brad meikle
TripleLift, a native advertising technology platform for the visual web, has secured US$4 million in a Series A financing round. The round was led by U.S. venture capital firm True Ventures, with the participation of Canadian firm iNovia Capital, one of the company's existing investors. Other backers included NextView Ventures, MESA+, Liberty City Ventures, Social Starts, Laconia Ventures, Social Internet Fund and several angel investors. The New York-based TripleLift will use the new funds to expand its platform’s adoption among premium publishers and brands.
Lumenpulse Inc, a manufacturer of high-performance, architectural LED-based lighting solutions, has filed a preliminary prospectus with Canadian regulatory authorities for a proposed initial public offering of its common shares. Founded in 2006, Lumenpulse is based in Montréal. It 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. In 2011, Lumenpulse raised $16 million, which included debt financing from Silicon Valley Bank.
U.S. information technology giant Cisco Systems Inc (NASDAQ: CSCO) has selected Toronto as the site for one of four global Cisco® Internet of Everything Innovation Centres. The decision includes a planned investment of up to $100 million over 10 years. The centre's support for Canadian-based innovation will include establishing research chairs, professorships and innovation centres at 10 universities across the country. Cisco estimates that the initiative will make available approximately $500 billion to private and public-sector organizations.
Redlen Technologies Inc has secured $5.5 million in new financing. Canadian venture capital firm Pangaea Ventures led the round with participation from other investors, including In-Q-Tel. In conjunction with the funding, Chris Erickson, founder of and general partner at Pangaea Ventures, was added to Redlen's board of directors. Based in Saanichton, British Columbia, Redlen Technologies is a maker of high-resolution CZT semiconductor radiation detectors. Update: It will use the proceeds of the investment to further expand the company's product line and volume production capabilities. Redlen has been venture-backed since 2004.
Specialty pharmaceutical company Pivotal Therapeutics Inc (OTCQX: PVTTF) (CSE: PVO) has secured over $7.7 million in debt financing. The deal was led by U.S.-based Crossover Healthcare Fund, and included Broadfin Capital and Porter Capital Management. Combined with equity previously invested by Crossover, the company has to date raised over $10.4 million, which it will use for commercializing VASCAZEN®, a therapy focused on the Omega-3 deficiency needs of patients with cardiovascular disease, and other business purposes. Founded in 2010, Pivotal Therapeutics is based in Woodbridge, Ontario.
Desire2Learn Inc, a portfolio company of New Enterprise Associates and OMERS Ventures, has bought Achievement Standards Network (ASN) for an undisclosed amount. ASN, which tracks learning activities according to educational standards, was founded by the Tucson, Arizona-based non-profit JES & Co with support from the University of Washington. The Waterloo, Ontario-based Desire2Learn said the deal extends its data-driven product offerings, supporting educators in their efforts to improve learner outcomes. The ASN acquisition is the company's fourth disclosed since its $80 million financing round in September 2012.
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) has completed its purchase of mobile enterprise solutions provider In Motion Technology Inc for US$21 million in cash. Sierra Wireless said the deal will allow the combined businesses to provide the broadest choice of device-to-cloud solutions to enterprise customers. The acquisition of the Vancouver-based In Motion Technology also provides exits to British Columbia Discovery Fund VCC, managed by Canadian venture capital firm Discovery Capital Management Corp, and BC Advantage Funds VCC. Founded in 2002, the company has been venture-backed since 2005.
OMERS Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System (OMERS), has named Kent Thexton as its new managing director. In this role, Thexton will be responsible for leading North American investment activity in technology, media and telecommunications sectors. His prior career as an entrepreneur and executive includes time as chief data and marketing officer and board member at U.K.-based O2 Group PLC, which was sold to Telefonica S.A. in 2005 for $35 billion.
Crowdfunding platform Kickstarter has reported that its pledging activity surpassed the US$1 billion mark on March 3, 2014. Pledges were made by 5.7 million people in a range of charities, entrepreneurial businesses and other creative projects. Over half of total pledges to date were made in the past 12 months alone, the platform said. Pledging activity on Kickstarter has originated in 224 countries and territories, across all seven continents. The United States led in dollar contributions with US$663.3 million in total pledges. Canada took third spot on the global list, accounting for US$44.9 million in contributions to date.
Visual product search platform Slyce has secured over $10.75 million in new financing. The round, which brings the Toronto-based company's total funding to date to $14.5 million, was led by Canadian investment dealer Beacon Securities. Additional investor participation came from PI Financial, Salman Partners, Harrington Global, AlphaNorth Asset Management and other private sources. The company said it plans to use investment proceeds to deliver "Amazon flow" style image recognition capability to retailers. In addition to raising initial venture capital funding in 2013, Slyce bought desktop visual search company Hovr.it, and in Feb. 2014 acquired computer vision technology developed at York University.