Business Development Bank of Canada

The Business Development Bank of Canada (BDC) is a government-owned financial institution established in 1944, headquartered in Montreal. It aims to foster economic growth and job creation by providing financial products and services primarily to small and medium-sized enterprises (SMEs) across Canada. BDC offers a range of services, including business loans, subordinate financing, venture capital, and consulting support in areas such as strategic planning and human resource management. The bank serves various industries, including aerospace, automotive, construction, food and beverage, manufacturing, mining, oil and gas, technology, and tourism. With a network of over 100 offices, BDC operates in both official languages, ensuring access to its services for a diverse clientele nationwide.

Trevor Allibon

Managing Director, Subordinate Financing

Timothy April

Managing Director

Cheri Corbett

Senior Partner, Cleantech Practice

Saif Hashmi

Principal

Vern Malcolm

Managing Director, Growth and Transition Capital

Jérôme Nycz

Executive Vice President, BDC Capital

Matt Price

Managing Director, Growth and Transition Capital

Sal Rabbani

Managing Partner, Advisory Services

Andrianiaina Rajaobelina

Associate Principal

Michelle Scarbourgh

Managing Partner, Thrive Venture Fund for Women and Women in Technology Venture Fund

Kunle Tauhid

Vice President, Financing and Consulting

Ronald Warburton

Managing Partner

Angelo Zeni

Managing Director, Growth and Transition Capital

Past deals in Montreal

Axya

Seed Round in 2022
Axya, formerly known as GRAD4 Inc., is a Montreal-based company that has developed an artificial intelligence platform aimed at automating industrial operations. The platform offers a software as a service (SaaS) solution that connects small and medium-sized manufacturing shop owners with suppliers, streamlining the subcontracting process for computer numerical control (CNC) machining, sheet metal, and parts manufacturing. Additionally, Axya provides contract management, quotation receipt, tender approval, and data analysis services, all designed to enhance efficiency in the manufacturing sector. Established in 2019, the company's marketplace standardizes and centralizes the subcontracting process, making it easier for users to access necessary services and materials.

Booxi

Seed Round in 2021
Booxi is a developer of business management software focused on simplifying appointment-based operations for retailers. The company's platform provides a range of features, including Customer Relationship Management (CRM), appointment management, online payment processing, and staff calendar management. By integrating these functionalities, Booxi aims to enhance the customer experience while streamlining event and appointment scheduling for businesses. The software also incorporates marketing automation tools and a virtual assistant, further supporting retailers in managing their appointments efficiently.

Deeplite

Seed Round in 2021
Deeplite is a Montreal-based company specializing in AI-driven optimization software for deep learning applications. Its flagship product, Neutrino, utilizes a proprietary design space exploration approach to automatically optimize deep neural networks (DNNs), making them smaller, faster, and more energy-efficient. This technology addresses common challenges faced by deep learning models, such as their large size, slow processing speeds, and high energy consumption, which can hinder deployment on compact hardware. Deeplite's solutions cater to various sectors, including automotive, smartphones, smart cameras, and IoT devices, enabling the efficient integration of AI technologies in everyday applications. By focusing on scalability and performance, Deeplite aims to make advanced AI accessible and practical for a wide range of users.

Aifred Health

Seed Round in 2020
Aifred Health Inc. develops and offers deep-learning based clinical decision tool for physicians to enable personalized medicine to psychiatry. The company's application software offers treatment prediction, interpretability, patient data tracking, and electronic patient record. Aifred Health Inc. was incorporated in 2017 and is headquartered in Montreal, Canada.

Busbud

Series C in 2020
Busbud, Inc. is an online platform that specializes in inter-city bus travel booking services. Founded in 2011 and headquartered in Montreal, Canada, the company allows travelers to search, compare, and book bus tickets for various destinations both domestically and internationally. Busbud aggregates schedules, prices, and amenities from numerous bus operators, providing valuable travel information through its website and mobile application. Users can explore over 10,000 cities in 89 countries, with options available in multiple languages and currencies. The platform aims to enhance the travel experience by offering comprehensive details about bus services, including reviews and service classes, while ensuring customer support is available around the clock.

