BDC Capital

Founded in 1953, BDC Capital is a Canadian investment firm specializing in growth and expansion financing. It focuses on information technology, technology, energy, cleantech, and healthcare sectors across Canada.

Dinar Ahmed

Principal

Réjean Asselin

Assistant Vice President, Portfolio Management - Growth and Transition Capital

Lenka Baloghova

Associate

Amine Benmoussa

Associate Director

Disha Bhargav

Associate

Past deals in Internet of Things

Blumind

Series A in 2025
Blumind develops an analog AI neural network architecture designed for low-power edge computing and provides inferencing engines for edge smart sensors and devices. The platform uses standard semiconductor technology to deliver real-time inference with minimal energy consumption, enabling always-on artificial intelligence at the edge. It supports features such as keyword detection, biometric pattern recognition, gesture identification, and image classification, allowing industries to deploy efficient AI on edge devices.

Kahi

Seed Round in 2024
Kahi is the global asset tracking platform, designed for developers and solution providers to easily add beacon-based asset tracking to their product solutions. Kahi for Restoration is the first industry-specific solution built on Kahi, designed for Restoration Contractors to be able to track their equipment as they travel to-and-from job sites, allowing automation of invoicing, as well as understanding equipment availability.

Hexoskin (Carré Technologies)

Venture Round in 2024
Hexoskin develops smart clothing designed for health, fitness, and wellness. The company specializes in body-worn sensing technologies that incorporate sensors to capture various body metrics, including cardiorespiratory activity, physical activity, and sleep patterns. These metrics are transmitted in real-time to smartphones, allowing users to monitor their health status continuously. Hexoskin's garments facilitate the sharing of health data online, enabling digital health management and predictive health analytics through an integrated platform that communicates with various applications. This innovative approach empowers customers to take control of their health and wellness.

MarineLabs

Seed Round in 2024
MarineLabs is a technology company that specializes in providing real-time data on marine mobility and coastal intelligence. Their platform integrates high-resolution information from a network of compact, rugged, cloud-connected marine sensors, which enables clients to quantify marine hazards and optimize maritime operations. By utilizing advanced processing algorithms to analyze wind and wave data, MarineLabs enhances marine safety and promotes coastal resilience. The CoastAware platform is designed for accessibility, allowing users to access maritime data through web, mobile, and API interfaces. MarineLabs is committed to being a reliable partner for its clients, emphasizing trust and collaboration in its operations.

InnerSpace

Series A in 2023
InnerSpace Technologies Inc., established in 2014 and headquartered in Toronto, Canada, specializes in indoor mapping and navigation solutions. It offers a turnkey platform that automatically generates maps and locates people and objects within indoor spaces using advanced mapping technology, smartphone-compatible sensors, and machine learning. The company's location-as-a-service provides contextual maps and positioning data on a subscription basis, catering to both enterprise and consumer needs. With a global presence, InnerSpace serves clients primarily in the United States, Europe, Asia, and Canada, helping them make informed decisions about space utilization and corporate real estate.

Veerum

Series B in 2023
Veerum Inc., founded in 2014, is a Calgary-based company specializing in Industrial Internet of Things (IIoT) solutions. It develops an AI-driven platform that predicts and resolves project issues throughout the lifecycle of design, fabrication, and construction. Veerum creates digital replicas of physical capital projects using sensor technology.

Stathera

Series A in 2023
Stathera specializes in manufacturing oscillator boards that deliver ultra-stable, low-jitter output. Its MEMS-based oscillators replace quartz ones, offering benefits such as simplified system design, miniaturization, reduced power consumption, and lower cost. This technology serves various applications like wearables and smartphones, helping clients enhance product reliability and longevity.

Kepler Communications

Series C in 2023
Kepler Communications designs, develops, and operates satellite networks for global connectivity. It specializes in Low-Earth Orbit (LEO) satellites, PolarConnect for extreme environments, Global Data Service for large data transfers, and everywhereIOT for IoT devices. Serving industries such as maritime, natural resources, research, defense, and logistics.

