FREDsense Technologies Corp, a Calgary-based biotechnology company focused on real-time water quality analysis, has raised C$2.5 million in financing. The investment, which came in the form of a convertible debenture, was made by BDC Capital’s cleantech practice.
CALGARY, Alberta–(BUSINESS WIRE)–FREDsense Technologies Corp. is excited to announce the closing of a Convertible Debenture valued at $2.5 million from BDC Capital’s Cleantech Practice.
FREDsense has developed a biologically based breakthrough technology for rapidly measuring hard to detect chemicals in our environment. The company builds portable field kits for rapid measurement of these parameters to deliver chemical information in a fraction of the time required. With portable, simple, and scalable types of sensor solutions, FREDsense is changing the way we understand water chemistry.
“Today, understanding water quality is incredibly difficult,” says FREDsense’s CEO David Lloyd. “As regulations continue to evolve, and new emerging compounds of concern threaten our communities, it is more important than ever to have rapid testing to support our ecosystem.”
FREDsense will utilize the funding to grow their current and future sensor expansion plans, developing new solutions for various water quality parameters in conjunction with global partners.
“FREDsense’s novel technology platform and ‘water sensing as a service’ business model has the potential to transform the water quality sensing market while also enabling water utilities, cities and industry to more cost efficiently detect biological and chemical trace water parameters to help better protect people and the planet”, said Matt Stanley, Director, BDC Capital’s Cleantech Practice.
About FREDsense Technologies
Do you know what is in your water? The truth is you probably don’t, often times because water is incredibly difficult to analyze. FREDsense builds portable field-ready kits to measure some of the most difficult contaminants found in our water supply and environment. By using microorganisms, FREDsense builds custom electrochemical sensors that provide rapid and specific information to keep our water safe. We believe in a world where everyone understands what is in their water.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.