Effenco

Series B in 2020
Effenco Development inc. designs and manufactures Hydraulic Equipment Assisting Devices (HEAD) for heavy-duty vocational vehicles. The company designs and manufactures electric hybrid starter-generators, ultracapacitors, electric motor-driven hydraulic pumps, and electric air conditioning compressors. The company caters to blue-chip customers in Canada, New York, California, France, and Norway on waste trucks, dump trucks, and yard tractors. Effenco Development inc. was founded in 2006 and is based in Montreal, Canada with additional offices in Los Angeles, California; Paris, France; Kongsberg, Norway.

GHGSat

Series B in 2020
GHGSat Incorporated provides greenhouse gas emissions monitoring data and services. The company offers data products, including surface reflectance images, abundance datasets, concentration maps, and monitoring and emission rates. Its analysis services include monitoring of targeted sites, such as natural gas leaks from pipelines; emission rate estimations, including inventory analysis emission rate of species; augmented analysis of emissions; mosaics of commercial satellite imagery products; and trending analysis of emissions from individual sites, or grouped sites. The company offers its products through a network of resellers to oil and gas, power generation, mining, waste management, and agriculture markets in Canada and internationally. GHGSat Incorporated was founded in 2011 and is based in Montreal, Canada.

Zetane

Debt Financing in 2020
Zetane Systems is a software technology company based in the Montreal region that focuses on applying artificial intelligence (AI) in commercial settings. The company has developed a proprietary AI development engine that offers a visual and intuitive platform for businesses to create AI solutions grounded in machine learning models. This platform addresses concerns regarding the transparency of complex neural networks, enabling stakeholders to better understand AI systems. By facilitating a collaborative environment, Zetane aims to streamline the development process, enhance stakeholder engagement, and reduce time to market while mitigating risks associated with AI deployment. In addition to its software offerings, Zetane provides comprehensive consulting services to support the integration of AI solutions across various industries, helping clients optimize their operations and achieve tangible results.

SuccessFinder

Venture Round in 2019
SuccessFinder, Inc. is a Montreal-based software as a service (SaaS) company that specializes in cloud-based psychometric assessments for human resources. Founded in 2017, the company provides a platform that employs predictive analytics to assist employers in evaluating and developing talent throughout the employee lifecycle, from recruitment to performance management and succession planning. Its offerings include tools such as performance predictors and career exploration assessments, enabling organizations to make informed decisions based on a comprehensive analysis of behavioral and competency-related data. This approach aims to enhance predictive hiring and talent management, ultimately contributing to improved career satisfaction and organizational effectiveness.

Sofdesk

Series B in 2019
Sofdesk Inc. is a software company based in Montreal, Canada, founded in 2013. It specializes in developing sales acceleration solutions tailored for the solar installation, roofing, and insurance sectors. The company's main products include SolarGraf, designed for solar installers to facilitate lead generation and proposal management, and RoofGraf, which assists roofing companies in acquiring new business opportunities. Sofdesk's platforms aim to help small to medium-sized enterprises enhance their operational infrastructure and efficiency through project management, automation, and advanced quoting tools. By offering intuitive and user-friendly applications, Sofdesk enables businesses to streamline their processes and reduce costs across various markets.

Element AI

Series B in 2019
Element AI Inc. provides artificial intelligence solutions (AI) for organizations to identify opportunities to use artificial intelligence and machine learning and build AI solutions. It operates an AI as a Service (AIaaS) platform that enables businesses to launch and incubate AI solutions in partnership with large corporations. The company also operates a research and development laboratory that conducts research to deploy AI in computing infrastructure. It provides its products to insurance, banking and capital markets, manufacturing, logistics, retail, and consumer packaged goods industries. Element AI Inc. was founded in 2016 and is headquartered in Montreal, Canada with an additional office in Toronto, Canada.

Element AI

Series B in 2019
Element AI Inc. provides artificial intelligence solutions (AI) for organizations to identify opportunities to use artificial intelligence and machine learning and build AI solutions. It operates an AI as a Service (AIaaS) platform that enables businesses to launch and incubate AI solutions in partnership with large corporations. The company also operates a research and development laboratory that conducts research to deploy AI in computing infrastructure. It provides its products to insurance, banking and capital markets, manufacturing, logistics, retail, and consumer packaged goods industries. Element AI Inc. was founded in 2016 and is headquartered in Montreal, Canada with an additional office in Toronto, Canada.

