North America

Resverlogix secures $38 mln loan from Third Eye-led group

Calgary biotechnology company Resverlogix Corp (TSX: RVX) has received a commitment letter for a senior secured loan of about $38 million (US$30 million). The loan's provider is a syndicate led by Canadian alternative lending firm Third Eye Capital. Resverlogix said it also raised about $3.2 million in equity financing. The proceeds will support the company as it advances the Phase 3 clinical trial of its lead epigenetic therapeutic candidate. Resverlogix in December closed an $87 million private placement deal with China’s Shenzhen Hepalink Pharmaceutical Co Ltd.

Maple Leaf Foods leads Series A funding of Entomo Farms

Entomo Farms, a Norwood, Ontario-based operator of a human-grade edible insect farm, has raised an undisclosed Series A financing. The investor was Canadian protein consumer packaged goods company Maple Leaf Foods Inc, which gained a minority stake. Founded in 2014 by Jarrod, Darren and Ryan Goldin, Entomo provides cricket and mealworm powders and whole roasted insects to global food producers looking for an alternative to traditional meat protein. The partnership with Maple Leaf will help Entomo meet its "aspiration to become the largest insect protein supplier in the world," Maple Leaf President and CEO Michael McCain said.

Thrive's Paik appears to be starting his own fund

Thrive Capital Partner Chris Paik appears to be leaving the firm to start his own fund, Axios reported on Wednesday. Paik's LinkedIn profile doesn't yet reflect the change.

Ripple invests $25 million of its cryptocurrency into Blockchain Capital fund

San Francisco-based Ripple, which provides blockchain solutions for the payments industry, announced it invested $25 million of its own cryptocurrency, XRP, in Blockchain Capital's fourth fund. Blockchain Capital, which focuses on the blockchain technology sector and crypto ecosystem, announced in March it closed its fourth fund with $150 million in commitments. Ripple's investment is part of the $150 million total. Ripple is a portfolio company of the San Francisco firm.

Evolution helps Zoom.ai top up seed round to $5.2 mln

Zoom.ai Inc, a Toronto-based workplace automation solutions startup, has raised an additional $3.1 million for its seed-stage financing, bringing the round's total to $5.2 million. Evolution Equity Partners, a U.S. venture capital firm, led the second tranche. As a result, Evolution's Dennis Smith will join the board. Existing investors Betaworks, BDC Capital, Good News Ventures, Two Small Fish Ventures and North Spring Capital also participated. Led by CEO Roy Pereira, who founded Zoom.ai in 2016, the company will use the second tranche's proceeds for product development and new hires to help meet increased U.S. and European demand.

Truework rallies $2.9 mln seed

Truework, which helps verify information during loan applications, home purchases and employment screenings, has raised $2.9 million in seed funding, according to a blog post by co-founder/CEO Ryan Sandler. Keith Rabois of Khosla Ventures led the round with participation from other investors that include Founder Collective, Menlo Ventures and Crunchfund.

Upper Hand lands $1.5 mln Series A

Upper Hand Inc, a provider of cloud-based sports management software and business services, has secured $1.5 million in Series A funding. The investor was Park Ten Capital.

Aetion pockets $36.4 mln Series B

New York City-based Aetion, a provider of real-world analytics and evidence for biopharma customers and payers, has raised $36.4 million in Series B funding. New Enterprise Associates led the round with participation from Amgen Ventures, Flare Capital Partners, Lakestar and Oxeon Ventures. In addition to the funding, Mohamad Makhzoumi of NEA will join Aetion's board of directors.

6sense buys VC-backed ZenIQ

6sense has acquired Los Altos, California-based ZenIQ, a B2B marketing platform provider. No financial terms were disclosed. ZenIQ's backers included Costanoa Ventures and Salesforce Ventures.

Spectral Edge nabs $5.3 mln

UK-based Spectral Edge, an image fusion technology company, has secured $5.3 million in funding. The investors were return backers Parkwalk Advisors and IQ Capital.