Last week marked significant development in startup investment. Here’s what caught our eye this week in our #techroundup.
- Developer Capital (Dev/Cap), a new AI-focused investment corporation backed by Montréal-based consultancy
Monadical
, has closed $2.5 million CAD to fuel its early-stage startup investments. Led by CEO
Jordan Steiner
and chair Max McCrea, DevCap offers startups not only funding but also access to Monadical's team of 31 developers for advice and guidance, aiming to provide a unique value proposition in the VC landscape. With plans to back 15 to 20 startups in North America and Europe, DevCap focuses on companies implementing or built upon AI, capitalizing on the transformative potential of AI technologies. Already, DevCap has invested in Toronto-based Unified.to and Montréal’s
Rithmik Solutions
(CEO
Amanda Truscott
), demonstrating its commitment to supporting innovative AI startups poised for growth.
- Victoria-based ocean tech startup
MarineLabs
(CEO
Scott Beatty
) secured $4.5 million in seed funding led by BDC Capital's Sustainability Venture Fund, focusing on coastal intelligence solutions to enhance marine safety and protect coastal environments from climate-related risks. The funding will accelerate product development and market expansion efforts.
- Vancouver's
Codezero Technologies Inc.
(Co-founders -
Reed Clayton
and
David Shore
) raised $3.5 million in seed funding, backed by Ballistic Ventures and supported by GitHub CEO Thomas Dohmke, aiming to enhance multi-cloud development with its Teamspaces offering, prioritizing security and developer productivity. The investment will fuel growth in sales, marketing, and partnerships with enterprise DevOps organizations.
- Montréal's
BeatConnect
(CEO
Alexandre Turbide B. Eng. MBA
, CTO
Nicholas Laroche
) secured $2.25 million CAD funding led by Sfermion, with support from existing investors like Québec’s Fonds d’investissement de la culture et des communications, Anges Québec, and Triptyq Capital. The platform, led by CBC alumni, plans to launch an upgraded version of its music collaboration platform, aiming to enhance user experience and creative possibilities for over 70,000 users worldwide.
- Saskatchewan Government increased its early-stage tech investor tax credit cap to $7 million annually, extending eligibility to cleantech startups, aiming to bolster the province's tech sector and create jobs. Tech leaders laud the move for providing certainty and boosting investor confidence, foreseeing further growth in Saskatchewan's tech ecosystem.
- Toronto-based biotech startup
Noa Therapeutics
(CEO
Carla Spina PhD
, CSO
Serena Mandla, P.Eng, MASc.
) secured $2.2 million CAD in pre-seed funding led by UCeed, aiming to develop multimodal therapeutic compounds for immune diseases. With a focus on atopic dermatitis, the startup plans to advance its lead drug candidate and optimize molecules for treating inflammatory diseases like ulcerative colitis.
- Montréal-based foodtech startup
Opalia
(CEO
Jennifer C?té
) raised $2 million CAD led by Hoogwegt Group to develop real dairy milk from bovine mammary cells, aiming for a more ethical and sustainable alternative to traditional cow milking processes. The funding will support product development as Opalia prepares to work with commercial partners ahead of bringing the product to market.
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Founder & CEO, Group 8 Security Solutions Inc. DBA Machine Learning Intelligence
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