brad meikle
FunPlus Game has raised US$74 million in a Series B financing round. The investors were Asian venture capital firms Orchid Asia Group, GSR Ventures and Steamboat Ventures. Headquartered in Beijing, China, with offices in San Francisco and Vancouver, FunPlus is a mobile social gaming company. Update: Founded in 2010, the company previously received Series A funding from GSR Ventures in 2012.
GaN Systems Inc has hired Jim Witham as CEO. Girvan Patterson and John Robert, the company's co-founders, will remain in their current positions as president and chief technical officer, respectively. Prior to joining GaN Systems, Witham worked at Neoconix, where he served as president and CEO. Based in Ottawa, Ontario, GaN Systems is a producer of gallium nitride power switching semiconductors. It has been backed by Canadian venture capital firm Chrysalix Energy Venture Capital and U.S. firm RockPort Capital since 2011.
Zenith Epigenetics Corp, a Calgary-based early-stage biotechnology company that last year emerged as the result of RVX Therapeutics Inc's spinout from Resverlogix Corp (TSX: RVX), has obtained US$8 million in financing. The company's investors are Eastern Capital and NGN BioMed Opportunity II, a fund managed by U.S. venture capital firm NGN Capital. Zenith, which is focused on discovering new drugs by leveraging its proprietary epigenetics platform, will use investment proceeds for research and development activities, general expenses, increased working capital and for other corporate purposes. NGN Capital has backed Resverlogix since 2009.
Lumenpulse Inc, a Montréal-based manufacturer of high-performance, architectural LED-based lighting solutions, has priced its recently announced initial public offering (IPO), according to its amended preliminary prospectus. The company said that it anticipates an offering price per common share of between $14 and $16, generating an estimated total offering amount of around $75 million. This assumes a distribution of approximately 5,000,000 shares. Lumenpulse plans to list its shares on the Toronto Stock Exchange. Founded in 2006, Lumenpulse is backed by Canadian venture capital firms the Fonds de solidarité des travailleurs du Québec FTQ and Investissements W2, which together invested $5 million in the company in February 2013.
Digital commerce specialist Elastic Path Software Inc has attracted $5 million in funding from Canadian growth investor Beedie Capital Partners. The transaction, which combines convertible debt and term facilities, will support the accelerated expansion of the Vancouver-based Elastic Path, which is focused on creating a unified digital experience through the integration of content, commerce and data services. Founded in 2000, the company received a total of $12 million in equity and debt financing in 2013 in separate deals involving Canadian venture capital firm Yaletown Venture Partners and specialty finance firm Wellington Financial.
LX Ventures said Friday that it has named Mark Relph to its board of advisors. Relph, the former vice president of developer evangelism for Microsoft Canada, will be working with portfolio company Copper.io, a provider of tools that help deploy, operate and monitor cloud-based apps. Based in Vancouver, British Columbia, LX Ventures acquires and accelerates high-growth technology companies. Update: LX Ventures bought the Las Vegas, Nevada-based Copper.io earlier this year.
Shirley Speakman has joined Canadian venture capital firm Cycle Capital Management as partner. Speakman has since 1995 held several positions as an investment analyst for medium- to large-sized corporations in the finance sector. Most recently, she was responsible for sourcing, vetting and managing investments as a director of MaRS Investment Accelerator Fund. Based in Montréal, Cycle Capital invests in companies focused on clean technologies, reducing greenhouse gas emissions, optimizing resource use and improving process efficiency throughout a product's life cycle.
Mirexus Biotechnologies Inc, which is commercializing technology based on polysaccharide sub-micron particles that can be used in various industry applications, has secured $350,000 in seed financing. The company's backers are members of GreenSky President’s Club (GPC) and other angel investors. Funding proceeds will allow the Guelph, Ontario-based Mirexus to pursue target markets in personal care and nutraceuticals and continue R&D on applications for these and healthcare sectors. GPC was launched in November 2013 by Toronto-based corporate finance advisory firm GreenSky Capital. GPC deal opportunities are sourced, vetted and managed by GreenSky.
Canadian angel organization Full Stack Foundry GP has made investments in product consulting company Brewhouse and organic juice producer Nectar Juicery, reports T-Net British Columbia. Financial terms of the two deals were not disclosed. The report said these are Full Stack's first investments in 2014. Based in Vancouver, Full Stack describes itself as a "napkin capital" investor. The firm, founded in 2013 by entrepreneurs Boris Mann and Lance Tracey, typically commits $50,000 to $150,000 as a first investment in early-stage companies.
Healthcare mobile solutions provider PatientSafe Solutions Inc has obtained a strategic investment of US$3 million from TELUS Ventures, the venture investment arm of Canadian telecommunications company TELUS Corp (TSX: T). The new funds will power adoption of the company's clinical workflow solution, the PatientTouch® system, a mobile platform that allows caregivers to collaborate with each other from the patient’s side. Founded in 2002, the San Diego, Calif.-based PatientSafe Solutions is backed by several U.S. venture capital firms. Merck Global Health Innovation Fund led the company's Series C financing round in 2013.