Summer’s over and it’s back to school for companies looking to raise large funding rounds. Here’s the latest on who raised how much, and from whom.
NoviFlow raises $9 million Series A
NoviFlow, a Montreal company that offers high-performance OpenFlow-based switching solutions to network carriers, data centre operators and enterprises, has secured $9 million in Series A financing.
The round was led by Fonds de solidarity FTQ, and was later joined by W3 Investissement, Somel Investments, and other investors. NoviFlow will use the funding to expand its global sales resources and marketing activities, and further invest in its network processor-based switching solutions and applications.
“With this financing, we are well-positioned to extend the reach of our SDN hardware and software offering beyond our existing client base in North America, Asia, and Europe,” said Dominique Jodoin, NoviFlow president and CEO.
NoviFlow was founded in March 2012 from the research lab work on computer communications and networks at the Université du Québec à Montréal (UQAM).
“With these new investments, NoviFlow will be able to continue growing and creating jobs in Québec’s IT sector,” said Alain Denis, senior vice-president of new economy, at the Fonds de solidarité FTQ.
The Better Software Company secures $750,000 in capital
The Better Software Company (TBSC), an L-SPARK accelerator company that provides an integrated Small Business Software solution delivered in the cloud, announced $750,000 in capital. The funding comes from a group of Ottawa-based angels from the Capital Angel Network, with participation from Purple Angel and The Investment Accelerator Fund.
The funding comes after TBSC joined L-SPARK in January, and after being recognized by the Branham 300, a tech consultancy group, as one of the Top 25 Canadian Up and Coming ICT Companies.
“This investment is one of the first rounds facilitated by our Enterprise SaaS Accelerator for the portfolio companies in our inaugural cohort. The Better Software Company is growing rapidly and this funding will fuel its future growth,” said Leo Lax, managing director of L-SPARK.
You.i TV raises $15 million from U.S. private equity group
You.i TV, an Ottawa company that allows TV operators and programmers to build multiscreen applications, has received $15 million in venture financing from U.S. private equity group Kayne Anderson Capital Advisors.
You.i TV, which boasts clients like Corus Entertainment, Shomi, and Crackle, will use the funding to grow as it attracts more clients. The company’s You.i Engine allows its clients to build cross-platform TV apps to simply and accelerate multi-platform app development by giving TV them a custom app codebase that ties together all their backend technologies, providing freedom from traditional front-end constraints.
“The old way of developing TV applications is broken,” said Jason Flick, CEO of You.i TV. “We’ve created a new way that allows you to build interfaces that go beyond the traditional design constraints inherent in OS-specific tools. Our growth and successful multi-platform launches for major TV and media brands validate that this technology delivers on its promises.”