Québec-based hardware startup Vosker has closed $171.2 million CAD ($125 million USD) in debt financing.
The Royal Bank of Canada led the financing, and other participants included Export Development Canada, Scotiabank, the National Bank of Canada, and the Fédération des Caisses Desjardins du Québec.
Gagnon has previously said that Vosker has intentionally avoided the venture capital cycle and opted for debt financing to support its growth.
Vosker, based in Victoriaville, Que., develops solar-powered hardware products for surveillance applications.
Its product line currently includes mobile security cameras for video and photo surveillance, which connect to cellular networks and carry features such as time-lapse, motion detection, and live view.
The startup also offers a tool it claims uses artificial intelligence to help users flag the presence of a human in a photo and differentiate it from a vehicle. According to its website, target industries for its products include remote facilities, construction, real estate, agriculture, and law enforcement.
Vosker is the brainchild of Yan Gagnon and twins Jimmy and Danny Angers, who collectively identified a market gap for a more autonomous remote-monitoring device that does not rely on electric power or Wi-Fi.
The road to creating Vosker dates back to 2004, when Gagnon created Spypoint. He later created a holding company called GTX in 2018, along with the Angers brothers. GTX grew to develop four subsidiary brands, which it consolidated into one in 2021 under the name Vosker.
According to its website, Vosker’s annual revenue hit $100 million in 2021, and the company’s annual revenue growth reached 582 percent over the three preceding years. The company went on to raise $60 million from Gardaworld founder Stéphan Crétier and others in 2022. Including this latest funding, Vosker has raised more than $200 million CAD in external funding to date.
RELATED: GTX re-brands to Vosker following 4X revenue increase for remote monitoring tech
Earlier this year, Vosker shuffled the roles of two members from its founding team. Jimmy Angers moved into the role of CEO, a position previously held by Gagnon, who became executive chairman of the board to focus on merger and acquisition strategies as well as strategic partnerships. Danny Angers remains in his original role as CFO.
According to a statement released today, Vosker will use the new funding to “recapitalize its debt structure and strategically position itself for future growth initiatives.” In an interview with Bloomberg, Danny Angers said Vosker plans to use the funding to invest in growth in the United States and Europe, and may potentially raise more to fund potential acquisitions.
Gagnon has previously told BetaKit that his company has intentionally avoided the venture capital cycle and opted for debt financing to support its growth.
“This substantial debt financing represents a pivotal moment for Vosker as we advance towards our ambitious goal of becoming a global champion in the surveillance technology industry,” Danny Angers said in today’s statement. “With this capital infusion, we have the means to execute tactical growth projects and solidify our position as an industry leader.”
Feature image courtesy of Vosker.
