Private Equity
Hifi Engineering Inc has obtained $5.4 million in a new round of financing. The strategic investors were Canadian energy delivery company Enbridge Inc and Cenovus Environmental Opportunity Fund, the venture investment arm of Canadian integrated oil company Cenovus Energy Inc. The Cenovus fund has backed the company since 2009. Investment proceeds will be used to support the next phase of Hifi Engineering's research and development involving adaptation of its fiber optic sensing technology to the early detection of leaks in oil and gas pipelines. Founded in 2007, Hifi Engineering has its headquarters in Calgary.
4 min read · 25 February 2014
FusionPipe Software Solutions Inc recently raised a seed-stage financing round from angel investors. The undisclosed round, which the company reported as over-subscribed, will be used to further develop and commercialize its platform of mobile data security solutions for enterprises. FusionPipe also announced the appointment of David Snell as its CEO. Prior to joining the company, Snell was chief marketing officer at venture-backed Canadian software company QuickMobile Inc. Founded in 2010, FusionPipe is based in Vancouver.
2 min read · 24 February 2014
Anges Québec Capital Fund, an early-stage venture capital fund managed by Anges Québec (AQ), has been promised new commitments in the 2014-2015 Québec budget, tabled on February 20th by finance and economy minister Nicolas Marceau. The budget specified a $25 million commitment to Anges Québec Capital Fund. That is on top of the $30 million the fund received at the time of its formation in 2012. In partnership with the Montréal-based AQ and its network of private angel investors, Anges Québec Capital Fund has backed a number of technology startups over the past two years. At the beginning of 2014, the AQ network had 140 members and had invested in 35 early-stage companies.
1 min read · 24 February 2014
EnerMotion Inc has secured $250,000 from Ontario Centres of Excellence (OCE). The company's waste heat recovery technology, which converts exhaust heat from trucks and other large engine vehicles into a power source for heating and cooling systems, is currently entering customer demonstration trials. Founded in 2008, the company is based in Bolton, Ontario. EnerMotion is also a portfolio company of Sustainable Development Technology Canada.
3 min read · 21 February 2014
Vancouver-based ePACT Network Ltd has secured a new round of financing, and entered into a strategic partnership with Calgary's Byye Group to support accelerated spread of emergency preparedness. The undisclosed financing, estimated by one source as more than $1 million, was provided by Byye and existing Canadian venture capital investors BDC Venture Capital and Yaletown Venture Partners. Proceeds of the investment will be used to expand international sales and marketing efforts, along with key product enhancements. Founded by emergency management specialists and web technology experts in 2012, ePACT has been venture-backed since 2013.
2 min read · 20 February 2014
Vivione Biosciences Inc (TSXV: VBI), a diagnostic platform with offices in Pine Bluff, Arkansas and Calgary, has closed a private placement generating total proceeds of $216,000. The company issued units to Arkansas Venture Capital Investment Trust for the purposes of acquiring equipment and completing regulatory approvals of its technology. Founded in 2006, the company's platform detects bacteria and other pathogens in key food and water safety, clinical, industrial and oil and gas environments.
4 min read · 20 February 2014
Workplace mobility solutions provider Sharedesk has raised $1.1 million in a seed-stage financing round, Betakit has reported. The round was led by Timothy Draper, founding partner of U.S. venture capital firm Draper Fisher Jurvetson. Draper was joined by other investors. ShareDesk has also announced the launch of its workplace management software and application, Optix. Optix, an easy-to-use solution that improves the flexible working experience for both space managers and mobile professionals. ShareDesk is based in Vancouver. It is led by CEO and co-founder Kia Rahmani.
1 min read · 20 February 2014
Sulvaris Inc has received approval from regulators to begin construction of a new Vitasul production facility. The facility, which will be built on the site of Keyera Corp’s Strachan gas plant near Rocky Mountain House in central Alberta, will convert elemental sulphur into Vitasul, a premium plant nutrient sulphur fertilizer developed for sale in global markets by the Calgary-based Sulvaris. The company confirmed that financing of the project was provided in Aug. 2013 by Canadian venture capital firm Avrio Capital, ATB Financial, and other investors. While the deal's financial terms were not released, Thomson Reuters (publisher of peHUB Canada) has reported that a portion of the value totals $42 million.
4 min read · 20 February 2014
LumaStream, a specialist in end-to-end low-voltage systems for LED lighting, has raised US$10 million in a Series B preferred equity tranche from a Toronto-based investment group. The group was unnamed, but was said to have ties to both the lighting industry and home-building market. Funding proceeds will be used to expand LumaStream's capacity to fulfill orders from a growing number of hospitality and multi-site retail customers, according to the company. Founded in 2009, LumaStream has its headquarters in Petersburg, Florida. It also has an office in Waterloo, Ontario.
4 min read · 20 February 2014
General Fusion Inc said Thursday that it has named Nathan Gilliland as CEO. Previously, Gilliland worked at organic waste converter Harvest Power where he was president and co-founder. In 2013, he also served as an Entrepreneur-in-Residence at U.S. venture capital firm Kleiner Perkins Caulfield and Byers. Based in Burnaby, British Columbia, General Fusion is a producer of commercial fusion energy. Founded in 2002, its backers include Chrysalix Energy Venture Capital, Bezos Expeditions, Cenovus Energy and Sustainable Development Technology Canada.
3 min read · 20 February 2014
