Six Canadian tech startups have recently secured fresh funding to fuel their growth. Here’s the latest on who raised money, how much, from whom, and what they plan to put the new capital toward.
Adela secures $74.4 million CAD for cancer diagnostic tech
Toronto-based cancer detection startup Adela, formerly known as DNAMx, has raised about $74.4 million CAD ($60 million USD) in Series A financing to support its commercialization efforts. The round was led by F-Prime, with participation from OrbiMed, Deerfield Management, Decheng Capital, and RA Capital Management.
Founded in 2020 and spun out of the University Health Network, Adela has developed genome-wide methylation enrichment technology that aims to spot signs of early cancer. According to Adela, this tech has the ability to address unmet needs across the cancer continuum, and has the potential to detect a variety of high-morbidity, high mortality diseases.
The biotech startup said the new capital will help the firm commercialize its blood test-based technology efforts. In the future, Adela plans to apply its tech to other diseases.
d1g1t raises $16 million to build on US growth
Toronto FinTech startup d1g1t, which offers a wealth management platform for enterprise clients, has secured $16 million CAD in funding to expand its software and scale its team. The round was led by return investor CI Financial, and supported by NAventures and MissionOG.
Launched in 2016, d1g1t seeks to help wealth management firms improve the quality of their advice through its platform, which is supported by “institutional-grade analytics and risk management tools.” The company plans to use the fresh funding to expand the capabilities of its platform, advance product innovation, scale operations and add to its sales and marketing teams.
The new funding comes almost three years after the firm closed a $9 million Series A round. For d1g1t, the startup’s latest round follows a year of growth, during which d1g1t doubled its revenue and bolstered its headcount by over 50 percent in 2020. With the new capital, d1g1t aims to cement its presence in the United States wealth management market.
Somm raises $2 million to scale, expand wine recommendation app
Toronto-based software startup Somm has secured $2 million CAD in financing to scale and expand its wine recommendation engine and machine learning tech. The round, which Somm referred to as oversubscribed, was co-led by KJSM Ventures and Highlander Wine & Spirits.
Founded in 2020, Somm aims “to put a sommelier in everyone’s pocket” through its mobile wine recommendation app. The startup plans to use the fresh capital to refine its marketplace, grow its product, marketing and software engineering teams, and expand its reach through partnerships in Canada and the US.
Polystyvert secures $3 million for recycling plant
Montréal-based cleantech startup Polystyvert has raised $3 million in funding to fuel the development of a new recycling plant. The round was supported by new investor BEWI Group, other new undisclosed private investors, and existing investors Anges Quebec, Anges Quebec Capital, Cycle Capital, and Quadriam.
Founded in 2011, Polystyvert has developed an innovative, low-carbon-footprint process for recycling polystyrene based on dissolution technology. The startup plans to use the proceeds to develop a full-scale polystyrene recycling facility.
Award Pool raises $2.8 million for gamer rewards platform
Toronto blockchain software startup Award Pool, which offers a gamer engagement platform, has secured $2.8 million CAD in seed funding from over 50 investors, including FunFair Technologies, Equivesto, and Flori Ventures.
Founded in 2020, Award Pool provides a platform that allows companies to engage gamers with custom challenges and non-fungible token (NFT) rewards. Award Pool plans to use the funding to execute its go-to-market strategy and launch its first public beta. The startup said it intends to launch “big projects in the sports and entertainment world” soon.
Trendi secures $2.25 million to develop food processing solution
Vancouver’s Trendi has raised $2.25 million CAD in seed funding to support its food processing tech. The round was led by WGG Capital Canada and Florida’s Vestech Partners.
Founded in 2019, Trendi is a cleantech startup that develops robotic, artificial intelligence-driven food waste processing solutions for the food and beverage industry. According to Trendi, the new funding will support the development of its Biotrim mobile processing tech. The startup said it expects to have a prototype complete for testing and evaluation in 2022.
Feature image of CEO Dan Rosen from d1g1t