This week, two Canadian startups got a boost with rounds of funding. Here’s the latest on who raised how much, and from whom.
IoT startup Helios Wire raises $5 million CAD
Vancouver-based Helios Wire has raised $5 million CAD towards facilitating the launch of its first two satellites.
Helios Wire is working to bring IoT connectivity to the mass market by using priority mobile satellite system (MSS) S-band spectrum to build a two-way global satellite-enabled system. The goal is to provide low-cost short burst data services covering connected assets and devices that need high volumes.
The system is being designed for the IoT and machine-to-machine (M2M) applications, including the monitoring and controlling of both fixed and mobile assets in the transportation, consumer, and energy industries.
“We’re extremely pleased with the level of investor interest in Helios Wire’s mission. The funds from this round of financing will be put towards the launch of our first satellite this Christmas, as well as the two other satellites scheduled to be launched during the second half of 2018,” said Scott Larson, CEO and co-founder of Helios Wire. “We’re in the midst of a seismic shift in the way industries operate. Our goal is to make certain that companies and organizations, regardless of size, are able to participate in the enabling technologies of IoT, particularly in the industrial sectors.”
Helios Wire is hoping to target businesses at all stages.
“For instance, a small-scale farmer will be able to use Helios Wire’s economical IoT service to optimally manage a handful of fields. As well, multinational shipping corporations and exporter-importers will be able to optimize fleets and shipments,” Larson says. “For small-to-medium sized businesses, the Helios system would reduce capital and operational expenses and infrastructure costs, allowing for more rapid technological adoption.”
eSentire raises undisclosed nine-figure round
Cambridge-based cybersecurity firm eSentire has raised a growth equity investment from New York-based Warburg Pincus, a global private equity firm.
While the terms of the deal weren’t disclosed, BetaKit has been able to confirm that Warburg Pincus wrote a nine-digit cheque. The Financial Post reported that the investment was “well north” of the $43 million CAD already raised by Warburg Pincus. Fortune reported the number as over $125 million CAD.
“eSentire has established itself as the leading provider of managed detection and response within the competitive cybersecurity market, as evidenced by 26 consecutive quarters of growth,” said J.Paul Haynes, CEO of eSentire. “Our leadership team recognized that in order to enhance our leading position, we needed a partner that shared in our vision. I am pleased to say that we could not have found a better partner than Warburg Pincus, whose global reach, access to industry experts and extensive network will serve as a great catalyst for our future growth. We are excited that this investment will allow us to help more organizations mitigate the risks associated with cyberattacks.”
eSentire’s last round was $27 million raised in February 2016.
“With the ever-increasing complexity around cybersecurity and scarcity of security talent, more companies are seeking comprehensive managed services that proactively detect and respond to cyber threats in real time,” said Cary J. Davis, managing director of Warburg Pincus. “eSentire provides the most complete suite of technologies and services in the MDR market and has experienced industry-leading growth and impressive customer satisfaction. We are excited to partner with management to support the Company’s continued expansion and help them serve the complex cybersecurity needs of their customers.”