Canada

Intel Capital, Innovacorp invest in first round of Reno Sub-Systems

Reno Sub-Systems Canada Inc has confirmed an earlier report by peHUB Canada that it has raised venture capital funding from Intel Capital, the investment arm of Intel Corp. The Bedford, Nova Scotia-based startup said other investors in its first round included Canadian venture capital firm Innovacorp. The financing's value was not published. Reno Sub-Systems designs, develops and delivers sub-systems used to control process systems made by original equipment manufacturers. It said proceeds of the deal will be used to bring the company's technology to market and "enable next generation advanced semiconductor manufacturing process technology nodes."

BDC Capital leads $2 mln funding of mobile med platform Clearwater

Clearwater Clinical Ltd, a developer of medical devices to enable efficient mobile diagnosis of medical conditions, has secured $2 million in venture capital financing. The round was led by BDC Capital Healthcare Fund, a sector-focused fund managed by the Business Development Bank of Canada (BDC), and was joined by Naavon and Fundfire. The Ottawa-based company said that the funds will help accelerate sales and marketing of its product suite. It was also announced that Michael Weider, who previously founded Blaze Software Inc and Watchfire Corp, has joined Clearwater as its new CEO. Jean-François Pariseau, a BDC partner, has joined the company's board of directors.

Reno Sub-Systems Canada among new investments of Intel Capital

Intel Capital, the venture capital investment arm of Intel Corp, has announced new investments totaling US$62 million in 16 technology startups. Among the companies backed by Intel Capital is Reno Sub-Systems Canada Inc, a designer and developer of process control systems technology. The specific size of the investment was not disclosed. Co-founded by CEO David Ferran and other company executives including Christopher Davis, Jeff Spencer, Imran Bhutta, Daniel Mudd and Robert Ferran, Reno is based in Halifax, Nova Scotia.

VC-backed Fuse Powered acquires VC-backed Corona Labs

Mobile monetization startup Fuse Powered Inc has bought Corona Labs Inc, a cross-platform mobile development company based in Palo Alto, California. The financial terms of the acquisition were not published. Fuse Powered said the combined companies reach more than 200 million monthly active users with a platform supporting more than 10,000 mobile game and app publishers worldwide. Founded in 2009, the Toronto-based Fuse Powered is backed by Canadian venture capital firm Relay Ventures, NFQ Ventures and other investors. Corona was also venture-backed, counting among its investors U.S. venture capital firm Merus Capital.

Venture Newfoundland and Labrador launched to invest $15 mln in startups

The government of Newfoundland and Labrador has unveiled its previously announced Venture Newfoundland and Labrador, a fund that will invest in local entrepreneurs and startups. The fund, which will be managed by GrowthWorks Atlantic, will be capitalized at around $15 million, with $10 million provided by the government, $2 million provided by BDC Capital, and a further commitment expected from private investors. The government said a 30 percent tax credit will be made available to encourage private investors to partner in the fund.The government also confirmed its $10 million commitment to Build Ventures, a venture capital firm established in May 2013 to invest in startups located in Atlantic Canada.

BDC again named among Canada's top 100 employers

The Business Development Bank of Canada (BDC) has once again been recognized by Mediacorp Canada Inc as one of Canada's Top 100 Employers. This is the ninth consecutive year in which BDC has been recognized in Mediacorp's annual national competition. The Montréal-based BDC offers loans, consulting services, growth and business transition capital, securitization, and venture capital to more than 30,000 small and medium-sized companies in Canada.

Desmarais-backed Sienna Capital commits to Mérieux Développement

Mérieux Développement, the private equity investment arm of Institut Mérieux, has launched a new vehicle with a total commitment of €150 million ($212 million) to invest in healthcare and nutrition sectors. As part of a partnership agreement, Sienna Capital, an affiliate of Belgium's Groupe Bruxelles Lambert (GBL), has committed €75 million ($106 million) to Mérieux, most of which will be dedicated to the new vehicle. GBL is controlled in part by Canada's Desmarais family. Mérieux Développement is based in Lyon, France.

Intel Capital invests in PrecisionHawk

Intel Capital has joined PrecisionHawk's previously announced US$10 million Series B financing round. Also, Tammi Smorynski of Intel Capital has been named an advisor to the PrecisionHawk board of directors. Based in Indianapolis, Raleigh, North Carolina and Toronto, PrecisionHawk is an unmanned aerial systems and remote sensing platform. It was founded in 2010. Update: The company said the partnership with Intel Capital will enhance its product development and engineering to meet the technology needs of clients.

Blue Ant Media takes controlling stake in New Zealand's Choice TV

Blue Ant Media Inc has bought a majority stake in Choice TV, a private independent television network in New Zealand. The financial terms of the deal were not disclosed. Founded in 2012, Choice TV offers programs focused on travel, outdoors, food, home décor, real estate, comedy and drama. The network said the investment will allow it to strengthen its content development strategy and enhance its programming schedule. Blue Ant, a Toronto-based media business, is backed by Relay Ventures, Kensington Global Private Equity Fund and Difference Capital Financial.

VC-backed Zymeworks closes private placement at $17.3 mln

Biotherapeutic company Zymeworks Inc recently closed its previously announced funding at a gross amount of around $17.3 million. The investment came from a mix of new and existing backers. Zymeworks’ venture capital investors include Advanced Biotechnologies Venture Fund and CTI Life Sciences Fund. Concurrent with the deal announcement, Zymeworks said it has expanded a strategic collaboration with Eli Lilly and Co (NYSE: LLY) to develop novel bi-specific antibody therapeutics using its platform. The potential US$375 million partnership will include an equity investment by Eli Lilly in the Vancouver-based company.