Private Equity
Ambyint Inc, a Calgary-based energy-focused artificial intelligence (AI) startup, has raised about $14 million (US$11.5 million) in a Series A financing. U.S. venture capital firm Mercury Fund led the round and was joined by GE Ventures, Statoil Technology Invest and Cottonwood Venture Partners. Launched in 2015, Ambyint has developed an AI-driven, artificial-lift optimization solution that helps oil and gas companies reduce costs and improve production. It will use the funds raised to expand deployments of the technology in Canada and the United States and pursue further innovation. Ambyint was founded by COO Nav Dhunay and is led by CEO Alex Robart.
5 min read · 25 September 2017
Fusion Pharmaceuticals Inc has secured about $26 million (US$21 million) in the second close of its Series A financing. The additional funding, which brings the round to nearly $57 million (US$46 million) in total, was supplied by Adams Street Partners, Seroba Life Sciences and Varian Medical Systems Inc, among others. They join the backers of the round's first close, announced in February. Hamilton, Ontario's Fusion, a spin-out of the Centre for Probe Development and Commercialization, is developing targeted radiotherapeutics for treating cancer. It will use the additional funds raised to develop its lead program, expand its pipeline, and form new strategic partnerships.
3 min read · 25 September 2017
Vancouver financial services platform Koho has raised $8 million in additional financing from Portag3 Ventures, a fund launched last year by Canada's Power Financial Corp. With the round, Paul Desmarais III, senior vice president of Power Financial, Adam Felesky, president of Portag3, and Michael Katchen, co-founder and CEO of Wealthsimple, joined the board. Launched this year by CEO Daniel Eberhard, Koho provides Canadians with a no-fee, mobile alternative for managing daily spending and saving, and gaining insights into personal finances. It will use the funds raised to scale the platform and expand its engineering and operations team at a new Toronto headquarters.
3 min read · 25 September 2017
Initial coin offerings took the summer by storm, with more than US$1.5 billion raised from April through August. Reactions have been extreme and varied. For VCs, digital-token offerings present opportunities and challenges. They open the door to new liquidity for startups and investors, while presenting a host of regulatory issues. Waterloo-based Kik Interactive, the anonymous social-media app founded in 2009, is raising US$125 million by selling digital tokens called Kin. Paul Holland, a general partner at Foundation Capital, which invested in the company five years ago, spoke with Venture Capital Journal about the ICO strategy.
4 min read · 22 September 2017
Mobify, a Vancouver-based customer engagement platform, has raised funding from Vistara Capital Partners, Impulse International, an affiliate of Kuwait Investment Authority (KIA), Comerica Bank and other investors. The round adds to other recent investments made by Acton Capital, BDC Capital and Plaza Ventures, and brings the total raised to $15 million. Launched in 2007, Mobify provides progressive web apps for retailers and brands looking to close the gap between desktop and mobile conversion rates, keep up with customer expectations, and win loyal customer relationships. It is led by CEO Igor Faletski.
4 min read · 21 September 2017
Content experience platform ScribbleLive has acquired ion interactive, a Boca Raton, Florida-based provider of interactive content marketing software. No financial terms were released. ScribbleLive said the acquisition is its largest to date, bringing on more than 250 enterprise customers, and will add new interactive capabilities to its platform. Based in Toronto, ScribbleLive help brands, sports and media organizations manage the full lifecycle of their content. It has raised more than $60 million from investors, including Emerillon Capital, Georgian Partners, OpenText Enterprise Apps Fund, Rogers Ventures and Summerhill Venture Partners.
3 min read · 21 September 2017
Manifold, a developer services platform, has emerged from stealth and raised about $18.4 million (US$15 million) in a Series A financing. The round was led by OMERS Ventures and joined by Boldstart Ventures, Version One Ventures, Amplify Partners and Leaders Fund. Based in Halifax and San Francisco, Manifold has created technology that supports developers by reducing the complexity of building and deploying applications with micro-services and third-party infrastructure services. Founded last year and led by CEO Jevon MacDonald, the company will use the funds raised to build its team, which already includes top developers, and expand its roster of services.
4 min read · 21 September 2017
Ushr Inc, a U.S. provider of autonomous vehicle navigation solutions, has raised US$10 million in a Series A financing. The round, which was commensurate with the company's spin-off from GeoDigital Inc, was led by Forté Ventures. It was joined by other investors, including Emerald Technology Ventures and EnerTech Capital, venture capital firms with offices in Canada. Ushr has developed precise, high-definition mapping technology and software for autonomous and semi-autonomous vehicles. Based in Detroit, Michigan, the company is led by CEO Bruce Gordon.
3 min read · 20 September 2017
FoodLogiQ, a U.S. provider of traceability, food safety and supply chain transparency software, has raised a Series B financing. The round, the value of which was not disclosed, was led by Renewal Funds, a Canadian impact venture capital firm. FoodLogiQ, which has its headquarters in Durham, North Carolina, said the funds raised will support its growth in the food technology space. Launched in 2006, the company is led by CEO Dean Wiltse.
3 min read · 20 September 2017
Ottawa-based cybersecurity software startup inBay Technologies Inc has raised more than $1 million in financing. Dutch venture capital firm Ramphastos Investments co-led the round with angel investors represented by Tongda One Partners, a Canadian advisory firm. Founded in 2009, inBay develops password-less authentication solutions to ensure safe and secure access to enterprise services and applications. Shane Young, the company's president and CEO, said the funds raised will help accelerate commercialization of inBay's idQ trust-as-a-service platform.
3 min read · 20 September 2017
