Canadian companies continue to provide innovative technology solutions and venture capitalists around the world are taking note. Here are some of the funding rounds you may have missed this week.
Hostaway, a Toronto-based provider of rental management software, has raised CAD $1.9 million (USD $1.4 million) in seed funding this week. The funding round was led by Vendep Capital, a Finnish venture capital firm.
“When you manage 50 or 500 properties, it gets very complicated to manage all of that and make sure you have the right prices, to make sure all the properties are clean and make sure all the guests know how to check in, to make sure that the owners get reports on how much their payout is this month,” Marcus Räder, co-founder and CEO of Hostaway told Betakit. “The average customer used to use spreadsheets to manage, but that’s time-consuming and prone to human error.”
Hostaway’s platform enables property managers to keep track of all their rentals, on multiple platforms like Airbnb or HomeAway, in one streamlined application. The company will use the funding to expand their team and become a global leader in vacation rentals.
Vancouver’s Precision OS Technology has closed CAD $2.3 million (USD $1.7 million) in Series A funding led by AO Invest, a venture capital firm based in Switzerland. Precision OS is a provider of virtual reality education software for orthopaedic surgeons. The tool creates a simulated operation experience for surgeons to practice and improve their technique.
“Precision OS is delighted to be cooperating with an international organization that is a recognized leader in education for surgeons and operating room personnel around the world,” said Dr. Danny P. Goel, co-founder and CEO at Precision OS. “Precision OS technology is working to create a virtual language able to add depth of understanding that simply cannot be achieved using current simulation tools. Adopting VR as a way of improving decision-making is directly relevant for patients and value-based care.”
The funding will go towards further developing features of Precision’s VR software, including the ability to introduce photographs and images of a specific patient’s anatomy into the software prior to an operation.
“This area poses several challenges and novel ways to support surgeons all over the world,” says Dr. Goel. “Given our mission, we are aggressively working towards a solution to benefit the orthopedic patients of today and tomorrow.”
ISARA Corp., a Waterloo-based security solutions provider has announced a CAD $13.2 million (USD $10 million) Series A funding round led by Shasta Ventures. Quantum computing creates a large security risk for many companies, and ISARA provides quantum-safe solutions to protect organizational and personal data.
“Shasta’s investment recognizes the fundamental role security will play in the Quantum Age. The global economy and our daily lives are built around a secure online ecosystem that will crumble in the face of a full-scale quantum computer,” said Scott Totzke, ISARA CEO. “Ensuring that the many significant benefits of quantum computing can be realized requires a robust set of quantum-safe security and encryption practices that are practical, affordable and agile.”
The funding will be used to expand ISARA’s efforts globally, and to add increased capability to the company’s security solutions. “ISARA is the clear leader as the only company with commercial solutions that can be implemented today,” said Shasta Ventures partner, Nitin Chopra.”Complex systems used by corporations and governments will take years to migrate to a quantum-sage state and smart organizations are already beginning the transition.”
Toronto-based d1g1t Inc., a digital wealth management platform provider, has closed two private investment rounds totalling CAD $9 million (USD $6.8 million). The funding rounds were led by Purpose Financial with participation from Extreme Venture Partners and Portag3, in addition to angel investors.
“The wealth management industry has been underserved by modern technology,” said Dr Dan Rosen, co-founder and CEO d1g1t. “We have engineered our platform to empower advisors to provide proven, transparent, value-added services built around client goals, a richer customized experience for our clients, and stronger client relationships based on long-term trust.”
The platform serves wealth management firms, enabling them to focus on clients and expand their business with features including client onboarding, portfolio monitoring, and investment planning.
Note: this article was updated to reflect the attribution of a quote.