Private Equity
Circle Cardiovascular Imaging Inc, a Canadian developer and marketer of cardiac-image analytical software, has secured an undisclosed follow-on financing. Existing and new investors in the round included BDC Capital Healthcare Venture Fund, an affiliate of BDC Capital, healthcare investor Epic Capital Management and The Accelerate Fund, an early-stage fund managed by AVAC. Calgary-based Circle said the funds raised will be used to support its global expansion, which was recently given impetus by a licensing and distribution partnership with GE Healthcare. Circle obtained $3.9 million in a round backed by BDC, Foundation Equity and other investors in July 2011.
3 min read · 24 March 2016
Zymeworks Inc has closed its previously announced acquisition of Kairos Therapeutics Inc, a specialist in antibody drug conjugates. No financial terms were disclosed. The merger of the two Vancouver-based companies creates "one of the industry's leading biologics drug discovery and development organizations," Zymeworks said. Zymeworks, a developer of antibodies and antibody drug conjugates for the treatment of cancer, autoimmune and inflammatory diseases, secured about $87 million (US$61.5 million) in a Series A financing in January. The round was co-led by BDC Capital and Lumira Capital.
4 min read · 24 March 2016
The C100 has launched "The Ambassador Program", an initiative intended to broaden the Silicon Valley-based association's reach in Canada, and its ability to offer support to Canadian entrepreneurs and startups. The program is comprised of ambassadors residing in Canadian cities who will over a 24-month period identify and engage promising startups in their regions. The ambassadors are Dax Dasilva, founder and CEO of Lightspeed; Daniel Debow, former senior vice president, emerging technologies, at Salesforce; Jevon MacDonald, co-founder and ex-CEO of GoInstant; Aydin Mirzaee, co-founder and former Co-CEO of Fluidware; and Matt Switzer, senior vice president, labs, corporate and business Development at Hootsuite.
6 min read · 24 March 2016
The Fonds de solidarité FTQ has welcomed the full reinstatement of the 15 percent federal tax credit for contributions made to labour-sponsored funds for the 2016 fiscal year. The federal government announced the initiative this week in its 2016 Budget. The tax credit, which matches a Québec government credit of equal value, was scheduled to be fully phased-out by 2017. Other Canadian labour-sponsored funds, including Fondaction CSN, also welcomed the reinstatement. Based in Montréal, the Fonds de solidarité FTQ manages net assets of $11.2 billion.
3 min read · 24 March 2016
AppDirect, a cloud service commerce platform, has bought Xendo, a San Francisco-based provider of hosted enterprise search solutions, for an undisclosed sum. The acquisition, AppDirect's sixth to date, follows its buy of Montréal's Radialpoint in January. AppDirect said the Xendo deal will allow it to integrate unified search capability into its platform and thereby eliminate fragmentation and create interoperability between apps. Founded by Canadians Nicolas Desmarais and Daniel Saks in 2009, San Francisco-based AppDirect has raised US$245 million in venture capital. Its Canadian backers include iNovia Capital.
4 min read · 24 March 2016
QD Solar Inc, a Canadian startup created by the University of Toronto and MaRS Innovation, has obtained $2.55 million in funding from Sustainable Development Technology Canada (SDTC). Founded in 2014, QD Solar has developed solar photovoltaic technology that can absorb infrared light otherwise wasted by conventional solar panels. The partnership with SDTC will help bring the technology to market, the company said. QD Solar received seed-stage financing from MaRS Innovation in 2014 and 2015.
4 min read · 23 March 2016
Aterlo Networks Inc, a technology startup focused on improving video streaming quality for Internet users, has raised $1 million in financing. The round was led by MaRS Investment Accelerator Fund, a seed-stage fund managed by Canadian innovation hub MaRS Discovery District. BDC Capital and Sandvine Inc also invested. Waterloo-based Aterlo said the funds raised will be used to expand its flagship product, NightShift, hire local talent, and extend the reach of its marketing initiative. Founded in 2014, the company is led by CEO Gerrit Nagelhout.
3 min read · 23 March 2016
Canada will invest in green technology projects and introduce tax breaks to boost energy efficiency, Finance Minister Bill Morneau said this week, but the initiative appeared to be less ambitious than some companies had hoped for, Reuters reported. Ottawa will invest more than $1 billion over four years to support clean technology in the forestry, fisheries, mining, energy and agriculture sectors, he said, adding that more precise details would be released later this year.
2 min read · 23 March 2016
The Canadian Venture Capital and Private Equity Association (CVCA) said it welcomes the federal government's Budget 2016. The CVCA said the budget showed the government "is engaged on innovation and growth and is open to listening and engaging key stakeholders." It welcomed the budget's innovation focus and commitment to address a range of related issues. The CVCA also supported the reinstatement of the labour-sponsored venture capital corporation (LSVCC) tax credit effective January 1st; spending on infrastructure and technology clusters; and its decision not to change the tax treatment of stock options.
2 min read · 23 March 2016
Medgate, a provider of SaaS-based environmental, health and safety risk management solutions, announced it has raised an undisclosed investment led by the growth equity team at U.S.-based Norwest Venture Partners. Joining the strategic round are Canadian investors Georgian Partners and BMO Financial Group. Medgate has offices in Toronto and Palo Alto, California. As part of the financing, Jon Kossow and Rob Arditi, respectively general partner and partner at Norwest, have joined the company's board. Medate said the funds raised will support product expansion, analytics innovation, and strategic acquisitions to accelerate growth.
4 min read · 23 March 2016
