Northwater Capital Management

Northwater Capital Management Inc. is a privately owned investment manager based in Toronto, Canada, with an additional office in Chicago, Illinois. Founded in January 1989, the firm provides asset management services primarily to private investment funds, pension plans, closed-end funds, high net worth individuals, and other corporate entities. Northwater focuses on managing client-centered portfolios and invests in intellectual property and companies within the energy storage, technology, and software-as-a-service sectors. The firm aims to exit its investments within five to six years through various strategies, including strategic sales, initial public offerings, successful licensing, litigation, or receipt of royalty streams. Northwater employs innovative proprietary strategies and proven risk management techniques to offer diversified and actively managed portfolios that help clients navigate market volatility while seeking solid returns with minimized risk exposure.

Joe Cashion

Vice President

Francis Egan

Managing Director

Frances Kordyback

Managing Director

Dan Mills

Managing Director

Robert Riverso

Associate

Annie Theriault

Vice President

31 past transactions

RedWave Energy

Series B in 2016
RedWave Energy, Inc., founded in 2011 and based in Boulder, Colorado, focuses on developing innovative technology to capture and convert low-temperature waste heat into electricity. The company is pioneering a waste heat harvesting system that utilizes nano-antenna technology to harness energy from the infrared and near-infrared spectrum, which is often overlooked as a renewable energy source. Initial efforts are centered on converting low-quality industrial waste heat, with plans for future advancements to include energy capture in the visible range and capabilities for terahertz wave detection. RedWave collaborates with institutions such as Idaho National Labs and the University of Colorado to enhance its technology, and it has engaged MicroContinuum for the fabrication of nanoscale antennas and terahertz electronics. The company's work aims to not only facilitate renewable energy generation but also to explore applications in explosive detection and high-speed communications.

Arctic Sand Technologies

Series B in 2016
Arctic Sand Technologies, Inc. is a company based in Cambridge, Massachusetts, focused on developing power conversion semiconductors. Founded in 2010 as a spinoff from MIT, it specializes in creating innovative solutions that consolidate multiple board-level power components into a single chip. This technology significantly reduces circuit size by tenfold and decreases power losses by 75 percent. The company offers products such as LED backlight boost converters for mobile devices, including smartphones, tablets, and notebooks, as well as buck regulators for computing applications. Arctic Sand Technologies also has design centers located in New Hampshire and operates as a subsidiary of Peregrine Semiconductor Corporation.

Legend3D

Series C in 2014
Legend3D, Inc. is a digital media and visual effects company that specializes in providing 3D, virtual reality (VR), and visual effects (VFX) services. Founded in 2001, the company offers a range of services including 2D-to-3D conversion for films and television, real-time depth grading, and comprehensive VFX solutions such as digital makeup and compositing. Additionally, it provides VR services including 360° concept development, motion tracking, and live stitching. Legend3D also has a catalog of classic films that have been colorized and offers audio commentaries for enhanced viewer experience. The company operates from its headquarters in Los Angeles, California, with additional facilities in Pune, India, and Luoyang, China, and continues to support filmmakers in creating visually engaging content.

MTPV

Series B in 2014
MTPV Power Corporation is a clean energy company based in Austin, Texas, that specializes in Micron-gap ThermalPhotoVoltaics (MTPV) technology. Founded in 2003, the company originated its technology from research at MIT and Draper Laboratory. MTPV Power develops semiconductor chips designed to convert waste heat from various sources into clean energy, primarily electricity. This innovation enables industrial businesses to harness alternative energy sources, thereby enhancing productivity and reducing operational costs. Through its advancements in semiconductor technology, MTPV Power aims to contribute to more sustainable energy solutions in the industrial sector.