Noze

Series A in 2022
Noze specializes in digital odor perception technology, aiming to replicate the human sense of smell digitally. Utilizing advanced machine learning and an innovative sensor based on NASA technology, Noze detects and identifies odors with precision. Their primary goal is to improve patient outcomes by enabling real-time disease detection through breath-based biomarkers at any point-of-care.

Clear Blue Technologies

Post in 2021
Clear Blue Technologies International Inc. is a company that specializes in developing and selling smart off-grid power solutions. It provides innovative products designed to power, control, monitor, and manage solar and hybrid power systems for various applications, including street lights, security systems, telecommunications, emergency power, and Internet of Things (IoT) devices. The company offers a range of solutions, including solar and wind controllers, telecom solar power systems, illumience cloud controls, Nano-grid power packs, and solar and wind-powered outdoor lighting systems under the Illumient brand. Additionally, Clear Blue Technologies provides remote power management services, enabling users to monitor and control their systems over the Internet. Headquartered in Toronto, Canada, the company operates in multiple regions, including Canada, the United States, the Middle East, and Africa, promoting environmentally friendly and cost-effective energy solutions.

Expeto

Convertible Note in 2021
Expeto delivers a private mobile networking platform designed for enterprises to securely extend public and private mobile networks into a single corporate wide area network. The solution is containerized software that can be installed behind the firewall and delivered as a service from cloud, edge, or on premises, enabling IT to deploy and manage the network with simplicity. It replaces hardware heavy legacy systems by providing a scalable, software driven approach that sits behind the firewall while maintaining control over data and devices. The platform enables secure control and coordination across operations, logistics, analytics, and reporting, supporting global deployment of connected devices within the private network. By design, it reduces reliance on untrusted third parties and methods, allowing organizations to manage connectivity and devices through a unified, secure, and centrally governed environment. Expeto emphasizes ease of deployment and management similar to a Wi-Fi network, but at carrier scale for enterprise needs.

Expeto

Series A in 2021
Expeto delivers a private mobile networking platform designed for enterprises to securely extend public and private mobile networks into a single corporate wide area network. The solution is containerized software that can be installed behind the firewall and delivered as a service from cloud, edge, or on premises, enabling IT to deploy and manage the network with simplicity. It replaces hardware heavy legacy systems by providing a scalable, software driven approach that sits behind the firewall while maintaining control over data and devices. The platform enables secure control and coordination across operations, logistics, analytics, and reporting, supporting global deployment of connected devices within the private network. By design, it reduces reliance on untrusted third parties and methods, allowing organizations to manage connectivity and devices through a unified, secure, and centrally governed environment. Expeto emphasizes ease of deployment and management similar to a Wi-Fi network, but at carrier scale for enterprise needs.

ThoughtWire

Debt Financing in 2020
ThoughtWire creates smarter spaces using ThoughtWireOS, a software platform that integrates data from people, processes, and the physical environment. It enhances hospitals, commercial buildings, and cities by enabling real-time automation, improving efficiency, safety, and user experience.

Vodasafe

Seed Round in 2020
Vodasafe Inc. develops AquaEye, a handheld scanning sonar device used by emergency responders, lifeguards, and recreational users for water-based search and rescue. The device uses sonar and artificial intelligence to detect submerged persons, provides distance and direction to victims, records rescue data, and can connect via Bluetooth to other devices. The company is based in Kelowna, Canada.

Invixium

Series C in 2020
Invixium Inc., founded in 2012 and based in Markham, Canada, is a global provider of biometric solutions designed to enhance safety, health, security, and productivity for enterprises. The company offers a range of products including Ixm Mycro for personalized home environments, Ixm Touch for employee time tracking, IXM Titan for face recognition and edge computing, IXM Merge for indoor fingerprint tracking, and Ixm Sense for industrial installations. Invixium's solutions also include touchless biometric technologies with face recognition and temperature detection for access control, workforce management, and visitor screening. The company's products are deployed across various industries such as government, banking, healthcare, and education in over 60 countries.

