Canada

Redline Communications to buy VC-backed PureWave Networks

Redline Communications Group Inc (TSX: RDL) has agreed to purchase the assets of PureWave Networks Inc, a wireless technology company located in Santa Clara, California, for $2 million. The Toronto-based Redline said the deal will allow it to accelerate the expansion of its suite of high performance rugged network solutions to include new capabilities. Founded in 2003, PureWave has been venture-backed since 2007. Its U.S. investors have included Allegis Capital, ATA Ventures, Benhamou Global Ventures, Leapfrog Ventures and Webb Investment Network. Redline was also venture-backed prior to going public in 2007.

Elastic Path raises $5.35 mln to leverage experience-driven commerce

Vancouver-based e-commerce provider Elastic Path Software has raised $5.35 million in a new financing round led by BDC Venture Capital IT Fund and joined by Yaletown Venture Partners and several angel investors. The new funds will help Elastic Path position its digital technology platform and scale its operations to anticipate a major market shift in the direction of experience-driven commerce.

Sylvie Des Roches tapped as Fonds de solidarité FTQ's internal audit VP

Montréal-based private equity and venture capital firm the Fonds de solidarité des travailleurs du Québec FTQ has appointed Sylvie Des Roches as its vice president, internal audit. Des Roches will be responsible for ensuring adequate and effective operating processes and will help oversee financial and regulatory compliance matters. Before joining the Fonds de solidarité FTQ, she held several senior executive roles at the Standard Life Assurance Co.

Avrio Capital nets $65 mln in first close of fourth agriculture and food fund

Canadian venture capital firm Avrio Capital has raised $65 million in the first close of its fourth institutional late-stage fund, Avrio Ventures LP III. Focused on investing in innovative agriculture and food companies, the fund received capital commitments from existing limited partners Farm Credit Canada and Export Development Canada. The Calgary-based Avrio said the subsequent close of Avrio Ventures LP III, which is targeted to raise $125 million in total, is likely to occur in the coming months. Founded by managing directors Jim Taylor and Aki Georgacacos, the firm has invested in 52 companies during the last 12 years. Avrio's original fund is now fully realized, having achieved an IRR of approximately 20 percent.

Venture-backed Averna buys Cal-Bay Systems

Averna Technologies Inc has bought Cal-Bay Systems Inc, a U.S.-based provider of test systems, test and measurement services, automated testing and vibration monitoring tools, for an undisclosed sum. Averna said the deal strengthens its presence in the medical device, vibration monitoring, and consumer electronics markets. Based in Montréal, Averna is a developer of test products and services for communications and electronics device-makers. It is backed by Canadian private equity and venture capital firm Fondaction CSN, the Caisse de dépôt et placement du Québec and other investors.

BLiNQ Networks raises $15.1 mln in Series B financing round

BLiNQ Networks Inc has secured US$15.1 million in a Series B financing round. This latest round, which brings the company's total funding to date to US$32.5 million, was led by WIN Fund LP and joined by new investor Kensington Global Private Equity Fund and existing investors BDC Capital, New Venture Partners and Summerhill Venture Partners. Investment proceeds will be used to continue BLiNQ's product innovation, scale operations and accelerate global sales growth. With its headquarters in Ottawa and Plano, Texas, BLiNQ is a provider of wireless backhaul solutions that allow mobile operators to deliver mobile broadband services in high density areas. It was founded in June 2010.

Chrysalix commits to $53 mln equity funding of GlassPoint Solar

GlassPoint Solar Inc, a provider of solar steam generators to the oil and gas industry, has raised US$53 million in equity investment. The deal was led by Oman State General Reserve Fund and Shell Technology Ventures and was joined by the company's existing backers, which include Canadian venture capital firm Chrysalix Energy Venture Capital. GlassPoint will use the new funds to accelerate deployment of its solar steam generators, which the company said can reduce an oilfield’s natural gas consumption by up to 80 percent. Founded in 2008, GlassPoint is based in Fremont, California.

Wellington Financial adds new partners, opens San Jose office

Canadian specialty finance firm Wellington Financial has added Rob Helm and Sean Lynden to its team of professionals. Previously with U.S. private equity and venture capital firm Gold Hill Capital, Helm and Lynden have joined Wellington as partners. They will operate from the firm's newly established office in San Jose, California. Wellington also announced that Craig Netterfield, a partner since 2005, recently left the firm to join a startup. Based in Toronto, Wellington provides term, venture and amortizing loans up to $30 million. It is affiliated with Canadian mid-market private equity firm Clairvest Group.

The Funding Portal, SDTC launch new cleantech financing platform

The Funding Portal Inc has partnered with Sustainable Development Technology Canada (SDTC) to launch a new online platform to help clean technology companies raise financing for their R&D and commercialization efforts. The new platform, which is found at TheFundingPortal.com/CleanTech, gives startups access to services for securing funds from both government and private sector sources. Among the potential venture capital sources will be SDTC's SD Tech Fund and SD Natural Gas Fund. In June, the Funding Portal and University Health Network launched a similar platform to support the early-stage financing of healthcare companies.

Breather app scores $6 mln Series A

Breather has raised $6 million in Series A round. RRE Ventures led the round with participation from other investors that included Vayner/RSE, Real Ventures and SOS Ventures. Based in Montreal, New York City and San Francisco, Breather is an app that lets users rent private rooms.