VanDyne SuperTurbo

Series C in 2014
VanDyne SuperTurbo, Inc. specializes in the design, development, and production of a next-generation engine efficiency technology known as the SuperTurbocharger. The VanDyne SuperTurbo combines the low-speed performance of a supercharger together with waste heat energy recovery, leading to an improvement in engine efficiency of up to 36%. The Company was founded in 2009 and headquartered in Loveland, Colorado

LiquidPiston

Series C in 2013
LiquidPiston, Inc. specializes in the design and development of advanced rotary combustion engines, focusing on innovative thermodynamic cycles and engine technologies. Founded in 2003 and headquartered in Bloomfield, Connecticut, the company offers prototypes for diesel and mini gasoline engines. Its products are applicable across various markets, including handheld power tools, lawn and garden equipment, portable generators, unmanned aerial vehicles, marine power, and robotics. LiquidPiston's engines are characterized by their compact size, low weight, high efficiency, and multi-fuel capabilities, with the ability to scale from 1 horsepower to over 1000 horsepower. The company's patented HEHC thermodynamic cycle enhances efficiency compared to conventional diesel engines, making their offerings suitable for a wide range of applications, including auxiliary power units for boats and aviation.

Ioxus

Series C in 2013
Ioxus Inc is a manufacturer of ultra-capacitors and energy storage systems, primarily serving the transportation, alternative energy, medical, industrial, and consumer product markets. Founded in 2006 and based in Oneonta, New York, Ioxus specializes in innovative ultracapacitor technologies that deliver high performance with low resistance. Their product offerings include various cells and modules designed for applications such as windmill pitch control, automotive subsystems, backup power solutions, and hybrid energy storage systems. Ioxus operates both domestically and internationally, selling its products through a network of distributors. The company is recognized for providing cost-effective and environmentally friendly energy solutions, particularly for military and transportation sectors. As a subsidiary of XS Power Batteries, Ioxus continues to advance its mission of delivering premium performance energy storage products optimized for high power applications.

Skyonic

Series C in 2013
Skyonic Corporation is an environmental technology company based in Austin, Texas, founded in 2005. The company specializes in the development of SkyMine, a patented technology that captures carbon dioxide emissions from industrial sources, such as cement plants, refineries, and steel mills, and transforms them into solid carbonate materials like sodium bicarbonate, hydrochloric acid, and limestone. This innovative process not only addresses climate change by mineralizing CO2 for long-term storage but also enables the production of usable materials that can be utilized in various industries, including construction and agriculture. Additionally, Skyonic offers services for the construction, installation, and maintenance of facilities that implement its carbon capture technology, allowing industrial plants to reduce their carbon footprint and convert greenhouse gases into valuable products.

Temporal Power

Series B in 2013
Temporal Power is an Ontario-based developer and manufacturer of electrical energy storage systems. The company’s breakthrough technology enables utilities, generators and industrial customers to realize the benefits of large-scale energy storage with a low cost, high performance solution. In 2013, Temporal Power will commission 7 MW of its power storage solution in Ontario, with the province’s two largest utility companies, the Independent Electricity System Operator and NRstor Inc. (www.nrstor.com), a developer of energy storage projects.

Legend3D

Series B in 2013
Legend3D, Inc. is a digital media and visual effects company that specializes in providing 3D, virtual reality (VR), and visual effects (VFX) services. Founded in 2001, the company offers a range of services including 2D-to-3D conversion for films and television, real-time depth grading, and comprehensive VFX solutions such as digital makeup and compositing. Additionally, it provides VR services including 360° concept development, motion tracking, and live stitching. Legend3D also has a catalog of classic films that have been colorized and offers audio commentaries for enhanced viewer experience. The company operates from its headquarters in Los Angeles, California, with additional facilities in Pune, India, and Luoyang, China, and continues to support filmmakers in creating visually engaging content.

Arctic Sand Technologies

Series A in 2013
Arctic Sand Technologies, Inc. is a company based in Cambridge, Massachusetts, focused on developing power conversion semiconductors. Founded in 2010 as a spinoff from MIT, it specializes in creating innovative solutions that consolidate multiple board-level power components into a single chip. This technology significantly reduces circuit size by tenfold and decreases power losses by 75 percent. The company offers products such as LED backlight boost converters for mobile devices, including smartphones, tablets, and notebooks, as well as buck regulators for computing applications. Arctic Sand Technologies also has design centers located in New Hampshire and operates as a subsidiary of Peregrine Semiconductor Corporation.