Praemo

Venture Round in 2020
Praemo Inc. is a Canadian company based in Kitchener, founded in 2017, that specializes in developing detection technology for the industrial sector. Its primary product, Razor, is an analytics engine that integrates artificial intelligence and the Industrial Internet of Things (IIoT) to analyze operational data and deliver actionable insights. Praemo's technology is designed to identify abnormal equipment and process behavior, enabling organizations in manufacturing, automotive, consumer packaged food, aerospace, oil and gas, mining, and agriculture to predict and prevent disruptions in their operations. By leveraging its expertise and advanced analytics, the company helps its clients transform data into strategic recommendations, thus enhancing their operational efficiency and competitiveness in a data-driven market.

Mojio

Series B in 2019
Founded in 2012, Mojio is a technology company specializing in connected car services. It provides a cloud-connected device that plugs into vehicles to offer insights into driving behavior and vehicle health. Mojio's platform also includes safety features like personalized prompts and geo-location tracking for family and friends. The company serves both individual consumers and businesses, with strategic partnerships with major brands such as Amazon, Bosch, and T-Mobile.

Relogix

Seed Round in 2018
Relogix Inc. is a Canadian company based in Ottawa that specializes in developing sensor-based devices for monitoring and tracking unused office spaces. Founded in 2010, it offers a comprehensive system called UtiLive, which incorporates advanced space tracking sensors and an analytics engine powered by machine learning for data analysis. The company employs a sensor-as-a-service pricing model, providing clients with initial floor planning, sensor deployment, and ongoing monitoring through a cloud-based application. Relogix serves large enterprises and commercial real estate portfolios, delivering insights that enable corporate real estate professionals to make informed, data-driven decisions to optimize their real estate strategies. The company's innovative approach leverages its extensive experience in corporate real estate and analytics to enhance the workplace experience and improve the efficiency of global real estate portfolios.

ecobee

Series C in 2018
ecobee, Inc. is a Toronto-based company founded in 2007 that specializes in manufacturing Wi-Fi enabled smart thermostats and light automation equipment for both residential and commercial applications. The company’s product lineup includes the SmartThermostat with voice control, ecobee3 lite, SmartSensor, and ecobee Switch+, all designed to enhance energy conservation and provide customizable temperature settings. These devices allow users to manage their home or office environments remotely via a mobile application compatible with various platforms, including iOS, Android, and BlackBerry. Ecobee's offerings aim to empower consumers to monitor and reduce their energy consumption while maintaining comfort in their spaces. The company sells its products primarily through online channels.

Fluent.ai

Convertible Note in 2018
Fluent.ai is a Montreal-based company founded in 2015 that specializes in advanced speech recognition solutions. The company employs a unique machine learning approach that enables its technology to understand natural phrases across various languages, accents, and challenging noise environments, such as those found in smart homes and connected vehicles. Fluent.ai's speech recognition engine is designed to provide personalized voice user interfaces that can function both online and offline, making it suitable for a wide range of applications, including wearables and virtual reality headsets. By focusing on understanding the meaning of audible speech rather than converting it to text, Fluent.ai offers a reliable and flexible solution for businesses aiming to enhance user interaction through voice technology.

ThoughtWire

Series A in 2018
ThoughtWire creates smarter spaces using ThoughtWireOS, a software platform that integrates data from people, processes, and the physical environment. It enhances hospitals, commercial buildings, and cities by enabling real-time automation, improving efficiency, safety, and user experience.

Mojio

Series B in 2017
Founded in 2012, Mojio is a technology company specializing in connected car services. It provides a cloud-connected device that plugs into vehicles to offer insights into driving behavior and vehicle health. Mojio's platform also includes safety features like personalized prompts and geo-location tracking for family and friends. The company serves both individual consumers and businesses, with strategic partnerships with major brands such as Amazon, Bosch, and T-Mobile.

