The year may be winding down, but the investments are not. Here are four Canadian technology companies that received funding that will help catapult them into 2019.
Osprey Informatics, an intelligent visual monitoring service provider, has raised $3.75 million in funding.
“We are thrilled to partner with Shell Ventures, Evok Innovations and InterGen Capital,” said Rob Logan, CEO of Osprey Informatics. “This strategic investment provides not only capital, but also access to global energy leaders. We are now well positioned to grow our deployments throughout the Industrial IoT.”
Osprey’s SaaS platform is focused on providing intelligent monitoring for industrial operations, with the aim of reducing costs and risks for oil and gas companies. Osprey will use this investment to create new AI-driven monitoring and safety solutions.
Mysa, a smart-home company based in Newfoundland, has closed a second funding round for over $2 million. The investments came from existing investors Killick Capital and Pelorus Ventures in addition to private investors.
“At its most basic level, Mysa is all about energy efficiency and keeping people comfortable,” said Josh Green, CEO of Mysa. “We have built, and will continue to build, advanced heating and control features that push the capability of smart home technology, but they will always focus on helping customers save energy and be comfortable in their homes.”
Mysa’s smart thermostat enables homeowners with electric heating systems to control their heating and cut down on expenditures. The new investments will go towards continuing to develop their technology and new product lines.
Vancouver’s Fresh Prep, a meal-kit delivery service, has closed a $3.3 million investment led by First West Capital and private investors. Fresh Prep is an online service that delivers meal-prepped ingredients right to a user’s door.
“Internally, this is a very complex logistics-based business, and so we need a lot of technology to help us do what we do, which is switch our menu every single week,” said Fresh Prep’s CEO, Dhruv Sood, in an interview with Business in Vancouver.
The investments will go towards expanding Fresh Prep’s services across a larger geographic area, and improving the company’s technology both on the back-end and client-facing side.
Peterborough-based tech startup, Ribitt, has raised $600,000 in seed funding from Angel investors. Ribbit is a points-based rewards app where users can collect points to multiple local stores and coffee shops on a single application.
“The future success of local shops lies in them coming together and leveraging their combined network,” says Ribitt Co-Founder Sana Virji. “Participating in a rewards program at a single coffee shop is more effort than the value for consumers, so when local merchants in a neighbourhood join Ribitt’s single rewards program, they create huge value for their customers while giving them the competitive advantage of scale that bigger chains have.”
The seed funding will help Ribitt to continue scaling their business and building momentum as the company heads into 2019.