Skyonic

Series C in 2012
Skyonic Corporation is an environmental technology company based in Austin, Texas, founded in 2005. The company specializes in the development of SkyMine, a patented technology that captures carbon dioxide emissions from industrial sources, such as cement plants, refineries, and steel mills, and transforms them into solid carbonate materials like sodium bicarbonate, hydrochloric acid, and limestone. This innovative process not only addresses climate change by mineralizing CO2 for long-term storage but also enables the production of usable materials that can be utilized in various industries, including construction and agriculture. Additionally, Skyonic offers services for the construction, installation, and maintenance of facilities that implement its carbon capture technology, allowing industrial plants to reduce their carbon footprint and convert greenhouse gases into valuable products.

SeaWell Networks

Series B in 2012
SeaWell Networks specializes in enhancing online video experiences through innovative solutions that focus on video preparation and distribution. The company offers software designed for Hypertext Transfer Protocol adaptive streaming, facilitating the efficient delivery of high-quality video across various platforms. By utilizing standards-based technology, SeaWell Networks enables content providers to create and distribute video content more cost-effectively while ensuring a superior viewing experience. Additionally, the company provides Spectrum, a network-based video management system that optimizes content delivery and supports monetization efforts for content delivery networks and other video hosting services.

Noble Biomaterials

Series B in 2012
Noble Biomaterials, Inc. specializes in antimicrobial and conductivity solutions for soft surface applications, offering a range of products including fibers, fabrics, and custom components. The company's notable technologies include X-STATIC, a silver-based antimicrobial solution that protects against bacteria, fungi, and odor, and XT2, which provides long-lasting antimicrobial protection. Additionally, Noble Biomaterials offers X-STATIC SOFT SURFACE PROTECTION for medical devices and CIRCUITEX, a solution for biometric monitoring and conductive protection. The company serves a diverse array of markets including apparel, healthcare, electronics, and military, both domestically and internationally. Founded in 1997 and headquartered in Scranton, Pennsylvania, Noble Biomaterials has expanded its reach with offices in Europe, Asia, and South America, and maintains strategic partnerships with companies such as ANTA Sports Products Limited and Pure Air Filtration, LLC.

SeaWell Networks

Series B in 2012
SeaWell Networks specializes in enhancing online video experiences through innovative solutions that focus on video preparation and distribution. The company offers software designed for Hypertext Transfer Protocol adaptive streaming, facilitating the efficient delivery of high-quality video across various platforms. By utilizing standards-based technology, SeaWell Networks enables content providers to create and distribute video content more cost-effectively while ensuring a superior viewing experience. Additionally, the company provides Spectrum, a network-based video management system that optimizes content delivery and supports monetization efforts for content delivery networks and other video hosting services.

MTPV

Series B in 2012
MTPV Power Corporation is a clean energy company based in Austin, Texas, that specializes in Micron-gap ThermalPhotoVoltaics (MTPV) technology. Founded in 2003, the company originated its technology from research at MIT and Draper Laboratory. MTPV Power develops semiconductor chips designed to convert waste heat from various sources into clean energy, primarily electricity. This innovation enables industrial businesses to harness alternative energy sources, thereby enhancing productivity and reducing operational costs. Through its advancements in semiconductor technology, MTPV Power aims to contribute to more sustainable energy solutions in the industrial sector.

ThinkVine

Series C in 2012
ThinkVine Corporation specializes in marketing planning, attribution, forecasting, and optimization solutions tailored for marketers and analysts. Founded in 2000 and based in Cincinnati, Ohio, the company provides advanced software and advisory services to B2C organizations across various sectors, including consumer packaged goods, retail, financial services, travel, and entertainment. ThinkVine's technology platform excels in cross-channel marketing attribution and optimization, helping enterprises increase sales driven by marketing efforts without raising spending. Major brands utilize ThinkVine's capabilities to make informed strategic decisions and enhance their return on investment. As of 2016, ThinkVine operates as a subsidiary of Ignite Marketing Analytics.

