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, Vice Chairman and Director

Robert Riverso

Associate

Annie Theriault

Vice President

31 past transactions

RedWave Energy

Series B in 2016
RedWave Energy, Inc. is a cleantech company based in Boulder, Colorado, founded in 2011. The firm specializes in developing innovative technology to capture and convert low-temperature waste heat from power plants into electricity. By utilizing advanced nano-antenna technology licensed from Idaho National Labs and high-speed diode technology from the University of Colorado, RedWave aims to harvest energy from the infrared and near-infrared spectrum. The company’s initial focus is on converting low-quality industrial waste heat into renewable energy, with plans for future phases that include generating electricity from visible light and developing capabilities for terahertz wave detection. RedWave Energy collaborates with MicroContinuum, a technology development firm, to facilitate the fabrication of nano-scale antennas and terahertz electronics essential for its energy capture initiatives.

Arctic Sand Technologies

Series B in 2016
Arctic Sand Technologies, Inc. is a Cambridge, Massachusetts-based company that specializes in the development of power conversion semiconductors. Founded in 2010 as a spinoff from MIT, the company focuses on commercializing innovative power conversion technology that consolidates multiple board-level power components into a single chip. This advanced technology significantly reduces circuit size by tenfold and decreases power losses by 75 percent, making it highly effective for various applications. Arctic Sand offers products such as LED backlight boost converters for mobile devices, including smartphones, tablets, and notebook computers, as well as buck regulators for computing applications. The company also has design centers located in New Hampshire. As of March 2017, Arctic Sand 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 3D, virtual reality (VR), and visual effects (VFX) services. Established in 2001 and based in Los Angeles, California, with additional locations in Pune, India, and Luoyang, China, the company provides a range of services including 2D-to-3D conversion for films and television, real-time depth grading, 3D VFX compositing, and on-set consultation. Legend3D also offers VR services such as 360° capture, motion tracking, and creative direction. Furthermore, its VFX capabilities encompass digital makeup, rig removal, compositing, and camera tracking. Formerly known as Legend Films, the company rebranded to Legend3D in February 2011, reflecting its focus on advanced visual technologies and enhancing cinematic experiences for filmmakers and audiences alike.

MTPV

Series B in 2014
MTPV Power Corporation, established in 2003 and based in Austin, Texas, specializes in innovative clean energy solutions. The company focuses on developing Micron-gap ThermalPhotoVoltaics (MTPV) technology, originally researched at MIT and Draper Laboratory before being brought under MTPV Power's umbrella. Their core product is semiconductor chips designed to convert waste heat from various sources into usable electricity, benefiting industrial businesses by enhancing productivity while reducing energy costs.

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, utilizing a patented thermodynamic cycle and innovative engine technologies. Founded in 2003 and headquartered in Bloomfield, Connecticut, the company produces diesel and gasoline engine prototypes that cater to various markets, including handheld power tools, lawn and garden equipment, portable generators, unmanned aerial vehicles, and marine power. LiquidPiston's engines are characterized by their compact size, high efficiency, low vibration, and multi-fuel capability, making them suitable for applications ranging from robotics to auxiliary power units in aviation and other vehicles. The company's comprehensive patent coverage enables it to offer solutions that enhance performance and efficiency compared to conventional diesel engines.

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 developing patented technologies, specifically its SkyMine system, which captures carbon dioxide emissions from industrial flue gases and converts them into solid carbonate materials, such as sodium bicarbonate, hydrochloric acid, and other useful products. This post-combustion carbon capture and sequestration technology addresses climate change by mineralizing CO2, effectively reducing greenhouse gas emissions from facilities such as cement plants, refineries, and steel mills. Skyonic's innovative approach not only mitigates environmental impact but also enables the production of carbon-negative materials for various applications, including the manufacture of polyvinyl chloride pipes and glass. Additionally, the company offers services related to the construction, installation, and maintenance of its technology and facilities.

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 3D, virtual reality (VR), and visual effects (VFX) services. Established in 2001 and based in Los Angeles, California, with additional locations in Pune, India, and Luoyang, China, the company provides a range of services including 2D-to-3D conversion for films and television, real-time depth grading, 3D VFX compositing, and on-set consultation. Legend3D also offers VR services such as 360° capture, motion tracking, and creative direction. Furthermore, its VFX capabilities encompass digital makeup, rig removal, compositing, and camera tracking. Formerly known as Legend Films, the company rebranded to Legend3D in February 2011, reflecting its focus on advanced visual technologies and enhancing cinematic experiences for filmmakers and audiences alike.

