Exclusive: GoalBased Investors Banks $2.75M Seed To Gamify Financial Planning

 GoalBased Investors aims to provide access to anyone who wants goal-based financial planning and advice, and now has $2.75 million in new seed funding to continue developing its platform.

 The New York-based company, founded in 2019, asks users three questions: How much you have now, how much you want to save and the trade-offs you are willing to make. It then matches users and advisers through a free gamified app experience.

“We are creating a platform where conversations can happen,” said Chip Castille, founder of GoalBased Investors who previously spent time as an investment strategist at BlackRock. “We saw people without financial literacy, and we want to help individual investors build a financial plan and lower the barriers around finding advice.”

True Ventures led the seed round with participation from The Venture Collective.

“This team is on a mission to strip away some of the intimidating jargon from financial planning that makes it daunting for people,” said Phil Black, co-founder of True Ventures, in a written statement. “Bridging communication between the average investing consumer and advisors who can help them is an incredible use of technology. We believe in Chip, his team and their honest mission to help people achieve their life goals.”

GoalBased’s smartphone app offers a social media-like interface so the experience is something familiar, Castille said. Even before a plan is set in motion, app users can anonymously and confidentially share information with financial advisers until they get comfortable enough to share additional information.

When speaking with an adviser, goals are expressed in points, Castille explained. Each time the user adds more information or works on their financial plan, points are earned. For example, when the user answers an initial question, they earn 100 points. Someone could then “spend” points in a way to reach their goals, such as spending points to retire three years early or create a college fund, he added.

Because GoalBased is still early in its journey, there are no growth metrics Castille could reveal yet. While the app is free for consumers and advisers, the company aims to monetize the investment manager, he said.

In the meantime, the app will launch this summer, and the new funding is being used to continue testing it with the adviser community. The company is also using advertising to encourage users to get on the waitlist, as well as building out its engineering and sales teams.

“We understand the existing distribution channels and want to make them better,” Castille said. “You will be able to talk to your adviser and say, ‘I’m two points to my goal, what can I add to get there?’ Consumers can express their own way to achieve a goal, and the dialogue will have more meaning.”

Source. Techcruch, Christine Hall, April 22, 2021

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Dexterity exits stealth with $56.2M raised for its collaborative warehouse robots

Dexterity emerged from stealth this week to announce its full-stack solution aimed at creating collaborative robotics systems. The hardware-software system is designed for a variety of different tasks, including bin picking and box packing, targeted at warehouse fulfillment and logistics needs.

The Bay Area-based startup has already built up significant support from the investment world, with $56.2 million raised to date, from a long list of backers, including Kleiner Perkins, Lightspeed Venture Partners, Obvious Ventures, Pacific West Bank, B37 Ventures, Presidio (Sumitomo) Ventures, Blackhorn Ventures, Liquid 2 Ventures and Stanford StartX.

The company was founded back in 2017 as an extension of CEO Samir Menon’s Stanford thesis, described by Dexterity thusly, “Menon worked on a control theory framework to describe how the human brain controls and coordinates the body, which serves as a model to distill human skill into mathematical programs that control robots in a graceful human-like manner.”

Part of the company’s appeal appears to be the versatility of the robotics, which are designed to work alongside their human counterparts and operate collaboratively. Among the early adopters for the system are an unnamed “global food manufacturer,” “a worldwide package delivery provider” and Japan’s Kawasaki Heavy Industries.

Dexterity says it’s also seen a boost from the push for essential services during the COVID-19 pandemic, like so many others in the robotics and automation fields, stating that its systems have been involved with the shipping of “half a million units of packaged food.”

Source: TechCrunch, Brian Heater, July 22, 2020

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Top Hat Secures $55M in Series D Funding

Top Hat, a Toronto, Canada-based active learning platform for higher education, raised $55M USD in Series D equity and debt financing.

The round was co-led by existing investors Georgian Partners and Inovia Capital, with participation from Union Square Ventures, Emergence Capital and Leaders Fund, along with debt financing from BMO Technology and Innovation Banking Group.

The company intends to use the funds to continue to expand its platform features and its business reach and to scale partnerships with traditional publishers.

Led by Mike Silagadze, founder and CEO, Top Hat provides a cloud-based teaching platform that enables professors to engage students inside and outside the classroom with content, tools, and activities. The system combines interactive textbooks, lecture slides, quizzes, and assignments all on one platform, supporting student learning before, during, and after class.

Partnerships with Fountainhead Press and Bluedoor Publishing augment the company’s strategy to move traditional textbooks to the digital world via its platform. The content will be enriched with interactive elements to support active learning.

Today, Top Hat has 400 employees and more than 2.7 million students are enrolled in courses using its system at 750 of the top 1,000 higher education institutions in North America.

