Private Equity
Canadian software provider Corel Corp has acquired ClearSlide Inc, a San Francisco software-as-a-service platform that helps sales, marketing and service teams engage with customers. No financial terms were released. Vector Capital-backed Corel said it will invest in the development of ClearSlide's cloud-based technology and support its growth into new markets. Founded in 2009, ClearSlide serves more than 2,000 companies with nearly 1 billion minutes of engagement from customers. It has raised close to US$90 million from Bessemer Venture Partners, Felicis Ventures, Greylock Partners, Social+Capital Partnership and others, according to Thomson Reuters.
3 min read · 13 December 2017
GaN Systems Inc, an Ottawa-based maker of Gallium nitride (GaN) power semiconductors, said Asian power systems business Delta has joined the strategic investment led earlier this year by BMW i Ventures. No financial terms were released. The funds raised will be used by the company to expand global sales and accelerate product innovation. Led by CEO Jim Witham, GaN produces GaN transistors to support data centre servers, renewable energy systems, automotive products, industrial motors and consumer electronics. It is also backed by BDC Capital, Chrysalix Venture Capital, Cycle Capital Management, RockPort Capital and Tsing Capital.
3 min read · 12 December 2017
U.S. ride-hailing company Lyft Inc this week launched its service in Toronto, marking the first time it has taken its battle against the much larger Uber Technologies Inc outside of the United States, Reuters reported. Lyft presents itself as a friendlier version of Uber, which is facing investigations by governments around the world, including in Canada, over its cover up of a massive 2016 data breach. Lyft raised US$1 billion in October, in a financing round led by CapitalG, the growth investment fund of Alphabet Inc and in September hired an initial public offering advisory firm. Canadian investors in the company include Ontario Teachers’ Pension Plan and Public Sector Pension Investment Board.
2 min read · 12 December 2017
Cycle Capital Management and Qingdao City Construction Investment Group have held the first close the Qingdao Chengtou Haisi Cycle Equity Investment Fund. The RMB 600 million ($116 million) fund, launched in 2014, will invest in growth-stage industrial technology companies located in China, Canada and elsewhere in North America. It has already made its debut investment, deploying RMB 50 million to Haier-Ririshun Lejia, an affiliate of Qingdao-based consumer electronics and home appliances company Haier. Cycle is a Montréal-based clean technology venture capital firm.
4 min read · 12 December 2017
Canadian biopharmaceutical company ImmunoBiochem Corp has raised undisclosed financing. The round was backed by angel investors and the company’s founding investor, which were not identified. Located at Johnson & Johnson Innovation-JLABS in Toronto, ImmunoBiochem has developed technology that targets unique proteins in the secretomes of cancer cells with antibody-drug conjugates. It is completing pre-clinical development and plans to bring the new therapies into the clinic. Led by CEO Anton Neschadim, ImmunoBiochem is supported by MaRS Health and the H2i accelerator at the University of Toronto.
6 min read · 11 December 2017
The Government of Nova Scotia plans to commit $15 million to a new venture capital fund that will invest in late-stage technology companies located in the province and elsewhere in Atlantic Canada. The fund, which is targeted to raise $50 million to $75 million by leveraging additional limited partners, will be managed by Canadian venture capital firm Build Ventures. The government will also commit $10 million to a fund earmarked for investments in early-stage companies in the region, the manager of which has not yet been selected. The fund initiatives are the result of an Innovacorp-led strategic process launched in June 2016.
2 min read · 08 December 2017
Sig.num, a Montréal-based medical technology startup, has raised undisclosed financing from 10 members of angel network Anges Québec and Anges Québec Capital. Founded in 2014 by CEO David Nadezhdin and CMO Deepak Bobby Jain, Sig.num has developed a contactless monitoring system for screening and treating cardiovascular diseases. The round's proceeds will be used to support the company's initial entry into the Canadian market as well as targeted sites in the United States and Europe. Technology entrepreneur and investor Jean-François Grenon was the lead angel in the deal.
3 min read · 07 December 2017
EStruxture Data Centers Inc has acquired the Montreal Gazette's former printing facility. The investment, valued at $150 million, will result in the facility's conversion into a data centre with 30 megawatts of power capacity. EStruxture, a Montréal-based network and cloud-neutral data centre operator, said the deal is part of its strategy to expand and acquire data centres across Canada. Earlier this year, eStruxture secured $80 million in financing from Canderel and Caisse de dépôt et placement du Québec and announced its first buy, Netelligent Hosting Services. The company is also backed by Fengate Real Asset Investments.
3 min read · 06 December 2017
Aspen Technology Inc (NASDAQ: AZPN) has acquired the Cipher industrial internet-of-things cloud-native software and edge connectivity assets of RtTech Software Inc. No financial terms were disclosed for the deal, which will see RtTech's founder, President and CEO Keith Flynn, and other personnel join Aspen. Moncton, New Brunswick's RtTech will continue to build the remaining business, Entrevestor reported. RtTech has been backed by McRock Capital, which led the company's $3 million Series A financing in 2015, and New Brunswick Innovation Foundation. U.S.-based Aspen said the acquisition strengthens its asset optimization strategy.
4 min read · 06 December 2017
Canadian early-stage venture capital firm Brightspark has raised $6 million in a round led by Kensington Capital Partners, a Canadian alternative investment firm. The proceeds will be used to advance Brightspark's investment model, launched in 2014, which leverages a network of more than 2,000 accredited investors. The firm said it expects to double the size of its team and increase its investment pace from the equivalent of a traditional $100 million fund to a $120 million fund, with deployments of $20 million to $30 million per year. Founded in 1999, Brightspark is led by Managing Partners Mark Skapinker and Sophie Forest.
4 min read · 06 December 2017
