Two Montreal-based startups have 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.
TickSmith raises $2 million from BDC Capital
Montreal-based TickSmith, which creates big data applications for capital markets and financial services, has raised $2 million in funding from BDC Capital’s growth and transition capital division.
Founded in 2012, TickSmith creates applications that allow capital markets and financial institutions to interpret value and gain insights from financial data. Specifically, the company’s GOLD software platform, an end-to-end data management and analytics solution, enables organizations to consolidate, normalize, analyze, and share large amounts of data.
TickSmith plans to use the funding to improve its platform and make it compatible with more cloud computing environments. BDC Capital is providing the funding through a special loan solution designed for technology companies with monthly recurring revenue (MRR).
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“TickSmith checks a lot of the boxes that make a promising MRR firm for us,” said Nicolas Beaudet, director of growth and transition capital at BDC Capital’s Montréal office. “The company has built a platform that meets clearly identified needs in the buoyant big data and fintech markets, and that brings tremendous value to its users. The members of TickSmith’s leadership team are experienced and complement each other well, and they are supported by strategic investors who play an active role in accelerating the company’s growth.”
TickSmith raised $2 million in Series A funding from Illuminate Financial Management LLP in 2017. The Digital Finance Institute also named TickSmith as one of Canada’s top 50 FinTech companies in July 2019.
Worximity Technology raises $1.5 million to fuel international expansion
Montreal-based Worximity Technology, which aims to create smart factories through machine learning, artificial intelligence, and IoT, has raised $1.5 million from CIBC Innovation Banking.
“The team at CIBC Innovation Banking understands our vision relative to Internet of Things (IoT) but also Industry 4.0.”
The funding will be used to support Worximity Technology’s “product diversification,” as well as its expansion into international markets.
Worximity Technology’s claims to be playing a leading role in promoting the “Fourth Industrial Revolution.” The company’s platform uses machine learning and artificial intelligence, allowing for automatic data collection, real-time monitoring, analytical views, and predictive insights in factory and manufacturing processes.
Worximity Technologies stated that, to date, it has served more than 200 customers, helping to improve the performance of more than 1,200 projects.
“The team at CIBC Innovation Banking understands our vision relative to Internet of Things (IoT) but also Industry 4.0,” said Yannick Desmarais, founder and CEO of Worximity Technology. “They have been able to provide us with the financial backing that will support our growth across new markets.”
Worximity Technology raised $2 million in Series A funding from Marel, Fonds de Solidarité FTQ, and W Investments in August 2019. The company also raised a $2 million seed round in December 2015.
Image source TickSmith