brad meikle
Desjardins–Innovatech Fund and Campus des technologies de la santé (CTS Santé) have launched a new funding program focused on startups in the medical technologies industry. Over the next five years, the partners plan to invest $5 million to commercialize the products and services of emerging businesses and help them enter new markets. Two companies have already been backed by the program: Emovi, a specialist in knee function medical solutions; and Biomomentum, a maker of devices for the biomechanical evaluation of biomaterials and cartilage. Both Emovi and Biomomentum are based in Laval, Québec.
Meta, formerly known as Sciencescape, has secured $6 million in additional funding. Rho Canada Ventures led the round with participation from Western Technology Investment and iGan Partners, which led the company's 2014 financing, and several angel investors. Based in Toronto, Meta is an artificial intelligence (AI) and big-data-as-a-service company that serves researchers and scientific industries. It said the latest investment will allow the company to continue investing in core AI technologies, roll out additional updates to its literature discovery engine, and accelerate growth across the platform. Meta also plans to add hires to its sales, engineering, and data science teams.
U.S. private equity firm Clearlake Capital Group has completed its acquisition of Syncsort Inc, a big data enterprise software provider based in Woodcliff Lake, New Jersey. No financial terms were released. Clearlake said it will support Syncsort's continued organic and acquisition-led growth and will use the business as a platform to advance consolidation in the software industry. Founded in 1968, Syncsort was bought in 2008 by a group of investors that included Canadian growth equity firm Georgian Partners. Georgian Managing Partner Justin LaFayette discussed the investment with PE Hub Canada in October.
XPNDCroissance Fund, the second fund of Canadian growth equity firm XPND Capital, has increased its size to $52 million following an investment by the Caisse de dépôt et placement du Québec. The Caisse committed $15 million to the fund, which adds to a $10 million commitment made last month by Investissement Québec. XPNDCroissance Fund plans to invest in Québec companies active in sustainable transportation, innovative industries, and technology, media and entertainment. It is expected to reach $70 million in committed capital by the end of 2015.
Startup Canada and Export Development Canada have launched a new fund that honours the memory of Canadian entrepreneur and venture investor Dr. Adam Chowaniec. The Adam Chowaniec Memorial Fund for Global Entrepreneurship will invest in high impact initiatives that advance the prospects of globally-oriented, entrepreneur-led companies in Canada. The fund will award successful applicants up to $3,000. Winners will be announced early next year. Chowaniec, the founder and chair of Tundra Semiconductor Corp, passed away in February 2015 following a battle with cancer.
Farm At Hand Inc, which has recently been preparing for a Series A financing, announced an agreement to merge with FarmLink Marketing Solutions, a provider of grain marketing advice and consulting in Western Canada. Farm At Hand, a cloud-based farm management software company, said the merger will give it access to new relationships and expertise and create new opportunities for building partnerships with agricultural producers. Founded in 2012, Vancouver-based Farm at Hand is a portfolio company of Canadian accelerator HIGHLINE. It received seed funding last year.
The Business Development Bank of Canada (BDC) has earmarked $500 million in additional financing for Canadian small and medium-sized businesses impacted by the decline in oil prices. It will also offer advisory services to enterprises that are looking to adjust operations in response to the economic downturn. BDC said the focus of its strategy will be to help companies with projects aimed at diversifying their business, increasing operational and environmental efficiency, improving financial management, and purchasing new technology and equipment.
Blueprint, a Canadian provider of enterprise software for requirements definition and management, has received $23 million in follow-on funding. The investor was Centana Growth Partners, a U.S. growth equity firm. Toronto-based Blueprint said the investment will support its continued expansion into global markets, increased innovation, and enhanced services with customer and partner programs. Founded in 2004, the company is also backed by a number of Canadian venture capital investors, including BDC Capital's IT Venture Fund, Tandem Expansion Fund and Walsingham Growth Partners.
Jobber, a cloud-based software provider that helps service businesses get organized, has secured $8 million in Series A financing. The round was led by OMERS Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System. It was joined by the company's seed investors, Version One Ventures and Point Nine Capital. Edmonton-based Jobber said the new investment will support further commercialization of its product offering and enhancement of its mobile applications. Founded in 2011 by CEO Sam Pillar and CTO Forrest Zeisler, Jobber reported that businesses using its technology have serviced over 3.5 million customers, with invoices totaling over $1 billion.
Antibe Therapeutics Inc (TSX-V: ATE) has announced a second closing of a convertible debentures financing, which has generated total proceeds of $2.6 million. Knight Therapeutics Inc (TSX: GUD) invested in the deal's second tranche, adding to an earlier investment by Bloom Burton Healthcare Lending Trust. Knight also entered into a license and distribution agreement with Antibe, a healthcare company focused on treatments for pain and inflammation. Toronto-based Antibe, which recently acquired a majority interest in Citagenix Inc, is a portfolio investment of Canadian venture capital firms AVAC and Hero Ventures.