Source. FinSMEs, February 4, 2020

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BenchSci Raises $22M in Series B Funding

BenchSci, a Toronto, Canada-based provider of a machine learning platform to identify and resolve preclinical research inefficiencies in drug discovery, raised $22m in Series B financing.

The round was led by F-Prime Capital, with participation from Northleaf Capital Partners and existing investors Gradient Ventures, Inovia Capital, Golden Ventures, and Real Ventures. As part of the deal, Shervin Ghaemmaghami, Senior Vice President of F-Prime, will join the board of directors.

The company will use the funds to further develop its suite of products.

Led by Liran Belenzon, CEO and co-founder, BenchSci leverages machine learning to target inefficiencies and unnecessary spend in preclinical research by evaluating published experiments to identify which reagents will work for which experiments. The company’s first product, AI-Assisted Antibody Selection, focused only on antibodies. Now, BenchSci has launched its new AI-Assisted Reagent Selection product, which expands to other important reagents, including recombinant proteins, RNAi, CRISPR, cell lines, and more.

Since commercializing its AI-Assisted Antibody Selection product 18 months ago, the company has helped decrease costs and accelerate research in 15 of the top 20 pharmaceutical companies and more than 3,600 academic labs.

The company has also expanded its contract with Novartis. As one of the earliest pharmaceutical companies to benefit from AI-Assisted Antibody Selection, Novartis will also be the first BenchSci customer to deploy the new AI-Assisted Reagent Selection product.

Source. FinSMEs, February 4, 2020

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Heyday.AI Raises $2 Million for AI - Powered Shopping Assistant

By Isabelle Kirkwood

Montreal-based Heyday, a digital shopping assistant and live chat solution, has announced the close of a $2 million oversubscribed seed round led by Innovobot. The financing round also includes investments from Desjardins Capital and several strategic investors with deep marketing and retail expertise.

Founded in 2017, Heyday’s platform combines conversational AI and automation with sales and support teams. It has e-commerce and customer relationship management integrations with Shopify, Lightspeed, and Magento. Client brands include Ford, Lincoln, Decathlon, and food product company Danone. Etienne Mérineau, co-founder and CMO of Heyday told BetaKit the company was bootstrapped by its first 20 employees. The company’s headcount currently sits at 20 full-time team members, and five part-time freelancers.

Heyday said this round will help further its mission to help retailers create seamless shopping experiences across touchpoints, and bridge the divide between physical and digital stores. The company’s goal is ​to usher in a new era of bespoke customer shopping experiences through one on one conversations.

“We’re on a mission to give AI superpowers to CX teams so they can deliver an unparalleled level of service at scale, either via web-based chat or via leading messaging apps like Facebook Messenger, WhatsApp, Google RCS, and Apple Business Chat, to name a few,” said Mérineau.

Part of the financing from this round will also go towards supporting and expanding the company’s engineering, research, and product teams, and to accelerate its global expansion in the United States and continental Europe.

Lead investor Innovobot is an investment and advisory services firm, that has previously invested in Ikkuma, a cloud-based wellness platform, as well as Carbicrete, a Montreal-based company commercializing a technology that enables the production of cement-free, carbon-negative concrete.

“The virtual customer assistant space is booming​,” said Innovobot CEO Mario Venditti. “Heyday is strategically positioned to capture the market thanks to its experienced executive team and the breadth of their conversational AI technology.”

Source. Betakit Isabelle Kirwood, April 25, 2019

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Canada Week. Carleton University Receives $1 Million in FedDev Scale-Up Platform Funding

By Meagan Simpson 

Carleton University has received more than $1 million as part of the federal government’s recently announced $52.4 million Scale-Up Platform. 

Last month, Prime Minister Justin Trudeau announced that Communitech, MaRS Discovery District, and Invest Ottawa were receiving a collective $52.4 million through FedDev Ontario to help them support Ontario scale-ups. Earlier this week, the Ottawa-based university announced that it has received $1.08 million of that, a portion of the Invest Ottawa’s $16.9 million funding amount. 

Carleton plans to use the investment to help fund a new lab that supports student entrepreneurship. Disruptive Technologies Lab is being built as part of the university’s newest building, which is currently under construction. The new Institute for Advanced Research and Innovation in Smart Environments (ARISE) building is set to be a 40,000 square foot “living laboratory”, housing research into clean technology, health technology, and information and communication technology. 

It is set to house five faculties, spanning Science, Engineering and Design, Business, Public Affairs and Arts, and Social Sciences, which are meant to work collaboratively on 5G wireless, smart cities, and data analytics. 

“ARISE is intended to become a living laboratory that will allow students to obtain marketable skills and become entrepreneurs through early-stage commercialization development and facilitating interactions with companies of all sizes,” Carleton University stated. 

