Québec City-based LeddarTech Inc., a developer of 3D detection technology for traffic management, has completed a $2.5 million round of financing led by Canadian venture capital firms GO Capital and BDC Venture Capital, and including participation from iSource, Accès Capital and Desjardins-Innovatech. LeddarTech first received venture financing in 2007, though the company’s investors were not disclosed.
LeddarTech today announced the closing of its latest round of venture capital financing for $2.5 million. LeddarTech is the owner of the patented LeddarTM LED-based detection technology, a 3D detection solution that combines LED lighting and innovative signal processing into an accurate and robust detection solution. iSource, Accès Capital and Desjardins-Innovatech also participated in the financing led by GO Capital LP and BDC Venture Capital.
“This financing will enable LeddarTech to continue rolling out its LeddarTM technology internationally, and thereby build recognition of the technology,” said Charles Boulanger, acting President of LeddarTech. “Clients spanning the globe have already chosen Leddar™ technology for its unique benefits that effectively meet their traffic management needs.”
“We are convinced that LeddarTech has what it takes to grow and move to the next level of competition,” added Réjean Asselin, Partner with BDC Venture Capital’s GO Capital Fund. “We are always delighted to find and support the next generation of Canadian leaders in emerging technology sectors. We hope that this financing will provide the LeddarTM technology with the best expansion opportunities.”
LeddarTM, which stands for “Light Emitting Diode Detection and Ranging,” is a unique, patented technology. Excelling on the widest range of performance criteria, LeddarTM holds the best cost/performance ratio when compared with competing detection technologies (laser, radar, video, thermal imaging, ultrasonic, and PIR/motion).
About LeddarTech (www.leddartech.com)
LeddarTech is the world’s only supplier of advanced 3D detection and tracking systems based on patented Leddar™ technology.
About GO Capital
GO Capital LP is a $50 million venture capital fund that invests in Quebec seed-stage technology firms in the fields of cleantech, information technologies and life sciences. GO Capital is managed by its General Partner, the Business Development Bank of Canada.
About BDC Venture Capital
With more than $1 billion under management and more than 25 years of industry experience, BDC Venture Capital is an investor of choice focusing on IT, health, and energy/clean technology companies, as well as venture funds, with high growth potential. From seed through expansion to exit, our mandate is to help build outstanding Canadian companies, while working to create a sound financial ecosystem for Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
SOURCE: Business Development Bank of Canada
For further information:
418 653-9000, ext. 221
Manager, Public Relations
BDC Venture Capital
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