This week, two Vancouver startups made significant funding announcements. Here’s the latest on who raised how much, and from whom.
UrtheCast receives $17.6 million from the Innovation, Science and Economic Development Canada’s Industrial Technologies Office
Vancouver-based UrtheCast, which provides clients with highly-detailed images of Earth, has received $17.6 million from the federal government.
Navdeep Bains, Minister of Innovation, Science and Economic Development, announced the funding yesterday at UrtheCast’s office. The company will use the funding to develop technology that equips a group of satellites, known as OptiSAR, for Earth observation. The funding will also go towards developing technologies that make the data and high-resolution images of millions of square kilometres of the planet easier to use for its customers. UrtheCast currently works with more than 170 Canadian-based suppliers.
The funding comes from the Innovation, Science and Economic Development Canada’s Industrial Technologies Office, through its Strategic Aerospace and Defence Initiative (SADI).
“We are deeply honored to have been selected as a SADI funding recipient and that the potential of the OptiSARTM Constellation has been recognized by the Government of Canada,” stated Wade Larson, UrtheCast’s President and CEO. “This is a clear vote of confidence in UrtheCast and we believe it further validates the strategic and commercial opportunities of our SAR and optical satellite technologies. Today marks an important step forward for the OptiSAR Constellation, and we believe the technologies we are developing through this program will be beneficial, not only for UrtheCast, but for the rest of the A&D sector and high-tech ecosystem in Canada in general.”
Visier rises $60 million CAD for international expansion
Visier, which provides workforce intelligence solutions, has announced $60 million CAD in Series D financing.
The funding is led by Sorenson Capital, with participation from existing investors Foundation Capital, Summit Partners, and Adams Street Partners. To date, Visier’s total funding sits at $127 million CAD.
“Where others are struggling, Visier is thriving,” said John Schwarz, Visier’s CEO and founder. “We are experiencing a tidal wave of demand because, instead of focusing on data tools and data scientists, Visier has focused on business leaders and on their important and ever changing and probing questions.”
Visier’s platform allows companies to understand and plan how to cost-effectively recruit, retain, and develop their workforce. Senior leaders, HR, and people managers using Visier can answer key workforce questions, align on goals and strategies, and act on decisions and plans to drive improved business outcomes.
The company said its new capital will help fuel the company’s efforts to meet customer demand, and grow its international and partner ecosystems.