Disruptive Technologies Lab, being built in ARISE, with the $1.08 million, is meant to help students and researchers develop ideas into proof of concepts. The lab plans to work with entrepreneurial teams to explore the market potential of those ideas. Carleton noted that the Disruptive Technologies Lab will also help create working prototypes for viable projects. From there teams will graduate to the startup phase in a regional incubator. 

Carleton is not the only university to benefit from the FedDev scale-up program funding. Similar to the way Communitech manages and distributes the Waterloo region portion of the $52.4 million to organizations including the University of Waterloo Velocity, and Wilfrid Laurier University’s Launchpad, Invest Ottawa is doing the same for the Ottawa region. 

The $52.4 million investment is essentially the new approach to the federal government funding of innovation hubs, which was formerly distributed as CAIP. The funding is being given, through FedDev, directly to MaRS, Communitech, and Invest Ottawa to help them develop programs, but with the mandate to help scale 30 Ontario companies, helping them to achieve revenues of $100 million or more, by 2024. 

To date, Carleton is the only organization named that is receiving a portion of Invest Ottawa’s funding, however, each of the three hubs are all meant distribute a portion of their funding to smaller communities in Ontario, helping create access to scale-up programming, advisory services, and support. 

While each hub has built out its own plan for how the funding will be used, they will work together to implement these programs, with the mandate of creating 18,000 jobs. Funding will also help add more physical spaces and lab resources for deep tech companies, such as those at Velocity, Waterloo Accelerator Centre and now Carleton. 

Source. Betakit. Meagan Simpson, May 2, 2019

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Canada Week. OSF Commerce Raises $23M in Funding

OSF Commerce, a Québec City, Canada-based provider of Salesforce Commerce Cloud as well as multi-cloud and B2B commerce solutions, raised $23M in equity funding.

The round was led by Delta-v Capital with participation from Salesforce Ventures.

Led by Gerry Szatvanyi, CEO, OSF Commerce is a global leader in Salesforce Commerce Cloud as well as multi-cloud and B2B commerce solutions, including OSF UnifyCOMMERCE (patent pending), a commerce solution that integrates customer data across Salesforce’s diverse Clouds and from multiple sales channels, online as well as offline, for a centralized view of the customer data.

A Platinum Salesforce Partner, The company works with many of the premier brands across North America, Europe, and Asia; including Ubisoft, Bouclair, Geox, Kal Tire, Markwins Beauty, and Urban Barn.

Source. FinSMEs, May 7, 2019

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Canada Week. Pangaea Announces Final Close of Fourth Fund at $95 Million CAD

By Isabella Kirkwood

Pangaea Ventures which invests in advanced materials, announced it has completed the final close of Pangaea Ventures Fund IV, with commitments of $95 million CAD from organizations like VanCity and the BC Tech Fund.

Fund IV has made six investments to date, in materials-driven companies addressing a variety of market applications. The fund’s advanced materials portfolio is not specifically tech-focused but is looking to invest in startups with products in display materials, medical devices, 5G data electronics, and the 3D printing of human tissue.

“We are pleased to have completed the fundraising for Fund IV, and to see growth over our third fund,” said Chris Erickson, general partner of Pangaea Ventures. “We have a good mix of LPs that include managed by Kensington Capital Partners.”

The fourth fund aims to bring together a dozen multinational corporations as strategic LPs. The fund saw renewed commitments from partners of Fund III, including CoorsTek, JSR, and Mitsubishi Chemical Holdings. Fund IV has also brought in commitments from Doosan, GC Ventures, Henkel, Lam Research, Sekisui, Severstal, Shin-Etsu, TOSOH, and Adidas, bringing Pangaea’s total LP count to 25. Fund III closed in 2012 at $100 million USD.

Pangea was first established in 2000 and has an office in Vancouver. The firm built a portfolio addressing multi-billion dollar markets in energy, electronics, health, and sustainability. Pangaea led a $7.9 million CAD investment in AEPONYX, a Montreal-based micro-optical switch provider, to accelerate the commercial production of the startup’s planar micro-optical switch chips.

“The BC Tech Fund was established to invest in emerging technology across multiple sectors, including cleantech,” said Gerri Sinclair, managing director of Kensington Capital Partners. “Pangaea’s record for helping advanced materials reach global success made them an attractive fund through which we could support the cleantech start-up ecosystem.”

Pangea said it expects Fund IV to make six to eight more investments.

Source. Betakit, Isabella Kirkwood, May 2, 2019

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Canada Week. Mejuri Raises $23M in Series B Funding

Mejuri, a Toronto, Canada-based direct-to-consumer online jewelry retailer, raised $23m in Series B funding.

