Today in funding: SomaDetect, Metis, CoinSmart


Three Canadian startups have recently announced fresh funding rounds to fuel their growth. Here’s the latest on who raised, how much, from whom, and what they’ll be putting the new funds toward.

SomaDetect secures $7.4 million CAD in Series A financing

Fredericton-based SomaDetect, which has developed a sensor that helps farmers measure milk quality, has raised a $7.4 million CAD ($6 million USD) Series A round of funding.

SomaDetect’s latest funding is in addition to $4 million granted by Sustainable Development Technology Canada in January.

The funding was led by Ag Capital Canada, a private equity fund based in Ontario. Other participants included Merck Animal Health Ventures, as well as Builders VC, and Wilbur Ellis’ Cavallo Ventures.

Founded in 2016, SomaDetect has developed an in-line sensor that, when combined with deep learning algorithms and visualization software, measures key indicators of milk quality and health.

SomaDetect will use the new funds to commercialize its technology as well as bring the technology to more farmers in Canada and the United States.

Earlier this year, SomaDetect received a $3.9 million grant from Sustainable Development Technology Canada. That grant was used to allow the startup to set up installations in Canada and the US and demonstrate greenhouse gas benefits within dairy operations.

Metis raises $1.2 million CAD seed round

Metis, a Toronto-based blockchain startup, has raised $1.2 million CAD ($1 million USD) in seed funding.

Waterdrip Capital, DFG, Chain Capital, and AC Capital all led the seed round. Additional investors included Ralf P. Gerteis, P1X Capital, Block.power Combinator, Hotbit, SSSnodes, Crasolum, Kernel Ventures, Catcher VC, Jubi Labs, and Ming Liu, former co-founder of Tron.

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Founded in 2018 by Elena Sinelnikova, Kevin Liu, and Yuan Su, Metis aims to build a governance and management mechanism-embedded protocol to fully support the application migration from Web2 to Web3.

Web2 refers to the version of the internet most people currently use, where companies provide services in exchange for personal data. Web3 refers to decentralized apps that run on the blockchain, where data is stored in multiple copies of a peer-to-peer network.

Metis will use the new funds to support the release of its new Layer2 Decentralised Autonomous Organisation (DAO) framework at the end of March. A DAO refers to computer programs that are transparent, controlled by the organization’s members and are not influenced by a central government.

CoinSmart secures $4.5 million CAD

CoinSmart, a Toronto-based cryptocurrency exchange, has raised $4.5 million CAD in funding.

The round was classified by CoinSmart as seed funding. It was raised through the issuance of interest-bearing convertible debentures. CoinSmart declined to disclose the investors that participated in the raise to BetaKit. The funding round was raised to help CoinSmart complete a proposed reverse takeover in the coming months to obtain a listing on the TSX Venture Exchange.

The proceeds will also be used to fuel the expansion of CoinSmart’s platform into Europe and support operational updates to the platform.

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CoinSmart claims its cryptocurrency exchange is one of the first to be regulatory compliant with FINTRAC, Canada’s financial intelligence agency. Crypto exchanges like those run by Mogo and Wealthsimple are also regulated by the agency.

CoinSmart has obtained a licence issued by the Estonian Police and Border Guard Board, which holds CoinSmart to certain consumer protection standards and security protocols. The company said this will also support the company’s expansion into the European market.

Image courtesy SomaDetect.

Isabelle Kirkwood

Isabelle Kirkwood

Isabelle is a Vancouver-based writer with 5+ years of experience in communications and journalism and a lifelong passion for telling stories. For over two years, she has reported on all sides of the Canadian startup ecosystem, from landmark venture deals to public policy, telling the stories of the founders putting Canadian tech on the map.

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