Pit Caribou

Venture Round in 2019
Founded in 2007, the mission of the Pit Caribou microbrewery is to craft quality beers by tapping into the resources of the Gaspé region. They are located in L'Anse à Beaufils, a fishing harbour in the town of Percé on the Gaspé Peninsula, and operate pubs in Percé and Montreal. In addition to their production facilities, they have a shop for stocking up on their bottled products and a patio for enjoying their beers by the sea. The company currently has 37 employees.

Delve Labs

Venture Round in 2019
Delve Laboratories, Inc. is a cybersecurity company based in Montreal, Canada, founded in 2014. It specializes in developing vulnerability assessment and management solutions aimed at enhancing the efficiency of cybersecurity and IT teams. The company offers a unified platform that automates key processes such as asset discovery, vulnerability scanning, identification, prioritization, and remediation. By leveraging artificial intelligence, Delve's solutions prioritize vulnerabilities in a contextual manner, allowing organizations to focus their remediation efforts effectively. This approach reduces the manual workload typically associated with vulnerability management, streamlining operations and minimizing risk. Delve Laboratories operates as a subsidiary of SecureWorks Corp.

GHGSat

Series A in 2018
GHGSat Incorporated provides greenhouse gas emissions monitoring data and services. The company offers data products, including surface reflectance images, abundance datasets, concentration maps, and monitoring and emission rates. Its analysis services include monitoring of targeted sites, such as natural gas leaks from pipelines; emission rate estimations, including inventory analysis emission rate of species; augmented analysis of emissions; mosaics of commercial satellite imagery products; and trending analysis of emissions from individual sites, or grouped sites. The company offers its products through a network of resellers to oil and gas, power generation, mining, waste management, and agriculture markets in Canada and internationally. GHGSat Incorporated was founded in 2011 and is based in Montreal, Canada.

Keatext

Seed Round in 2018
Keatext Inc. is a Montreal-based company founded in 2010 that offers a cloud-based solution designed to enhance business performance by analyzing customer feedback. Its primary product, Keatext, synthesizes unstructured data from various sources, including surveys, online reviews, chat logs, and social media, to provide actionable insights. This enables businesses to understand customer preferences and respond promptly to their needs. By delivering these insights on a comprehensive custom dashboard, Keatext helps organizations cultivate meaningful relationships with their customers and improve overall customer experience management.

Greybox

Series A in 2018
Greybox Solutions is a healthcare management platform focused on enhancing patient quality of life. The platform utilizes real-time surveillance and management tools to monitor patients' treatment and conditions. By integrating wearable applications, it enables healthcare institutions to effectively manage chronic care, thereby alleviating the financial burden associated with such conditions.

Transit

Series A in 2017
Transit is a mobile app intended to help its users navigate their cities. Transit simplifies local travel in 125 cities worldwide. Upon launch, the bright, intuitive interface shows all nearby transportation options and departures. Users can plan trips, set reminders, and get notifications about disruptions. Plus, Transit also integrates other sustainable transport modes -- bike sharing, car sharing and Uber -- so users can determine the best way to get from A to B. With millions of active users in the US and Canada, Transit has emerged as the leading urban transit app in North America. The company is based in Montreal, Quebec.

Element AI

Series A in 2017
Element AI Inc. provides artificial intelligence solutions (AI) for organizations to identify opportunities to use artificial intelligence and machine learning and build AI solutions. It operates an AI as a Service (AIaaS) platform that enables businesses to launch and incubate AI solutions in partnership with large corporations. The company also operates a research and development laboratory that conducts research to deploy AI in computing infrastructure. It provides its products to insurance, banking and capital markets, manufacturing, logistics, retail, and consumer packaged goods industries. Element AI Inc. was founded in 2016 and is headquartered in Montreal, Canada with an additional office in Toronto, Canada.

