InBC Investment Corp. (InBC) has announced $29 million CAD worth of investments into two tech startups and two venture capital (VC) funds with a presence in British Columbia (BC).
InBC has invested $4 million into 4AG, $5 million into Clarius, and $10 million apiece into Pender and Amplitude’s second funds.
InBC has invested $4 million into AgTech startup 4AG Robotics, $5 million into wireless ultrasound producer Clarius Mobile Health, and $10 million apiece into Pender Ventures’ and Amplitude Ventures’ second funds, which both have a focus on healthtech.
InBC is a $500-million strategic investment fund that was created by the Government of BC in 2021.
The province gave InBC the mandate to invest in companies and VC funds that benefit BC, with an eye towards sectors such as AgTech, cleantech, and life sciences. InBC says its investment objectives are impact-driven through its “triple bottom line approach,” meaning its focus on people, planet, and profit.
With these investments, InBC has now committed $54 million in total across 4AG and Clarius, and five funds (a group that also includes Evok Innovations, Raven Capital, and Yaletown Partners).
4AG Robotics, formerly known as TechBrew Robotics, is a Salmon Arm, BC-based AgTech company that has developed fully autonomous, vision-guided robots that pick, trim, clean, and pack mushrooms at all hours of the day. The $4 million from InBC contributed to its recently announced $17.5-million Series A round, which the startup intends to use to ramp up the production of its robots and grow its team to 60 people.
Vancouver-based medtech company Clarius Mobile Health received $5 million for its production of wireless handheld ultrasound scanners, which it says enable healthcare practitioners to manage and perform exams from anywhere. Earlier this year, Clarius was selected to participate in the Government of Canada’s Global Hypergrowth Project, an initiative designed to help Canadian companies become “anchor firms” on the world stage.
RELATED: TechBrew rebrands to 4AG Robotics, closes $17.5-million Series A to build mushroom-picking robots
Pender Ventures, also based in Vancouver, received $10 million for its Pender Technology Inflection Fund II, which will invest in healthtech and B2B technology startups between the commercialization and scale-up growth stages that improve clinical decision-making, patient outcomes, and healthcare operations. Earlier this year, Pender secured half of its $100 million funding target for its second fund, following the $25 million Pender Technology Fund I.
Montréal VC firm Amplitude Ventures, which has a presence in BC, also received $10 million for its second fund, which will invest in early-stage companies focusing on “high-value” therapies, medical technology, and artificial intelligence and machine learning.
“These investments we announce today are catalyzing impact across sectors and geographic regions in our province,” InBC chief investment officer Leah Nguyen said in a statement. ”They’re driving innovation, creating quality, family-supporting jobs and building an economic future for BC that is more prosperous, sustainable and inclusive.”
Feature image courtesy Clarius Mobile Health.