Arctic Sand Technologies

Series A in 2013
Arctic Sand Technologies, Inc. is a Cambridge, Massachusetts-based company that specializes in the development of power conversion semiconductors. Founded in 2010 as a spinoff from MIT, the company focuses on commercializing innovative power conversion technology that consolidates multiple board-level power components into a single chip. This advanced technology significantly reduces circuit size by tenfold and decreases power losses by 75 percent, making it highly effective for various applications. Arctic Sand offers products such as LED backlight boost converters for mobile devices, including smartphones, tablets, and notebook computers, as well as buck regulators for computing applications. The company also has design centers located in New Hampshire. As of March 2017, Arctic Sand 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 developing patented technologies, specifically its SkyMine system, which captures carbon dioxide emissions from industrial flue gases and converts them into solid carbonate materials, such as sodium bicarbonate, hydrochloric acid, and other useful products. This post-combustion carbon capture and sequestration technology addresses climate change by mineralizing CO2, effectively reducing greenhouse gas emissions from facilities such as cement plants, refineries, and steel mills. Skyonic's innovative approach not only mitigates environmental impact but also enables the production of carbon-negative materials for various applications, including the manufacture of polyvinyl chloride pipes and glass. Additionally, the company offers services related to the construction, installation, and maintenance of its technology and facilities.

SeaWell Networks

Series B in 2012
SeaWell Networks is a technology company that specializes in enhancing online video experiences through its innovative software solutions. The company focuses on video preparation, delivering high-quality adaptive streaming that is both cost-effective and versatile. By adopting standards-based technology, SeaWell Networks enables seamless distribution of IP-based video across various platforms, ensuring an exceptional viewing experience. Additionally, the company offers video hosting and distribution services for content delivery networks and other video hosting providers, and its Spectrum product optimizes high-capacity video management while facilitating content monetization.

Noble Biomaterials

Series B in 2012
Noble Biomaterials, Inc. is a leading provider of antimicrobial and conductivity solutions, primarily focusing on soft surface applications. Founded in 1997 and based in Scranton, Pennsylvania, the company specializes in advanced materials that utilize silver-based technologies to enhance product performance. Its offerings include X-STATIC, an antimicrobial technology that protects against bacteria, fungi, and odors, and XT2, which provides long-lasting antimicrobial protection. Noble Biomaterials also develops CIRCUITEX, a solution for biometric monitoring and conductive protection, catering to various industries such as healthcare, aerospace, electronics, and military markets. The company maintains a global presence with additional offices in Europe, Asia, and South America and has established strategic partnerships with organizations like ANTA Sports Products Limited and Pure Air Filtration, LLC. Noble Biomaterials is recognized for its commitment to innovation and its role as a US EPA-registered antimicrobial manufacturer, supplying critical medical components to the US military and other sectors.

SeaWell Networks

Series B in 2012
SeaWell Networks is a technology company that specializes in enhancing online video experiences through its innovative software solutions. The company focuses on video preparation, delivering high-quality adaptive streaming that is both cost-effective and versatile. By adopting standards-based technology, SeaWell Networks enables seamless distribution of IP-based video across various platforms, ensuring an exceptional viewing experience. Additionally, the company offers video hosting and distribution services for content delivery networks and other video hosting providers, and its Spectrum product optimizes high-capacity video management while facilitating content monetization.

MTPV

Series B in 2012
MTPV Power Corporation, established in 2003 and based in Austin, Texas, specializes in innovative clean energy solutions. The company focuses on developing Micron-gap ThermalPhotoVoltaics (MTPV) technology, originally researched at MIT and Draper Laboratory before being brought under MTPV Power's umbrella. Their core product is semiconductor chips designed to convert waste heat from various sources into usable electricity, benefiting industrial businesses by enhancing productivity while reducing energy costs.