Budge Studios

Private Equity Round in 2015
Budge Studios Inc. is a company based in Montreal, Canada, that specializes in developing and publishing children's applications for smartphones and tablets. Founded in 2010, Budge Studios offers a diverse portfolio of apps that includes original and branded properties aimed at entertaining and educating children. Its notable offerings feature popular characters from franchises such as Barbie, Thomas & Friends, Strawberry Shortcake, Caillou, The Smurfs, Hello Kitty, and Crayola. The company's applications are designed to be safe and age-appropriate, ensuring that children can engage with them in a creative and enjoyable manner. Additionally, Budge Studios has introduced the Budge Playgroup program, which invites parents or legal guardians to participate in the app development process, promoting a collaborative approach to content creation.

FounderFuel

Convertible Note in 2012
FounderFuel is a mentor-driven venture accelerator based in Montreal, Canada, established in 2011 by Real Ventures. The accelerator offers a three-month intensive program designed to assist new startups in progressing along their venture path. By providing access to a network of experienced entrepreneurs, operators, and executives, FounderFuel helps companies refine their visions, expand their networks, and accelerate their growth. The firm focuses on seed funding and emphasizes technology, particularly in areas such as artificial intelligence and machine learning.

Audiokinetic

Venture Round in 2007
Audiokinetic Inc. provides cross-platform audio solutions for the interactive media and gaming industries in Canada and internationally. It offers WaveWorks Interactive Sound Engine (Wwise), an audio pipeline solution that features an optimized sound engine for managing audio processing; and an event based audio authoring tool for creating audio asset structures, integrating interactive music elements, defining audio propagation, managing sound integration, and creating SoundBanks. The company also offers Wwise add-ons that include Wwise Convolution, a reverb effect plug-in that creates reverberation based on samples of real spaces; SoundSeed, a family of cross-platform interactive sound generators for game audio; and Wwise Motion, which allows users to author, simulate, profile, and edit in real–time directly in Wwise’s authoring application. In addition, it offers consulting services that comprise custom tool/feature development, project support, training, project evaluation, and sound engine integration; and support services. The company was founded in 2000 and is based in Montreal, Canada. As of January 31, 2019, Audiokinetic Inc. operates as a subsidiary of Sony Interactive Entertainment LLC.

Resonant Medical

Series B in 2005
Resonant Medical is a company that develops, manufactures, and commercializes 3D ultrasound image-guided adaptive radiotherapy products aimed at improving radiation therapy for cancer patients. Its product offerings include the Clarity Breast System, which provides non-ionizing guidance for breast treatments; the Clarity Prostate System, designed for precise non-invasive guidance in prostate cancer treatments; and the Multi-Anatomy System, which facilitates image-guided treatments for various soft tissue anatomies, including gynecological and bladder applications. Established in 2000 and headquartered in Montreal, Canada, Resonant Medical serves a diverse range of healthcare professionals, including physicians, physicists, and therapists. The company's innovative platform enhances radiation therapy planning, verification, and delivery, ensuring advanced care without the use of radiation, thus addressing critical clinical needs in cancer treatment.

Topigen Pharmaceuticals

Series B in 2005
Topigen Pharmaceuticals is a biotechnology company that is focused on the scientific research and development of therapeutic drugs. It develops treatments for respiratory disorders, including asthma and chronic obstructive pulmonary disease. Topigen Pharmaceuticals offers TPI ASM8, a drug that is developed for the management of moderate to severe asthma; and TPI 1100, a drug that is developed for the chronic obstructive pulmonary disease. Topigen Pharmaceuticals was acquired by Pharmaxis in January 2010. Topigen Pharmaceuticals was founded in 2000 and is based in Montreal, Quebec.

Topigen Pharmaceuticals

Venture Round in 2004
Topigen Pharmaceuticals is a biotechnology company that is focused on the scientific research and development of therapeutic drugs. It develops treatments for respiratory disorders, including asthma and chronic obstructive pulmonary disease. Topigen Pharmaceuticals offers TPI ASM8, a drug that is developed for the management of moderate to severe asthma; and TPI 1100, a drug that is developed for the chronic obstructive pulmonary disease. Topigen Pharmaceuticals was acquired by Pharmaxis in January 2010. Topigen Pharmaceuticals was founded in 2000 and is based in Montreal, Quebec.

Chronogen

Series B in 2003
Chronogen Inc. a biotechnology company headquartered in Montreal, Canada.
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