Fluent.ai

Seed Round in 2017
Fluent.ai is a Montreal-based company founded in 2015 that specializes in advanced speech recognition solutions. The company employs a unique machine learning approach that enables its technology to understand natural phrases across various languages, accents, and challenging noise environments, such as those found in smart homes and connected vehicles. Fluent.ai's speech recognition engine is designed to provide personalized voice user interfaces that can function both online and offline, making it suitable for a wide range of applications, including wearables and virtual reality headsets. By focusing on understanding the meaning of audible speech rather than converting it to text, Fluent.ai offers a reliable and flexible solution for businesses aiming to enhance user interaction through voice technology.

Plantiga

Seed Round in 2017
Plantiga Technologies Inc. is a Vancouver-based company that specializes in biometric sensing technology for footwear. Founded in 2006, it focuses on human movement intelligence, offering deep insights into health through the analysis of movement patterns. The company's platform aims to optimize health, prevent injuries, and monitor recovery by detecting changes in functional movement that are often imperceptible to the naked eye. Plantiga's innovative foot-strike analytics technology combines the rigor of human performance analysis with the immediacy of wearable devices, allowing users to evaluate athletic performance, health, and productivity effectively.

Alert Labs

Funding Round in 2017
Alert Labs Inc. is a Kitchener, Canada-based company founded in 2015 that specializes in manufacturing water and flood monitoring sensors. As a subsidiary of Watsco, Inc., Alert Labs develops cellular-connected home protection technology designed for smart home monitoring services. The company's products include reliable and easy-to-install hardware and software that gather and analyze real-time data on water leaks, floods, and power issues. By providing homeowners with the ability to receive immediate alerts and insights through their smartphones, Alert Labs aims to help prevent property damage and reduce costs associated with water-related incidents.

InnerSpace

Seed Round in 2017
InnerSpace Technologies Inc., established in 2014 and headquartered in Toronto, Canada, specializes in indoor mapping and navigation solutions. It offers a turnkey platform that automatically generates maps and locates people and objects within indoor spaces using advanced mapping technology, smartphone-compatible sensors, and machine learning. The company's location-as-a-service provides contextual maps and positioning data on a subscription basis, catering to both enterprise and consumer needs. With a global presence, InnerSpace serves clients primarily in the United States, Europe, Asia, and Canada, helping them make informed decisions about space utilization and corporate real estate.

Bit Stew Systems

Series C in 2016
Bit Stew Systems Inc. provides a data intelligence platform for industrial sectors such as utilities, oil and gas, aviation, and manufacturing. It develops MIx Core, a platform that addresses data integration for the industrial Internet of Things, offering machine intelligence, edge analytics, dynamic adapters, semantic modeling, and a pluggable architecture. Founded in 2005 and based in Burnaby, Canada, the company operates with additional locations in Mountain View, California; Melbourne, Australia; Madrid, Spain; and London, United Kingdom. The platform supports real-time analytics and dynamic event management, enabling seamless integration of information technology and operational technology systems. It helps organizations collect, manage, and analyze data from connected devices and industrial processes to improve visibility and operational insight across disparate sources.

Invixium

Series A in 2016
Invixium Inc., founded in 2012 and based in Markham, Canada, is a global provider of biometric solutions designed to enhance safety, health, security, and productivity for enterprises. The company offers a range of products including Ixm Mycro for personalized home environments, Ixm Touch for employee time tracking, IXM Titan for face recognition and edge computing, IXM Merge for indoor fingerprint tracking, and Ixm Sense for industrial installations. Invixium's solutions also include touchless biometric technologies with face recognition and temperature detection for access control, workforce management, and visitor screening. The company's products are deployed across various industries such as government, banking, healthcare, and education in over 60 countries.

