California-based provider of energy storage solutions, has secured US$80 million in a Series D financing. The round was led by Activate Capital and joined by Ontario Teachers’ Pension Plan and Singapore's Temasek. Founded in 2009, Stem's technology pairs artificial intelligence with energy storage to help reduce electric costs for businesses. Last year, the company had more than 1,100 sites operational or in construction, with an average system size of 500 kilowatt hours, located in the United States, Canada and Japan.
5 min read · 23 January 2018
Montréal artificial intelligence solutions company Element AI has expanded to Europe, opening an AI lab in London. The office, which will be led by Dr. Julien Cornebise, formerly of DeepMind Technologies Ltd, will serve as the company's European hub, building networks with corporations, governments and research bodies to support "AI for good" and advance Element AI's global network. Its focus will include leveraging AI applications, contributing to research, and connecting talent. Last year, Element AI raised $137.5 million in a Series A financing.
5 min read · 23 January 2018
Bluzelle said it raised US$19.5 million from an initial coin offering. The Singapore company said it generated 500 million tokens and sold 165 million, or a third of the total, to investors including Kenetic Capital, Hashed, Kryptonite 1 and 8 Decimal Capital. It previously raised a US$1.5 million Series A funding last year. Bluzelle is developing a decentralized database to address blockchain storage challenges. It was founded in Canada in 2014.
1 min read · 22 January 2018
Hortau Inc, a Lévis, Québec-based provider of precision irrigation management services for agriculture, has received an investment of $5.9 million from Sustainable Development Technology Canada (SDTC). The funds raised will support Hortau's platform, consisting of hardware, software and communication systems, which help farmers better manage irrigation and reduce water consumption and pesticide use. Founded in 2002, Hortau is backed by Advantage Capital Partners, Avrio Capital, BDC Capital, Capital régional et coopératif Desjardins, Telesystem and other investors.
4 min read · 22 January 2018
Enerkem Inc, a Montréal-based producer of biofuels and renewable chemicals from waste, has struck a $125 million strategic partnership with China's Sinobioway Group. The deal includes equity funding for Enerkem, future licenses, equipment manufacturing and sales, and a joint venture to construct more than 100 Enerkem biofuel facilities in China by 2035. The company said the partnership will help grow its commercial footprint and help China achieve its climate change goals. Enerkem's investors include Braemar Energy Ventures, Cycle Capital Management, Fondaction CSN, Fonds de solidarité FTQ, Rho Capital Partners, Waste Management and Westly Group.
3 min read · 22 January 2018
Mountain View, California-based energy management company Bidgely has raised US$27 million in a Series C financing, bringing its total funding to US$51 million. Georgian Partners, a Canadian growth equity firm, led the round. It was joined by existing investors, including Khosla Ventures, E.ON and innogy. Founded in 2011, Bidgely's software-as-a-service platform applies machine learning to utility meter data to itemize the amount and cost of energy used by customers. Led by CEO Abhay Gupta, the company plans to use the proceeds of the Series C to advance its growth opportunities in the utility analytics space.
3 min read · 19 January 2018
Iris Automation Inc, a Vancouver-founded provider of collision avoidance for commercial drones, has raised US$8 million in a Series A financing. Bessemer Venture Partners led the round and was joined by Bee Partners. Iris, which is now located in San Francisco, has built an artificial intelligence-based situational awareness platform for drones and air taxis intended to enable their widespread use without the risk of collisions or catastrophes. Led by CEO Alexander Harmsen, a Canadian entrepreneur, the company will use the funds raised to expand its team and scale its technology.
4 min read · 18 January 2018
Ottawa said it will invest $700 million over the next five years in Canada's emerging clean technology sectors. The federal government's allocation will be managed by the Business Development Bank of Canada (BDC). BDC is expected to take on additional risk to help clean technology companies succeed by providing them with the capital required to hire staff, develop products, support sales, scale up and compete globally. Ottawa also announced the launch of Clean Growth Hub, which will support clean technology companies and projects, as well as coordinate programs and track results.
4 min read · 18 January 2018
Data Nerds, a Kelowna, British Columbia provider of online property data solutions, has raised $3 million in a Series A financing. The round's backers included Foundry Group, Next Big Ventures, V1.vc and Techstars Ventures. Founded in 2014 by CEO Joshua Fraser, Data Nerds aggregates, digitizes and standardizes property data and presents it to businesses and consumers through its API and suite of products. The funding event comes as the company is finalizing a rebrand of data API and property report products under the new name, Estated. Data Nerds also has an office in Denver, Colorado.
3 min read · 18 January 2018
InvestX Master GP1 has launched a growth equity fund that will accept both traditional and digital currency. The minimum fundraising target is $20 million with a hard cap at $100 million. InvestX Global Growth Equity Fund will be available to accredited investors in Canada, the United States and internationally. Vancouver-based InvestX provides accredited investors, family offices, and institutional investors with access to investments in late-stage private companies.
3 min read · 18 January 2018
