Vosker, a Victoriaville, Quebec-based remote area monitoring technology company, has raised C$100 million in debt financing to support its growth. The funding was a mix of quasi-equity, subordinated debt and revolving credit. It was provided by HSBC Canada, Caisse de dépôt et placement du Québec, BDC Capital and Export Development Canada.
VICTORIAVILLE, QC, Dec. 16, 2021 /CNW Telbec/ – VOSKER, a global pioneer in remote area monitoring technology, today announced it has raised $100 million in debt financing from HSBC Canada (“HSBC”), Caisse de dépôt et placement du Québec (“CDPQ”), Business Development Bank of Canada (“BDC Capital”), and Export Development Canada (“EDC”). These funds will help support the company’s growth as a leader in this fast-growing tech space.
The funds consist of a mix of quasi-equity, subordinated debt, and revolving credit which will be used mostly towards accelerating growth through sales and marketing, new product development and investment in human capital.
VOSKER designs and commercializes cellular-connected devices that enable remote monitoring of areas where wi-fi and electricity are either not accessible or optimal. Billions of media files are produced each year with its various brands of devices, mainly geared towards security or the outdoor markets, and then seamlessly delivered to its customers’ computers and mobile phones. In addition, VOSKER offers premium memberships enabling customers to enhance their monitoring activities.
“Our products enable consumers to keep an eye on things that matter to them, no matter where they are,” said Yan Gagnon, CEO of VOSKER. “This new funding will allow us to continue on the rapid growth trajectory we’re on. We’ll double down on our existing strategy that is showing great traction while also investing to accelerate new market development.”
“HSBC is proud to support the international ambitions of high-growth Quebec companies like VOSKER,” said Alan Turner, Head of Commercial Banking at HSBC Bank Canada. “Our 1000 commercial banking professionals across the country are dedicated to the unique needs of international businesses, by providing access to a geographic network covering more than 90% of global trade and capital flows.”
“With this financing, CDPQ is supporting the expansion of a young Québec technology company that ranks alongside some of the fastest growing companies in Canada in recent years. The company is well positioned to maintain this growth and this investment provides the necessary flexibility to develop its products and expand the scope of its innovations,” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship of CDPQ. This transaction is part of Ambition ME, a suite of financing solutions and support services to take Québec mid-market companies to their next stage of growth.
”With its disruptive technology and strong leadership team, VOSKER has become an important player in the Internet of Things (IoT) sector and a global leader when it comes to remote area monitoring solutions,” said Patrick Latour, Senior Vice-President, Growth and Transition Capital, BDC Capital. ”This financing will help further accelerate the company’s sustained growth.”
“This is a great example of the collaborative efforts between EDC and industry partners to support Canadian companies with high growth potential,” said Lissa Bjerkelund, Vice-President, Investments & IFD (interim) at EDC. “We are pleased to partner with VOSKER as it expands its business internationally.”
VOSKER, we’re proud to be one of the premier providers of solar-powered and cellular-enabled monitoring technology on the planet. Whether you want to keep a close eye on your lake house, or your company wants to secure its sites, we provide the tools to make you see further. People use VOSKER’s technology every day to take millions of photos and videos of remote places in over 50 countries.
Founded in 2018, in Victoriaville, Quebec, our main products and services are marketed under the SPYPOINT and VOSKER brands. We are able to push the boundaries of what is possible thanks to our 400 talented employees.