ThinkVine

Series C in 2012
ThinkVine Corporation is a Cincinnati-based company that specializes in developing advanced marketing planning, attribution, forecasting, and optimization solutions for marketers and analysts. Established in 2000, ThinkVine offers a technology platform that enables businesses to enhance their marketing effectiveness across various channels, including online, offline, digital, and traditional media. The company's proprietary analytics and software tools help clients, particularly in sectors such as consumer packaged goods, retail, financial services, travel and entertainment, and household goods, to identify the impact of marketing on sales and optimize their budgeting strategies. With a focus on improving return on investment, ThinkVine's solutions have demonstrated the ability to increase marketing-driven sales significantly for major brands. 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 3D, virtual reality (VR), and visual effects (VFX) services. Established in 2001 and based in Los Angeles, California, with additional locations in Pune, India, and Luoyang, China, the company provides a range of services including 2D-to-3D conversion for films and television, real-time depth grading, 3D VFX compositing, and on-set consultation. Legend3D also offers VR services such as 360° capture, motion tracking, and creative direction. Furthermore, its VFX capabilities encompass digital makeup, rig removal, compositing, and camera tracking. Formerly known as Legend Films, the company rebranded to Legend3D in February 2011, reflecting its focus on advanced visual technologies and enhancing cinematic experiences for filmmakers and audiences alike.

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, utilizing a patented thermodynamic cycle and innovative engine technologies. Founded in 2003 and headquartered in Bloomfield, Connecticut, the company produces diesel and gasoline engine prototypes that cater to various markets, including handheld power tools, lawn and garden equipment, portable generators, unmanned aerial vehicles, and marine power. LiquidPiston's engines are characterized by their compact size, high efficiency, low vibration, and multi-fuel capability, making them suitable for applications ranging from robotics to auxiliary power units in aviation and other vehicles. The company's comprehensive patent coverage enables it to offer solutions that enhance performance and efficiency compared to conventional diesel engines.

SeaWell Networks

Series A in 2010
SeaWell Networks is a technology company that specializes in enhancing online video experiences through its innovative software solutions. The company focuses on video preparation, delivering high-quality adaptive streaming that is both cost-effective and versatile. By adopting standards-based technology, SeaWell Networks enables seamless distribution of IP-based video across various platforms, ensuring an exceptional viewing experience. Additionally, the company offers video hosting and distribution services for content delivery networks and other video hosting providers, and its Spectrum product optimizes high-capacity video management while facilitating content monetization.

Intrinsity

Series E in 2008
Intrinsity is a manufacturer of semiconductor platforms that specializes in providing tools, technologies, and expertise for enhancing the performance of digital logic in mobile core applications. The company is known for its proprietary Fast14 technology, which enables circuit speeds exceeding 3 GHz. Intrinsity's offerings focus on optimizing speed, power consumption, and area to meet specific design targets for its customers. Additionally, the company provides electronic design automation software services to support the development of advanced semiconductor solutions.

China Rapid Finance

Series B in 2007
China Rapid Finance is an online consumer lending marketplace that focuses on providing access to credit for China's emerging middle class. Founded in 2001 by Dr. Zane Wang, the company aims to tap into the vast potential of the consumer credit market, which is projected to exceed RMB 5.4 trillion (approximately US $870 billion) by 2020. The company leverages advanced technology, including a proprietary Big Data analytics platform and an automated credit decisioning system, to offer socially inclusive financing to around 500 million economically active individuals who have traditionally lacked access to bank credit. With a strong emphasis on credit risk management and transparency, China Rapid Finance operates with over 5,000 employees and maintains 80 data verification centers throughout the country. Dr. Wang, a noted expert in consumer credit innovation, has played a pivotal role in shaping the company's direction and the broader lending marketplace in China.

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 is an online consumer lending marketplace that focuses on providing access to credit for China's emerging middle class. Founded in 2001 by Dr. Zane Wang, the company aims to tap into the vast potential of the consumer credit market, which is projected to exceed RMB 5.4 trillion (approximately US $870 billion) by 2020. The company leverages advanced technology, including a proprietary Big Data analytics platform and an automated credit decisioning system, to offer socially inclusive financing to around 500 million economically active individuals who have traditionally lacked access to bank credit. With a strong emphasis on credit risk management and transparency, China Rapid Finance operates with over 5,000 employees and maintains 80 data verification centers throughout the country. Dr. Wang, a noted expert in consumer credit innovation, has played a pivotal role in shaping the company's direction and the broader lending marketplace in China.

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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