brad meikle
TRACE Live Networks, which earlier this month raised $7 million in a Series B financing, has acquired Draganfly Innovations Inc, a small unmanned aerial vehicle (UAV) systems specialist based in Saskatoon, Saskatchewan. The financial terms of the deal were not disclosed. Cameron Chell, the co-founder and CEO of TRACE, said the acquisition will create new opportunities for growth within the company's existing business and through the integrated applications of Draganfly's UAV technology with TRACE’s visual intelligence tracking platform. Founded in 2014, TRACE has its primary offices in Toronto and Venice, California.
Northleaf Venture Catalyst Fund, a venture capital fund-of-funds managed by Northleaf Capital Partners, has closed at its hard cap target of $300 million. The fund, which was launched in early 2014 with the backing of Ottawa's Venture Capital Action Plan (VCAP), raised new commitments from Sun Life Financial and several high net-worth and family office investors. Additional money came from existing limited partners, most of them corporate and institutional investors. The fund has already committed 50 percent of its capital to Georgian Partners, Golden Venture Partners, Relay Ventures, Versant Ventures, Version One Ventures and XPV Capital, as well as to direct investments in eSentire, FreshBooks, Silanis, Vision Critical and Wattpad.
BlackBerry Ltd said it is buying privately-held AtHoc, a provider of secure, networked crisis communications, as it moves to broaden its software offering and generate revenue from its BBM messaging service, Reuters reported. Based in San Mateo, California, AtHoc is backed by U.S. venture capital firms Greylock Partners and Intel Capital.
Damien Steel has been promoted to the role of managing director of OMERS Ventures, the venture capital investment arm of the Ontario Municipal Employees Retirement System (OMERS). Steel, who has been with OMERS Ventures since its inception in 2011, previously served as a director. He currently serves on the board of directors of portfolio companies Fusebill, Klipfolio and Leadsift. Between 2007 and 2011, Steel was a vice president at Edgestone Capital Partners.
Damon Capital Corp (NEX Symbol: DAM.H), a capital pool company, has agreed to combine with eSight Corp, an Ottawa-based provider of wearable, electronic assistive technology for people with low vision. The transaction, which is subject to the approval of shareholders, will result in eSight achieving a public listing. As part of the deal, the company will complete a brokered private placement offering that raises a minimum of $20 million. Founded in 2006, eSight is backed by Canadian venture capital investors iGan Partners and MaRS Investment Accelerator Fund, as well as a number of angel investors.
Resverlogix Corp (TSX: RVX) has completed a private placement transaction, raising $50 million in proceeds. The funding came from Chinese strategic investor Shenzhen Hepalink Pharmaceutical Co Ltd and Eastern Capital, a Cayman Islands life sciences investor. As a result of the deal, Hepalink holds about 12.63 percent of the company's common shares, while Eastern holds about 19.57 percent. Based in Calgary, Resverlogix is a developer of treatments for patients with cardiovascular disease and other conditions. It is also a portfolio investment of U.S. venture capital firm NGN Capital.
Bridgelux, a developer of solid-state lighting technologies, has agreed to be acquired by a group led by China Electronics Corp (CEC) and ChongQing Linkong Development Investment Co. The deal, the value of which was not published, will see Bridgelux operate as a standalone company affiliated with CEC. Bridgelux also plans to spin off its smart lighting platform as a new company, Xenio Corp. Headquartered in Livermore, California, Bridgelux has raised close to US$300 million from investors, according to Thomson Reuters. One of its backers is Canadian venture capital firm Chrysalix Energy Venture Capital.
Organica Water Inc, a provider of innovative solutions for wastewater treatment and recycling, has secured US$9.1 million in Series C financing, with a second tranche to follow. The round was led by Canadian growth equity firm XPV Capital Corp and was joined by Idinvest Partners, International Finance Corp and Gamma Capital Partners. Organica, which is based in Princeton, New Jersey, said the latest investment will allow the company to strengthen its balance sheet, undertake the delivery of wastewater solutions to larger and more complex projects, and invest in an online platform. As part of the deal, XPV Managing Director Khalil Malouf will join Organica's board of directors.
JUST EAT Canada, an affiliate of JUST EAT Group (LON: JE), has bought Orderit.ca, a food ordering and delivery platform based in Toronto. The financial details of the transaction were not released. JUST EAT, which is headquartered in London, said the acquisition will give it added reach and resources to provide food delivery and takeout options in Canada. The company acquired Edmonton's Delivery Town last November. Founded in 2000, JUST EAT went public in 2014, but remains a portfolio investment of Index Ventures, Redpoint Ventures and Vitruvian Partners.
BEST Funds, a Canadian venture capital and private equity firm, has made a $3 million investment in GroupBy Inc, a Toronto-based provider of commerce, media and knowledge management software solutions that help businesses better connect with their customers. GroupBy, which was founded in 2013, said the proceeds of the deal will allow it to accelerate sales growth. The company will also focus on expanding innovative efforts targeted to business-to-consumer and business-to-business e-commerce markets. GroupBy has regional offices in the United States, China and Trinidad and Tobago.