The round was led by New Enterprise Associates, with participation from Incite Ventures, BDC Capital, Felix Capital, Imaginary Ventures, and Dash Ventures.

The company intends to use the funds to continue to expand operations and grow its business reach.

Founded in 2015 by Noura Sakkijha and Majed Masad, Mejuri is an online direct to consumer fine jewelry company focused on millennial women.

The brand works with top jewelers, who commit to craftsmanship and ethical practices, to elimiate middlemen and produce quality essentials to sell directly to consumers.

The company also operates two retail stores in NYC and Toronto.

Source. FinSMEs, Staff, April 30, 2019

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Canada Week. Coconut Software Raises $1.75M in Debt Financing

Coconut Software, a Saskatoon, Saskatchewan, Canada-based cloud SaaS appointment scheduling and lobby management solution provider, raised $1.75m in debt financing.

CIBC Innovation Banking provided the financial resources.

The company will use the financing to support its strategic plan and to invest in its growth.

Founded in 2007 and led by Katherine Regnier, CEO, Coconut Software provides a centralized, service engagement platform, which allows financial organizations to optimize their workforce with real-time insights into sales and support interactions, while providing a customer experience across all touchpoints, whether online, in-branch, or through the contact center.

The company, which also has an office in Toronto, is backed by Information Venture Partners, ScaleUp Ventures, StandUp Ventures and Neal Dempsey of Bay Partners.

Source. FinSMEs, Staff, April 24 2019

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Canada Week: Biolux Research Raises $14M in Series A Funding Round

Biolux Research, a Vancouver, Canada-based developer of innovative Light Accelerated Orthodontic products, closed a $14M Series A funding round.

The round was led by Venrock and joined by Correlation Ventures, insiders and other investors.

Biolux manufactures OrthoPulse®, an FDA cleared orthodontic device currently being sold in the United States, Europe, and Asia. OrthoPulse is a non-invasive technology which, when used ten minutes each day, can accelerate orthodontic treatment.

Coincident with the completion of the round, Biolux announced that David Thrower has been appointed Chief Executive Officer of the company.

Over the last 25 years, Thrower has held executive leadership roles in a variety of medical device companies. The majority of his career has been spent driving growth in businesses that reside at the intersection of the consumer and medical devices spaces. He started his career at Bain & Company.

More recently his roles have included VP of Global Marketing at Align Technology, CEO of InSound Medical, Asante Solutions and BAROnova, Inc. Biolux earned a BS in Mathematical and Computational Sciences from Stanford University and an MBA from Harvard Business School.

Source. FinSMEs, Staff, April 30, 2019

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Lendified Secures $15M in Funding

Lendified Holdings, Inc., a Toronto, Canada-based financial technology company, closed a $15m funding round.

Backers included CI Financial Corp., Windsor Private Capital Limited Partnership, FirePower Capital, Glenn Murphy, the founder of FIS Holdings and former CEO of Gap Inc. and Shoppers Drug Mart.

The company intends to use the funds to continue to expand operations.

Launched in 2015 and led by Kevin Clark, President, and led by Troy Wright, CEO, Lendified offers online loans to small businesses across Canada and a SaaS credit platform to financial institutions across North America (used by credit unions, community banks, and other financial services companies) featuring tools for managing cash flow, and advanced credit adjudication software to financial service providers across North America.
Through its lending business, the company offers loans up to $150k for terms up to two years.

Its advanced underwriting process is powered by Judi, its credit adjudication platform which enables users to assess, price, and monitor credit risk, and in-turn provide the best possible services to customers.

Source. FinSMEs, Staff, April 18, 2019

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ABK Biomedical Raises $30M in Series B Funding

ABK Biomedical, Inc., a Halifax, Nova Scotia, Canada-based medical device company dedicated to the research, development and commercialization of innovative embolic therapies, raised $30m in Series B funding.

The round was co-led by F-Prime Capital and Varian Medical Systems.

The company will use the funds to support the research and development, manufacturing, and clinical development program designed for regulatory submission of both Eye90™ and Easi-Vue™.

Led by Mike Mangano, president and CEO, ABK Biomedical is organized to research, develop and commercialize breakthrough medical device therapies to improve treatment outcomes and the lives of patients with benign and malignant hypervascular tumors. Specifically, the company holds intellectual property in the focus area of inorganic polymer microspheres, targeted at the field of embolotherapy within the Interventional Radiology/Interventional Oncology medical disciplines. ABK Biomedical possesses advanced intellectual capital and its own R&D and manufacturing facilities for developing and commercializing embolotherapy products.

It is advancing

– Eye90™ microspheres, which are designed for transarterial radiation therapy for liver tumors, and
– Easi-Vue™ microspheres for bland embolic treatment of hypervascular tumors.


Source. FinSMEs, Staff, April 8, 2019

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