Legend3D

Venture Round in 2011
Legend3D, Inc. is a digital media and visual effects company that specializes in providing 3D, virtual reality (VR), and visual effects (VFX) services. Founded in 2001, the company offers a range of services including 2D-to-3D conversion for films and television, real-time depth grading, and comprehensive VFX solutions such as digital makeup and compositing. Additionally, it provides VR services including 360° concept development, motion tracking, and live stitching. Legend3D also has a catalog of classic films that have been colorized and offers audio commentaries for enhanced viewer experience. The company operates from its headquarters in Los Angeles, California, with additional facilities in Pune, India, and Luoyang, China, and continues to support filmmakers in creating visually engaging content.

Unique Solutions Design

Series A in 2011
Me-Ality size-matching station where you’ll register some basic demographic information. Then step, fully clothed, into the body scanning booth and stand still for about 10 seconds while the scanning wand rotates around you. Your exact body measurements are captured and then matched to the sizing specifications of apparel brands in our database. After being scanned you will view your Shopping Guide at one of the touch-screen monitors at the station. The Me-Ality Shopping Guide lists styles that fit your exact body shape. You can filter the list by brand, style, price or retailer. Me-Ality makes it easy to try new brands and styles, so shopping for apparel is faster and more enjoyable.

Temporal Power

Series A in 2011
Temporal Power is an Ontario-based developer and manufacturer of electrical energy storage systems. The company’s breakthrough technology enables utilities, generators and industrial customers to realize the benefits of large-scale energy storage with a low cost, high performance solution. In 2013, Temporal Power will commission 7 MW of its power storage solution in Ontario, with the province’s two largest utility companies, the Independent Electricity System Operator and NRstor Inc. (www.nrstor.com), a developer of energy storage projects.

General Compression

Series B in 2011
General Compression is a developer of air energy storage systems that enables the storage of energy generated from wind farms for on-demand availability. The company's technology is designed to combine energy storage with wind energy, providing a competitive, emission-free firm generation capacity option. This solution aims to offer an alternative to new fossil and nuclear generation in markets traditionally reliant on these energy sources, without requiring subsidies.

General Compression

Series B in 2011
General Compression is a developer of air energy storage systems that enables the storage of energy generated from wind farms for on-demand availability. The company's technology is designed to combine energy storage with wind energy, providing a competitive, emission-free firm generation capacity option. This solution aims to offer an alternative to new fossil and nuclear generation in markets traditionally reliant on these energy sources, without requiring subsidies.

Ioxus

Series B in 2011
Ioxus Inc is a manufacturer of ultra-capacitors and energy storage systems, primarily serving the transportation, alternative energy, medical, industrial, and consumer product markets. Founded in 2006 and based in Oneonta, New York, Ioxus specializes in innovative ultracapacitor technologies that deliver high performance with low resistance. Their product offerings include various cells and modules designed for applications such as windmill pitch control, automotive subsystems, backup power solutions, and hybrid energy storage systems. Ioxus operates both domestically and internationally, selling its products through a network of distributors. The company is recognized for providing cost-effective and environmentally friendly energy solutions, particularly for military and transportation sectors. As a subsidiary of XS Power Batteries, Ioxus continues to advance its mission of delivering premium performance energy storage products optimized for high power applications.

LiquidPiston

Series B in 2011
LiquidPiston, Inc. specializes in the design and development of advanced rotary combustion engines, focusing on innovative thermodynamic cycles and engine technologies. Founded in 2003 and headquartered in Bloomfield, Connecticut, the company offers prototypes for diesel and mini gasoline engines. Its products are applicable across various markets, including handheld power tools, lawn and garden equipment, portable generators, unmanned aerial vehicles, marine power, and robotics. LiquidPiston's engines are characterized by their compact size, low weight, high efficiency, and multi-fuel capabilities, with the ability to scale from 1 horsepower to over 1000 horsepower. The company's patented HEHC thermodynamic cycle enhances efficiency compared to conventional diesel engines, making their offerings suitable for a wide range of applications, including auxiliary power units for boats and aviation.

SeaWell Networks

Series A in 2010
SeaWell Networks specializes in enhancing online video experiences through innovative solutions that focus on video preparation and distribution. The company offers software designed for Hypertext Transfer Protocol adaptive streaming, facilitating the efficient delivery of high-quality video across various platforms. By utilizing standards-based technology, SeaWell Networks enables content providers to create and distribute video content more cost-effectively while ensuring a superior viewing experience. Additionally, the company provides Spectrum, a network-based video management system that optimizes content delivery and supports monetization efforts for content delivery networks and other video hosting services.

