D-Wave Systems snags C$29 mln

D-Wave Systems Inc, a quantum computing company headquartered in Burnaby, British Columbia, has secured C$29 million in funding. The investors in this round were not named; however, D-Wave’s previous backers include Bezos Expeditions, BDC Capital, DFJ, Goldman Sachs, Growthworks, Harris & Harris Group, In-Q-Tel, International Investment and Underwriting and Kensington Partners Limited.

BTI Systems names Colin Doherty president and CEO

BTI Systems, a provider of cloud and metro networking software and systems to content and service providers has appointed global telecommunications industry veteran Colin Doherty as president and chief executive officer. BTI’s backers include Bain Capital Ventures, BDC, Covington Capital, GrowthWorks and additional strategic investors.

Cloud Computing Security

PerspecSys Raises $12M From Paladin, Ascent, Intel and Others

PerspecSys Inc., which provides cloud data protection solutions for enterprises, has raised US$12 million in a Series B financing round co-led by Paladin Capital Group and Ascent Venture Partners, and joined by existing investor Intel Capital and other institutional investors. The company has raised more than US$20 million. PerspecSys, which has offices in Canada, the United Kingdom and the United States, first received start-up financing in 2007 from Canadian venture capital firm GrowthWorks.

Bunge Buys Assets of MCN BioProducts

Bunge, a publicly traded agribusiness and food company based in White Plains, New York, has acquired the assets of MCN BIoProducts, a company backed by investors Foragen Technologies, CIC Investment Management, GrowthWorks, and FCC Ventures. MCN has been developing a patented process to make canola-based ingredients for the aquaculture and animal feed industries. Terms of […]

GrowthWorks Announces Trio of Investments

Canadian venture capital fund GrowthWorks has announced a trio of investments totalling $1.75 million in three emerging technology companies based in Saint John, New Brunswick. Enovex Technology Ltd., a clean technology company developing advanced gas separation materials, received a $1.1 million investment. Spinzo Corporation secured $400,000 to launch a web-based smart buying platform. And MedRunner […]


Toronto-based gShift Labs Inks $1.1M

Toronto-based gShift Labs, developer of a Search Engine Optimization software system, has sealed $1.1 million in financing from Canadian venture investor GrowthWorks. The company will receive an additional $500,000 from the Federal Economic Development Agency for Southern Ontario.

Ambit Biosciences Inks $30M in D-2 Round

Ambit Biosciences, a biopharmaceutical company developing kinase inhibitors for the treatment of cancer and other conditions, has inked $30 million in new capital. Apposite Capital led the Series D-2 round, which included participation from existing investors Perseus-Soros Biopharmaceutical Fund, OrbiMed Advisors, Forward Ventures, Roche Venture Fund, MedImmune Ventures, GIMV, GrowthWorks, Genechem, Radius Ventures, NovaQuest and Horizon Technology Finance. The money will help the company continue clinical development.

Intel Capital Strikes Four Deals: CrowdStar, iStreamPlanet, Music Mastermind and PerspecSys: UPDATED

Intel Capital, the investment arm of chip maker Intel Corp., has struck four deals across a few industries that total up to a $24.5 million deployment. News of the deals came at a briefing in New York Monday where Intel Capital President Arvind Sodhani told attendees the latest venture investments bring to $10 billion the total amount of capital deployed on incubator investments by the tech titan.

Intel didn’t specify who got what from its VC arm, but the proud recipients of new funding include….

General Fusion Rounds up Nearly $20M in Series B

General Fusion is having a happy Cinco de Mayo. The utility-scale fusion power company reeled in $19.5 million in a Series B round that included investors Cenovus Energy, through its Environmental Opportunity Fund, Bezos Expeditions, the personal investment company of Jeff Bezos, Chrysalix Energy Venture Capital, GrowthWorks, Braemar Energy Ventures, Entrepreneurs Fund, Business Development Bank of Canada (BDC), and SET Venture Partners.

Lymbix Inks $1.35M From GrowthWorks

GrowthWorks Atlantic Venture Fund has poured $1.34 million in Lymbix Inc., a Moncton, New Brunswick-based developer of technology designed to help people and organizations be understood clearly. The company describes its flagship software, ToneCheck, as an “emotional spell-check”. GrowthWorks is a Canadian investment firm.

Consolidation In Canadian Venture Capital As Covington Swallows VenGrowth

While you were feasting on turkey and trimmings, Canadian venture capitalists were hard at work. Covington Fund II Inc. said Thursday it won approval to combine with five VenGrowth Asset Management funds. It offered no financial terms for the transaction, though VenGrowth assets are roughly $320 million. According to Covington, the deal will produce one […]

GrowthWorks President Surprised by Vengrowth Shareholder Vote

Dan Levi, President of GrowthWorks, said today that he is surprised by a shareholder vote Thursday that approved the merger of five Vengrowth Asset Management funds into two funds from Covington Capital. A vote tabulation Friday further indicated Vengrowth shareholder approved the proposed transaction with Covington. Last month, Covington struck a deal to take over five Vengrowth funds. The funds had $360 million in AUM. GrowthWorks had challenged the merger in a proxy fight. GrowthWorks, of Toronto, is a major consolidator in the Canadian VC retail industry. Vengrowth is a Canadian PE firm.

Roger Chabra Leaves Growthworks for Rho Canada

Roger Chabra has left Canadian venture capital firm GrowthWorks after a three year run, in order to become a partner with Rho Canada. In an email sent yesterday to friends and colleagues, Chabra wrote:

“I am excited to be joining such an experienced and successful group of venture investors at Rho. Rho Canada is a leading venture capital firm and is dedicated to backing high-potential, early-stage companies. Formed in 2006, Rho Canada is closely affiliated with Rho Ventures in the US and leverages off Rho Ventures’ 25+ years of experience in investing in venture-stage companies. Rho Canada and Rho Ventures are actively investing out of their respective funds today and we continue to seek new deals that fit our investment mandate.”

Chabra added that he expects to shuttle between Rho Canada’s Montreal headquarters and its Toronto outpost. The firm also has a New York office, and raised just over US$100 million for a fund in 2006.

I hear that the fund still has plenty of dry powder, but that Rho Canada is pre-marketing a new vehicle with hopes of holding a final close late this year. No official word yet on a target, but it will likely be close to the $100 million mark.

GrowthWorks Merging with Seamark

WINNIPEG, Manitoba (Reuters) – Seamark Asset Management Ltd (SM.TO) and Growthworks Ltd have agreed to merge and form a mid-sized diversified asset management company, Seamark Chief Executive Brent Barrie said on Thursday.   The new company will be called Matrix Asset Management Inc, headed by current Growthworks President and CEO David Levi. Under the agreement, […]

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