GridCure

Seed Round in 2015
GridCure Inc. is a Toronto-based company that specializes in advanced metering infrastructure solutions for the power utility sector. The company provides tools that enable users to monitor both bulk and individual power usage with high granularity. This capability facilitates in-depth analysis of various aspects of power data, including grid health, energy balancing, load distribution, and peak load detection. GridCure's expertise extends to grid health analysis, consumption signal processing, fraud detection, and automated communication and alert systems, which can also be utilized for automated billing. By leveraging big data concepts, GridCure addresses the challenges of smart-grid analytics, enhancing the operational efficiency and reliability of power utilities.

Bit Stew Systems

Series B in 2015
Bit Stew Systems Inc. provides a data intelligence platform for industrial sectors such as utilities, oil and gas, aviation, and manufacturing. It develops MIx Core, a platform that addresses data integration for the industrial Internet of Things, offering machine intelligence, edge analytics, dynamic adapters, semantic modeling, and a pluggable architecture. Founded in 2005 and based in Burnaby, Canada, the company operates with additional locations in Mountain View, California; Melbourne, Australia; Madrid, Spain; and London, United Kingdom. The platform supports real-time analytics and dynamic event management, enabling seamless integration of information technology and operational technology systems. It helps organizations collect, manage, and analyze data from connected devices and industrial processes to improve visibility and operational insight across disparate sources.

Mojio

Series A in 2015
Founded in 2012, Mojio is a technology company specializing in connected car services. It provides a cloud-connected device that plugs into vehicles to offer insights into driving behavior and vehicle health. Mojio's platform also includes safety features like personalized prompts and geo-location tracking for family and friends. The company serves both individual consumers and businesses, with strategic partnerships with major brands such as Amazon, Bosch, and T-Mobile.

Gymtrack

Seed Round in 2015
Gymtrack Inc. is a technology company based in Ottawa, Canada, founded in 2014. It specializes in developing exercise planning and virtual coaching software, along with devices designed to enhance workout tracking for individuals. The company’s innovative technology allows gyms and fitness centers to foster stronger relationships with their clients by providing insights into workout progress and overall health. Gymtrack's offerings include a smart bracelet that connects to users' smartphones, enabling them to monitor their tempo and form during workouts. Additionally, the company integrates smart systems into gym equipment to automatically measure workout progress and deliver personalized training feedback, thereby enhancing the fitness experience for gym members both in Canada and internationally.

Smartpods

Venture Round in 2015
Smartpods is a Canadian company founded in 2014 that specializes in manufacturing innovative office workstations designed to enhance employee health and productivity. These workstations are unique in their ability to automatically adjust in height and position, moving up, down, left, and right at predetermined rates and intervals. This intelligent automation allows users to transition seamlessly between sitting and standing, while also shifting their position periodically throughout the workday. By doing so, Smartpods aims to mitigate the negative effects associated with prolonged sedentary behavior, thereby improving overall employee wellness and satisfaction. The technology is user-friendly, requiring minimal input from the user, as it operates based on individual data to optimize the workstation's movements.

Neurio

Seed Round in 2014
Neurio Technology, Inc. is a home intelligence technology company based in Vancouver, Canada, that specializes in developing solutions for energy management. Founded in 2005, Neurio focuses on creating smart appliances and efficient home environments by utilizing innovative hardware and software. Its core offering includes a Wi-Fi power sensor paired with a cloud service that monitors home electrical devices, providing insights into appliance usage and energy consumption. Homeowners benefit from real-time feedback through Neurio's mobile applications, which allow them to track their energy consumption and manage their devices effectively. Neurio's technology aims to enhance residential energy management, enabling users to optimize energy flow and reduce costs without needing extensive installations across all appliances. In December 2014, the company rebranded from Energy Aware Technology Inc. and, as of March 2019, operates as a subsidiary of Generac Holdings Inc.

Mighty Cast, Inc (The Nex Band)

Seed Round in 2014
Nex is a customizable wearable that allows you to create a new smartband every day, hour, or minute. Focus on social, gaming, and IoT.

