This week, several Canadian startups made significant funding announcements. Here’s the latest on who raised how much, and from whom.
Appili Therapeutics raises $2.8 million to fund clinical trials
Halifax-based Appili Therapeutics, an anti-infective drug development company, announced that it will be receiving $2.8 million in funding from the Atlantic Canada Opportunities Agency (AOCA), under the Atlantic Innovation Fund (AIF).
Appili will use the funding to take ATI-1501, the company’s first drug and an oral antibiotic that treats anaerobic infections, through clinical trials to be ready for market. The company is currently manufacturing the clinical batch of ATI-1501, and plans to take the antibiotic into clinical trials later this year.
“Having ACOA recognize the potential of our antibiotic reformulation to become a new weapon against anaerobic infections is outstanding,” said Kevin Sullivan, the CEO of Appili Therapeutics. “This AIF funding supports our strategy to advance ATI-1501 into human clinical trials as soon as possible.”
In December 2016, Appili also raised $2.2 million in equity financing from Innovacorp and other institutional investors.
Enbala Power Networks raises $12 million to tackle distributed energy resource market
Toronto-based Enbala Power Networks, which specializes in energy resource management, announced the close of a $12 million Series B round.
The investment round was led by ABB’s venture capital unit, ABB Technology Ventures, which invests in industrial technology and energy companies. Investors also included National Grid, GE Ventures, Chrysalix Venture Capital, and Obvious Ventures.
Enbala provides a software solution that aims to create controllable and dispatchable energy sources. It aggregates available customer loads, energy storage, and renewable energy sources to form a network of continuously controlled energy resources. The company plans to use the funding to build out its solution and accelerate a partner project between ABB and Enbala, where Enbala will incorporate its distributed energy aggregation and control platform into ABB’s distributed energy resource management system (DERMS).
“This new investment from solid investors is helping to link distributed energy resources to grids around the world and will drive enormous value for our customers and the distributed energy industry,” said Bud Vos, the president and CEO of Enbala. “Our investors have long been recognized as leaders in energy management and for their focus on safeguarding the environment for future generations. This new funding will help strengthen both positions, and we look forward to a mutually beneficial future.”
Sofdesk raises $3 million Series A for solar software solutions
Montreal-based Sofdesk, a software company that works to reduce costs for solar and roofing installation and utility companies, has raised a $3 million Series A.
The funding was led by EnerTech Capital, with participation from BDC Capital. Sofdesk’s main product lines include software for solar installers to draw solar roofs and quickly send quotes (Solargraf), and a platform for roofing companies to source new business (Roofgraf). Sofdesk is currently developing software solutions for future platforms including in the insurance and utility sectors.
“With limited capital to date, [Sofdesk] has demonstrated the ability to grow their business, and have built a customer base of over 617 solar installers,” said Wally Hunter, managing director of EnerTech Capital. Hunter is also joining Sofdesk’s board of directors. “This round of financing will help the company expand and scale its software data platform into these new markets and build on their existing management team. Our investment in Sofdesk represents our 12th investment in EnerTech IV and the company has great synergies with many of our Strategic LP’s and existing portfolio companies.”
The company said it’s tackling the problem of residential solar projects taking hundreds of hours of effort, as sales, marketing, financing, design, procurement, installation, and operations tasks are performed by stakeholders across multiple companies. Sofdesk said that its software allows companies to reduce customer acquisition costs and installer overhead, and facilitate the sourcing of financing options.
“We are thrilled with the traction that Sofdesk has gained in such a short period of time and I believe that with this recent round of financing, our ability to grow the company will increase significantly across our respective markets,” said Lennie Moreno, CEO of Sofdesk. “The innovative mix of our unique sales acceleration solutions, combined with a highly talented team and experienced value-added investors EnerTech and BDC Capital, Sofdesk will be well-positioned for growth.”
