Kirk Falconer
The inaugural BDC Innovation Award was recently given to Montréal’s Mirametrix, a three-year old company that specializes in eye tracking solutions. Mirametrix was singled out for the honour because of its cutting-edge technology, which is changing the way human beings interact with machines. To a significant extent, Mirametrix’s achievement is equally that of its Canadian venture capital backer, the no-less-innovative TandemLaunch.
Bit Stew Systems Inc has received a $3.5 million credit facility from U.S. technology investor Silicon Valley Bank. Founded in 2005, the Vancouver-based Bit Stew is a provider of integrated, real-time network operations solutions for the utility sector. Update: The company said the new partnership with Silicon Valley Bank builds on the Series A funding that was provided last December by Canadian venture capital firm Yaletown Venture Partners and Cisco Systems Inc. The new credit facility will enable Bit Stew to invest in its go-to-market strategy.
Venus Concept, a developer and manufacturer of devices for the medical aesthetic market, has secured $10 million in financing. The company's backer is U.S. venture capital firm Longitude Capital, which is focused on investing in medical technology and drug development companies. Funding proceeds will allow Venus Concept to further its R&D investments, strengthen sales operations in growing markets and implement its subscription-based business model worldwide. Led by a team of executives and researchers in the medical aesthetics industry, the Toronto-based company was founded in 2009.
Dejero has received $4.5 million in growth funding from Canadian venture capital firm BEST Funds. Based in Waterloo, Ontario, Dejero is a wireless transmission company. Update: Proceeds of the investment will allow the business to extend its sales growth while continuing to develop cutting-edge technologies for the broadcasting industry. The Toronto-based BEST funds earlier this year invested in enterprise solutions provider PitchPoint Solutions Inc and wireless optimization provider XipLink Inc.
AudienceView has raised a new round of equity financing. The round, the size of which was not disclosed, was led by Canadian venture capital firm Five Corners Capital, which in 2013 assumed oversight of fund investments formerly managed by Ventures West Capital. Five Corners was joined by new and existing investors. Funding will be used to grow AudienceView's self-serve e-commerce platform, through which organizations and individuals can manage their own branded online store to drive ticketing, fundraising and related e-commerce offerings. Founded in 2002, the Toronto-based company has been venture-backed since 2005. Ventures West 8 LP is AudienceView's largest shareholder.
Georgian Partners has taken time away from fundraising to lend support to a Canadian ed-tech startup it feels has especially strong growth prospects. The Toronto-based VC firm has led the $10 million Series B financing of Top Hat, a mobile and web-based provider of classroom engagement tools. It was joined in the round by existing investors. The deal comes only a few weeks after Georgian Partners wrapped up the initial close of its second applied analytics fund, raising $100 million.
Canadian solar energy technology company Morgan Solar Inc has entered into an undisclosed strategic investment and partnership agreement with Kuwait-based EnerTech Holding Company KSCC. Under the agreement, EnerTech will invest in the company and transfer technology and know-how to Kuwait and the region by establishing local manufacturing and assembling facilities for Morgan Solar's platform. Founded in 2007, the Toronto-based Morgan Solar is backed by a number of energy businesses, including Enbridge Inc, and private equity and venture capital firms, including U.S.-based Turnstone Capital Management. EnerTech was formed recently by the Kuwait Investment Authority to invest in and develop clean technologies.
Wattpad, also known as WP Technology Inc, has secured $46 million in a Series C financing round led by OMERS Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System. The round was also joined by August Capital, Raine Ventures and Northleaf Venture Catalyst Fund, as well as existing investors Union Square Ventures, Khosla Ventures, Jerry Yang of AME Cloud Ventures, Golden Venture Partners, and Boris Wertz of Version One Ventures. Based in Toronto, Wattpad is a social platform that creates direct connections between readers and writers. The company said it will use its latest funding to expand its Toronto team and to support product development and platform growth.
Wattpad, also known as WP Technology Inc, has secured $46 million in a Series C financing round led by OMERS Ventures, the venture investment arm of the Ontario Municipal Employees Retirement System. The round was also joined by August Capital, Raine Ventures and Northleaf Venture Catalyst Fund, as well as existing investors Union Square Ventures, Khosla Ventures, Jerry Yang of AME Cloud Ventures, Golden Venture Partners, and Boris Wertz of Version One Ventures. Based in Toronto, Wattpad is a social platform that creates direct connections between readers and writers. The company said it will use its latest funding to expand its Toronto team and to support product development and platform growth.
Canadian specialty finance firm Wellington Financial LP has provided US$11 million in venture debt financing to Operative Media Inc, a New York-based specialist in cloud-software solutions and outsourced ad services for media businesses. Proceeds of the investment will help Operative Media to continue enhancing its platform, expanding global operations and developing new offerings for publishers. Founded in 2000, the company is backed by U.S. venture capital firm Edison Ventures. It has also received financing from Orix Ventures.