OTI Lumionics

Pre Seed Round in 2014
OTI Lumionics Inc. is a Toronto-based company founded in 2011, specializing in the development of lighting solutions utilizing organic light emitting diodes (OLEDs). The company focuses on innovative product applications, such as transparent displays, under panel sensors, and under display cameras. OTI Lumionics has introduced the aerelight A1 OLED Lamp and a LED desk lamp design that incorporates a wireless charger. Its products leverage proprietary technologies known as HaloTorr and ElektroTorr, aiming to unlock the full potential of OLED technology. The founding team comprises award-winning researchers and engineers from the University of Toronto's Department of Materials Science & Engineering.

Elliptic Technologies

Venture Round in 2013
Elliptic Technologies, established in 2001, specializes in supplying security software and semiconductor IP offload engines. The company offers embedded security services for various applications such as wired/wireless networking, digital media, home entertainment systems, and IoT sensor networks to vendors, device manufacturers, service providers, and content creators. Its team brings extensive experience from developing System-on-Chip designs at Chrysalis-ITS.

Mojio

Seed Round in 2013
Founded in 2012, Mojio is a technology company specializing in connected car services. It provides a cloud-connected device that plugs into vehicles to offer insights into driving behavior and vehicle health. Mojio's platform also includes safety features like personalized prompts and geo-location tracking for family and friends. The company serves both individual consumers and businesses, with strategic partnerships with major brands such as Amazon, Bosch, and T-Mobile.

Mighty Cast, Inc (The Nex Band)

Angel Round in 2013
Nex is a customizable wearable that allows you to create a new smartband every day, hour, or minute. Focus on social, gaming, and IoT.

reelyActive

Seed Round in 2012
Founded in Montreal, Canada in 2012, reelyActive develops an open-source software platform that collects and streams real-time location data of radio-identifiable devices in physical spaces. This technology improves operational efficiency and enhances human experiences for businesses.

Smartpods

Seed Round in 2012
Smartpods is a Canadian company founded in 2014 that specializes in manufacturing innovative office workstations designed to enhance employee health and productivity. These workstations are unique in their ability to automatically adjust in height and position, moving up, down, left, and right at predetermined rates and intervals. This intelligent automation allows users to transition seamlessly between sitting and standing, while also shifting their position periodically throughout the workday. By doing so, Smartpods aims to mitigate the negative effects associated with prolonged sedentary behavior, thereby improving overall employee wellness and satisfaction. The technology is user-friendly, requiring minimal input from the user, as it operates based on individual data to optimize the workstation's movements.

CareWorx

Venture Round in 2010
CareWorx Inc. supplies advanced technology hardware, cloud solutions, and related services to senior care facilities. Through a strategic partnership with PointClickCare, the market leader in electronic health records for senior care, it delivers specialized expertise, wireless networking, and ready‑to‑deploy point‑of‑care and mobile technology tailored for the senior care environment.

Elliptic Technologies

Series A in 2005
Elliptic Technologies, established in 2001, specializes in supplying security software and semiconductor IP offload engines. The company offers embedded security services for various applications such as wired/wireless networking, digital media, home entertainment systems, and IoT sensor networks to vendors, device manufacturers, service providers, and content creators. Its team brings extensive experience from developing System-on-Chip designs at Chrysalis-ITS.

Netistix Technologies

Venture Round in 2005
Netistix Technologies is a developer specializing in wireless fleet management systems. The company focuses on creating solutions that enhance fleet operations and increase productivity for its clients. By leveraging advanced wireless technology, Netistix Technologies aims to streamline fleet management processes, ultimately leading to more efficient and effective operations. Its services cater to businesses seeking to optimize their fleet performance and reduce operational costs.

Veerum

Veerum Inc., founded in 2014, is a Calgary-based company specializing in Industrial Internet of Things (IIoT) solutions. It develops an AI-driven platform that predicts and resolves project issues throughout the lifecycle of design, fabrication, and construction. Veerum creates digital replicas of physical capital projects using sensor technology.
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