Intrinsity

Series E in 2008
Intrinsity specializes in semiconductor platforms and electronic design automation software, focusing on enhancing the speed and efficiency of digital logic for mobile core applications. The company’s proprietary Fast14 technology enables circuit speeds reaching 3 GHz and beyond, while also offering solutions to effectively manage speed, power, and area to meet customer design specifications. Through its tools and expertise, Intrinsity aims to deliver predictable and efficient outcomes for various semiconductor applications.

China Rapid Finance

Series B in 2007
China Rapid Finance operates an online consumer lending marketplace focused on serving China's emerging middle class and providing access to consumer credit in a largely untapped market. The company aims to reach approximately 500 million economically active individuals who lack access to traditional bank credit, a market projected to exceed RMB 5.4 trillion by 2020. Utilizing advanced technology, including a proprietary Big Data analytics platform and an automated credit decision system, China Rapid Finance has transformed the consumer credit landscape in the country. With a strong emphasis on credit risk management and transparency, the company boasts over 5,000 employees and 80 data verification centers throughout China. Founded in 2001 by Dr. Zane Wang, a noted expert in consumer credit innovation, China Rapid Finance also plays a role in shaping industry standards, having advised the People's Bank of China on the development of national credit systems.

Airgain

Series C in 2007
Airgain is a company specializing in wireless connectivity solutions, focusing on enhancing the mass market's wireless experience through innovative antenna technologies. The company develops and engineers a range of products, including smart antennas, embedded antenna designs, and modular wireless systems, catering to original equipment manufacturers and design manufacturers globally. Airgain's technologies support performance wireless networking across various sectors, including connected homes, enterprises, automotive applications, and the Internet of Things. The company's solutions address complex radio frequency engineering challenges, aiming to improve wireless service with higher throughput, extensive coverage, and carrier-grade quality. While Airgain primarily generates revenue from North America, it also has a presence in China and other international markets.

Airgain

Venture Round in 2006
Airgain is a company specializing in wireless connectivity solutions, focusing on enhancing the mass market's wireless experience through innovative antenna technologies. The company develops and engineers a range of products, including smart antennas, embedded antenna designs, and modular wireless systems, catering to original equipment manufacturers and design manufacturers globally. Airgain's technologies support performance wireless networking across various sectors, including connected homes, enterprises, automotive applications, and the Internet of Things. The company's solutions address complex radio frequency engineering challenges, aiming to improve wireless service with higher throughput, extensive coverage, and carrier-grade quality. While Airgain primarily generates revenue from North America, it also has a presence in China and other international markets.

China Rapid Finance

Series A in 2005
China Rapid Finance operates an online consumer lending marketplace focused on serving China's emerging middle class and providing access to consumer credit in a largely untapped market. The company aims to reach approximately 500 million economically active individuals who lack access to traditional bank credit, a market projected to exceed RMB 5.4 trillion by 2020. Utilizing advanced technology, including a proprietary Big Data analytics platform and an automated credit decision system, China Rapid Finance has transformed the consumer credit landscape in the country. With a strong emphasis on credit risk management and transparency, the company boasts over 5,000 employees and 80 data verification centers throughout China. Founded in 2001 by Dr. Zane Wang, a noted expert in consumer credit innovation, China Rapid Finance also plays a role in shaping industry standards, having advised the People's Bank of China on the development of national credit systems.

Airgain

Venture Round in 2005
Airgain is a company specializing in wireless connectivity solutions, focusing on enhancing the mass market's wireless experience through innovative antenna technologies. The company develops and engineers a range of products, including smart antennas, embedded antenna designs, and modular wireless systems, catering to original equipment manufacturers and design manufacturers globally. Airgain's technologies support performance wireless networking across various sectors, including connected homes, enterprises, automotive applications, and the Internet of Things. The company's solutions address complex radio frequency engineering challenges, aiming to improve wireless service with higher throughput, extensive coverage, and carrier-grade quality. While Airgain primarily generates revenue from North America, it also has a presence in China and other international markets.
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