FedDev and CleanTech funding dominate this edition of ‘Today in Funding’. Here’s the latest on who raised how much, from whom.
Vancouver-based connected car startup has announced the close of an $8 million Series A funding round, led by Telekom Capital. Relay Ventures, 500 Startups, and BDC Capital, who participated in Mojio’s $2.3 million seed round, have all signed up again for follow-on investment.
“This investment is the first outside of Europe for our latest fund,” said Vicente Vento, CEO of Telekom Capital. “It fits right at the heart of what we are looking for: a scalable open platform addressing a gigantic market. We look forward to supporting Mojio in every possible way.”
Mojio produces a plug-and-play cellular device to connect cars to the cloud. The company indicated it will use the funds to further U.S. and international growth, as well as its burgeoning app marketplace for cars.
Ottawa-based Corsa Technology has announced an oversubscribed $16.5 million Series B round led by Roadmap Capital, with follow-on participation from BDC Capital, and Celtic House Venture Partners. A Software Defined Networking (SDN) solutions company, Corsa is currently working to bring its DP6400 product line to full commercial release.
“Corsa has effectively redefined the nature of networking by providing the ability to efficiently scale to meet the needs of a new generation of applications,” said Tomas Valis, Partner at Celtic House. “Having backed the Corsa team from day one, we are very pleased with their progress in bringing to market, in record time, an entirely new class of product designed specifically for SDN. With this latest round of funding in place, Corsa is well-positioned to deliver on the market demand for secure and scalable cloud-based networks.”
Montreal-based biotech company Prevtec Microbia has announced the completion of a $4.7 million funding round, led by VVC. Telesystem Ltd, Groupe Jafaco Gestion, and Desjardins-Innovatech all participated with follow-on funding.
A developer of biological products for the prevention of diseases in food-animals, Prevtec anticipates the launch of its live bacterial swine vaccine Coliprotec F4 throughout the European Union in 2015, pending market authorization.
FedDev funding: CrowdCare and Memex
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced its support for two local startups last week: Memex Automation and CrowdCare.
Burlington-based Memex, which supplies companies with products that allow manufacturing machines to communicate with each other, received $800,000 in FedDev funding. The company also received an additional $1.6 million in funding from investors within the Niagara Angel Network.
Toronto-based CrowdCare, which produces a customer support service named Wysdom for mobile carriers, received $750,000 from FedDev. The federal funding will be used to fuel new development of Wysdom, as well as marketing and sales staff hiring for global expansion. The additional cash brings CrowdCare’s total funding amount to over $7 million, following its recent $3.5 million round last October.
Last week, the Sustainable Development Technology Canada (SDTC) announced over $27.3 million in funding for 10 clean technology projects throughout British Columbia. The companies and funding amounts are as follows:
- West Fraser Mills Ltd. based in Vancouver will receive $6,100,000 to construct Canada’s first LignoForce commercial demonstration recovery plant, where pulp mill waste will be recovered and used in a variety of applications
- BBCP Conductor Inc. in Richmond will receive $3,660,000 to develop a way to add nanotubes to aluminum wires, making them stronger and reducing the amount of electricity lost due to resistance
- David Bromley Engineering in Burnaby will receive $3,225,000 towards the development of a new system for filtering wastewater, lowering energy use by 65% and the use of chemicals by 86%
- Carbon Engineering Ltd. will receive $3,000,000 to conduct a demonstration project in Squamish, testing its new technology for extracting carbon dioxide from the air. This captured CO2 can be used to produce ultra-low carbon fuels as well as for enhanced oil recovery
- ZincNyx Energy Solutions in Vancouver will receive $2,900,000 towards developing a battery that runs on zinc and air that could augment or even displace diesel generation in our power grid
- Saltworks Technologies Inc. in Vancouver will receive $2,500,000 for developing two processes for treating water that could cut electricity consumption in half and reduce chemicals used in the oil sands
- SWITCH Materials Inc. in Burnaby will receive $2,500,000 towards creating a new glazing for car windows that reduces the need for air-conditioning, which will save energy, reduce emissions and, in the case of electric cars, extend how far they can be driven
- Terramera Inc. in Vancouver will receive $1,985,000 to develop a Neem-oil based pesticide with extended shelf life that works better against target pests.
- Polymer Research Technologies in Vancouver will receive $1,116,826 to demonstrate its innovative technology that converts waste polyurethane foam into a petroleum-based product called polyol that can be re-used in other products
- Unit Electrical Engineering Ltd in Okanagan Falls will receive $344,217 together with its consortium, to build lighter, more efficient drivetrains for mass transit systems