Five Canadian tech startups, Eavor Technologies, Foko Retail, Motion Gestures, Arolytics, and Mogile Technologies, have recently secured financing to fuel their growth. Here’s the latest on who raised money, how much from whom, and what they plan to put the new funds toward.
Eavor Technologies secures $50.7 million CAD in financing
Calgary cleantech startup Eavor Technologies has secured $50.7 million CAD ($40 million USD) in funding as it looks to commercialize its geothermal power generation technology.
Investors include bp Ventures, the venture arm of oil and gas company BP; Chevron Technology Ventures; Temasek; BDC Capital; Eversource; and Vickers Venture Partners.
The startup, which was founded in 2017, touts its solution as “the world’s first truly scalable form of clean dispatchable power.” In 2019, the company received $6.7 million CAD from the Government of Canada, through Natural Resources Canada’s Clean Growth Program and Sustainable Development Technology Canada.
Foko Retail raises $3 million investment led by BDC Capital
Gatineau, Quebec-based retail communication software provider Foko Retail has raised $3 million in funding led by BDC Capital. The company also received funding from the Canada Economic Development for Quebec Regions (CED), local economic development agency ID Gatineau, and current shareholders.
Foko Retail has developed a mobile-first communication platform to support retailers’ frontline team communications and their tasks. Features span visual merchandising and marketing, communication, and store audits.
The SaaS startup, which was founded in 2013, currently serves over 60 retailers, including Whole Foods, New Balance, and CVS. Foko Retail plans to use the new capital to accelerate its domestic and international expansion, and fund research and development of existing products.
Motion Gestures announces $2.5 million CAD
Kitchener, Ontario-based artificial intelligence (AI) startup Motion Gestures has announced a $2.5 million CAD ($2 million USD) round of funding, which it classified as “pre-Series A.”
The investment follows a $1.65 million USD seed round Motion raised in 2018.
The most recent round was led by investor Allen Miner, who helped build Oracle Japan and Salesforce Japan. The company plans to use the money to market and support its software in “major developed economies,” with a particular focus on Japan.
The company, which was founded in 2017, develops AI-based software for third-party cameras, and specializes in hand tracking and gesture recognition. Following several years of development in stealth, Motion Gestures first launched its camera software last year and claims it has already been well-received in the United States, Germany, Japan, and Korea.
Arolytics closes $710,000 CAD seed round
Calgary cleantech startup Arolytics, which provides emissions management software, has closed a $710,000 seed round. It plans to use the new capital to scale. The funding came from a pool of mostly Alberta-based investors, including M-Tech Innovations and Metiquity Ventures, as well as a convertible note from Volta Investments.
The startup’s software leverages data and analytics to optimize emission reduction opportunities for oil and gas producers. As part of the round, representatives from M-Tech and Metiquity will join Arolytics’ board of directors.
Last year was a busy one for the startup. In 2020, Arolytics graduated from Creative Destruction Lab, launched its AROviz software, doubled the size of its team, and began commercializing its products and services. Given new regulations and increasing environment, social and governance (ESG) pressure, the company feels it is well-positioned to help oil and gas firms meet their reduction targets.
Mogile Technologies raises $23,689 CAD from federal government
Pointe-Claire, Quebec-based Mogile Technologies, which provides electric vehicle (EV) research software, has raised $23,689 from the Government of Canada, through Natural Resources Canada’s Zero-Emission Vehicle Awareness Initiative.
The company received the capital for a project it is working on, and, coupled with Mogile’s own investment, the federal funding brings the total cost of the project to $47,379.
The startup, which was founded in 2013, aims to give auto dealers and buyers greater access to up-to-date information on EVs. Its software lets prospective EV buyers browse models, the cost of home charging stations, maps of public chargers, and applicable rebates. According to the federal government, over 10,000 interactions have taken place on the company’s platform to date, and an undisclosed national automaker has already partnered with Mogile to deploy its software.