Private Equity
LeddarTech Inc, a Québec City-based provider of optical detection and ranging technology, has raised about $130 million (US$101 million) in a Series C financing. Strategic investor Osram, which acquired a stake in the company in July, led. It was joined by Delphi, Magneti Marelli, Integrated Device Technology and Fonds de solidarité FTQ. Established in 2007, LeddarTech is the developer of LiDAR sensing technology used in self-driving cars. Led by CEO Charles Boulanger, the company will use the funds raised to enhance ASIC development efforts, expand R&D, and accelerate LiDAR development with select automotive customers to advance market deployment.
4 min read · 07 September 2017
The Canadian Innovation Exchange (CIX) has announced this year’s roster of 20 innovative companies to be inducted into the annual CIX Top 20 program. The companies, many of them venture-backed, were selected by technology experts and investors from across Canada. The chief executive of each company will present at CIX 2017 on October 17-18 in Toronto. The top 20 are: Aspect Biosystems, Automat, BioConnect, Clio, Cloud DX, Dot health, Elucid Labs, FI.SPAN, GBatteries, Hubdoc, Integrate.ai, Jaza, Litmus Automation, MindBridge Analytics, Pyrowave, SecureKey Technologies, SomaDetect, StackAdapt, Tealbook and Top Hat.
3 min read · 07 September 2017
Vision Critical has acquired Pressly, a Toronto-based software company focused on the curation and distribution of marketing content. Terms weren't released. Vision Critical, a Vancouver-based customer intelligence software platform, said the deal offers its customers an ability to share insight with internal stakeholders and community members, creating stronger customer relationships. Founded in 2011, Pressly has been backed by Gibraltar Ventures, iNovia Capital and OMERS Ventures, among others. Vision Critical is also venture-backed. In February, Georgian Partners and W Capital Partners bought shares from the company's early investors.
3 min read · 07 September 2017
Automat, an artificial intelligence (AI)-driven conversational marketing platform, has entered into a strategic alliance with Element AI, an AI solutions provider. The partnership will focus on leveraging the platforms of the two companies to deliver AI capabilities and ensure customers of both have access to "the products, technology and expertise required to develop messaging experiences of any nature or complexity." In June, Montréal-based Element AI raised about $137.5 million (US$102 million) in a Series A round. Automat, which is also based in Montréal, in the same month secured about $11 million (US$8.3 million) in a Series A.
4 min read · 06 September 2017
Canadian home healthcare software company AlayaCare Inc has raised $2.4 million in follow-on financing. The round was backed by Fonds Innovexport, a vehicle created by a group of entrepreneurs together with Caisse de dépôt et placement du Québec, Fondaction CSN, Fonds de solidarité FTQ, Investissment Québec and others. AlayaCare said it will use the funds raised to build on three-year annual sales growth of more than 125 percent and invest in its product and employees. Founded in 2014 by CEO Adrian Schauer, Alayacare has offices in Toronto and Montréal. It is also backed by Klass Capital and other investors.
3 min read · 06 September 2017
Canadian venture capital firm Avrio Capital said its third late-stage agribusiness fund has deployed about $20 million across three new platform investments. Avrio Ventures III joined other investors in backing Seattle, Washington plant genetics and propagation specialist Phytelligence Inc. It also invested alongside of White Road Investments in the Series A financing of Carlsbad, California's Organic Mushroom Nutrition (M2). Finally, Fund III acquired a majority stake in Morris Industries Ltd, a Saskatoon maker of technology-based agricultural equipment. As a result of that recapitalization deal, Avrio's Aki Georgacacos and Steven Leakos will join the company's board.
5 min read · 06 September 2017
Absorb Software Inc, a Calgary provider of cloud-based learning and performance management software, has secured $59 million in funding. The investment was led by Silversmith Capital Partners, a U.S. growth equity firm. Founded in 2002, Absorb currently serves more than 2.5 million learners each month across 600 global customers. Led by President and CEO Mike Owens, an Absorb co-founder, the company plans to use the deal's proceeds to further develop its flagship product, Absorb LMS, a learning management system for businesses, higher-education institutions, and government and non-profit agencies, and expand its geographic footprint.
3 min read · 06 September 2017
Integrate.ai, a Toronto-based artificial intelligence (AI) enterprise software company, has raised about $5.7 million (US$$4.625 million) in a follow-on financing. The round was led by Real Ventures, according to a report by the Globe and Mail. It was joined by several other investors, including Georgian Partners, which led the US$5 million seed round that launched Integrate.ai earlier this year. A larger Series A financing is planned for 2018. Integrate.ai, founded by CEO Steve Irvine, Facebook Inc’s former marketing-partner program head, also announced appointments to its strategic advisory board, including Georgian's Justin LaFayette and Real Ventures' Mike Shaver.
6 min read · 06 September 2017
Education technology startup Classcraft Studios Inc has secured $2.8 million in an early-stage financing. Canadian venture capital firm Whitecap Venture Partners led the round and was joined by Brightspark Ventures, MaRS Catalyst Fund and other investors. Based in Sherbrooke, Québec and New York, Classcraft has created an online educational tool that utilizes game mechanics to improve student engagement. Launched in 2013 by CEO Shawn Young, President Devin Young and CFO Lauren Young, the company's tool is today used by more than 2.5 million students worldwide. It will use the funds raised to scale the platform and integrate new curriculum.
5 min read · 05 September 2017
Toronto insurtech platform Finaeo Inc has raised $2.25 million in a seed-stage financing. The round was led by Impression Ventures, whose founder and managing partner, Christian Lassonde, will join the board. 500 Startups, Robo Ventures and iGan Partners also invested. Founded in 2016 by CEO Aly Dhalla, COO Donald Chu and CTO Aaron Alsop, Finaeo has developed a software-as-a-service platform that automates the back-office administration of insurance advisors. It will use the funds raised to hire engineering talent to further enhance the technology. Earlier this year, Impression closed its second fund at more than $30 million.
4 min read · 05 September 2017
