Canada

Fidelity-led round brings Adeptmind's funding to $5.5 mln

Adeptmind Inc has launched its Toronto-based deep learning platform and secured a seed investment from Fidelity Investments Canada. The investment brings total funding so far to $5.5 million. Founded last year by CEO G Wu and CTO Jing He, Adeptmind is developing technology that uses deep learning techniques to help e-commerce companies improve online searches, filters and customer service. It said it aims to deliver "100 percent accurate online shopping results." Adeptmind will use part of the funds raised for a scholarship program targeting university students who are contributing to the advancement of artificial intelligence.

Element AI helps launch $45 mln Korean AI innovation fund

Montréal artificial intelligence solutions company Element AI has helped launch a new US$45 million fund to invest in emerging AI technologies in Korea and around the world. The fund, backed by Korea's SK Telecom Co Ltd, Hyundai Motor Co and Hanwha Group, will target the most promising sectors of commercial AI applications and infrastructure, including autonomous vehicles, household robots, manufacturing, drones and hardware. It will be managed by the three Korean companies and advised by Element AI. In June, Element AI raised $137.5 million in a Series A round to create and incubate AI solutions in partnership with corporations and research institutions.

Venture-backed Inocucor raises $7.8 mln in SDTC funding

Sustainable Development Technology Canada (SDTC) has provided about $7.77 million in funding to Inocucor Technologies Inc, a Montréal-based producer of sustainable biological crop inputs. The funds raised will back development of the company's second product, Synergro Free, a bio-fertilizer that increases yields in row crops. They will also support production scale-up and marketing of Synergro Free to farmers, as well as other priorities. Inocucor earlier this year raised a $38.8 million Series B financing led by TPG ART and joined by Cycle Capital Management, Closed Loop Capital and Desjardins Innovatech.

Is there wisdom in the crowd? Crowdfunding in Canada

New forms of financing for innovation projects have the potential to improve Canada’s innovation ecosystem. Seen in this light, crowdfunding, a fintech innovation, should be welcomed, writes the Conference Board of Canada's Michael Grant in an exclusive PE Hub Canada feature article. But Canada’s crowdfunding market is currently under-developed, with equity and debt crowdfunding amounting to less than $50 million per annum. Grant makes the case that further development of the domestic market will depend on innovations and less restrictive provincial regulations.

District Ventures earmarks $3 mln for 20 consumer startups

District Ventures Accelerator and District Ventures Capital said they will invest $3 million in 20 early-stage food, beverage and health companies in the consumer packaged goods sector. Beginning in January 2018, 20 successful applicants to the accelerator will receive a $130,000 investment in exchange for a minority equity stake. The applicants, forming cohort 5, will undertake a five-month program to increase brand equity, distribution, sales and valuation. District Ventures' accelerator and fund are led by Arlene Dickinson, a Dragon’s Den star and entrepreneur.

Body clock app Rthm wins backing of District Ventures

Rthm Technologies Inc, a Toronto-based mobile health and wellness company, has secured an investment from Canadian consumer venture capital firm District Ventures Capital. No financial terms were released. Founded in 2014 by CEO Alexander Mosa and Anthony Mouchantaf, Rthm has developed a health tracking app that can monitor biometrics, like heart rate and steps, and help users make healthy decisions. The company is positioned to "go to the next level with our strategic investment,” District Ventures Managing Partner Arlene Dickinson said. Rthm is also backed by MaRS Investment Accelerator Fund.

BDC adds to Women in Tech fund, brings total to $70 mln

BDC Capital has added $20 million to its Women in Tech investment program, which now has $70 million to invest in Canadian women-led technology companies over five years. Of the total, $60 million will be invested directly in seed, Series A and Series B financings of companies, while $10 million will go to funds, such as StandUp Ventures Fund I, and related regional initiatives. Since last November, BDC has committed $3 million to nine women-led companies, including team performance platform Nudge Rewards Inc, which this week announced the close of its $5 million Series A round.

Venture-backed Imagia acquires Cadens Medical Imaging

Imagia has acquired Cadens Medical Imaging, a Montréal-based provider of medical imaging software. No financial terms were disclosed for the deal, which was funded by Imagia's Series A round, led by BDC Capital's Healthcare Venture Fund and joined by Fidelity Investments Canada in late 2016. Founded in 2015 by COO Alexandre Le Bouthillier and CSO Nicolas Chapados, and led by CEO Frédéric Francis, Montréal-based Imagia said the deal will accelerate its ability to deliver artificial intelligence-driven personalized healthcare solutions. Cadens was backed by Anges Québec, Desjardins-Innovatech, Fonds de solidarité FTQ and other investors.

Team performance startup Nudge Rewards closes $5 mln Series A

Toronto-based employee performance platform Nudge Rewards Inc has secured $5 million in a Series A financing. U.S. venture capital firm Generation Ventures led the round, giving President Alistair Mitchell a seat on the board. BDC Capital's Women in Tech Fund, Brightspark Ventures, StandUp Ventures and new and existing angel investors also participated. Founded in 2012 by CEO Lindsey Goodchild and CTO Dessy Daskalov, Nudge Rewards provides a mobile solution to improve frontline team performance for retail, food service, and hospitality brands. It will use the funds raised to fuel expansion in select Canadian and U.S. markets.

AI startup chata.ai raises $2.5 mln in seed financing

Calgary-based artificial intelligence startup chata.ai has raised $2.5 million in a seed-stage financing. The investors, described as "local", were not identified. Founded last year, chata.ai's cloud-based software service offers a conversational analytics assistant to help users access, search and analyze business data. The company is targeting opportunities in the accounting industry with a first integration planned with QuickBooks Online. Led by CEO Kelly Cherniwchan, chata.ai will use the seed round's proceeds for commercialization and growth.