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.

David Finch

Managing Director, Vice President, Chief Investment Officer, COO

Daniel Charles Mills

Managing Director, Vice Chairman and Director

Annie Theriault

Vice President

31 past transactions

RedWave Energy

Series B in 2016
RedWave Energy, Inc. develops a waste heat harvesting system that captures and converts low-temperature heat from power plants and transform into electricity. The company was founded in 2011 and is based in Boulder, Colorado.

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 operates as a digital media and visual effects company. It offers 2D-to-3D conversion services for motion pictures, television shows, advertisements, and other visual entertainment assets for filmmakers. The company provides key framing, masking, depth application, and artifact removal services; a large catalog of classic entertainment that has been colorized from its original black-and-white DVD format; and humorous downloadable audio commentaries to be played back in synch with movies. It was formerly known as Legend Films. The company was founded in 2001 and is based in San Diego, California with a studio in Burbank, California; and a facility in Patna, India.

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 specializes in the development, manufacturing, and commercialization of ultracapacitor technologies and energy storage systems tailored for various markets, including transportation, alternative energy, medical, industrial, and consumer products. The company's offerings include cells and modules such as uSTART, x-series technology, and THiNCAP, which are designed for applications like windmill pitch control, automotive subsystems, backup power solutions, hybrid energy storage, and grid power correction. Headquartered in Oneonta, New York, Ioxus is recognized for providing cost-effective and environmentally friendly energy solutions, particularly for military and transportation sectors. The company operates a sales and service facility in Shanghai, China, and distributes its products both domestically and internationally. Established in 2006, Ioxus has a legacy of reliability through its connection with Custom Electronics, Inc., which has a history of supplying high-quality capacitors since 1964.

Skyonic

Series C in 2013
Skyonic Corporation, founded in 2005 and based in Austin, Texas, is an environmental technology company focused on capturing and converting carbon dioxide emissions into solid materials. Utilizing its patented SkyMine technology, Skyonic transforms flue gases from industrial facilities, such as cement plants, refineries, and power plants, into stable carbonate compounds like sodium bicarbonate, hydrochloric acid, and household bleach. This process not only addresses climate change by mineralizing CO2 but also enables the long-term storage of carbon emissions as solid materials. The company offers retrofittable solutions that allow existing plants to reduce carbon emissions and other pollutants at a commercial scale, thus providing industries with the means to produce carbon-negative products for various applications, including construction and agriculture. In addition to its core technology, Skyonic also provides construction, installation, and maintenance services for the facilities that utilize its systems.

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 operates as a digital media and visual effects company. It offers 2D-to-3D conversion services for motion pictures, television shows, advertisements, and other visual entertainment assets for filmmakers. The company provides key framing, masking, depth application, and artifact removal services; a large catalog of classic entertainment that has been colorized from its original black-and-white DVD format; and humorous downloadable audio commentaries to be played back in synch with movies. It was formerly known as Legend Films. The company was founded in 2001 and is based in San Diego, California with a studio in Burbank, California; and a facility in Patna, India.

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, founded in 2005 and based in Austin, Texas, is an environmental technology company focused on capturing and converting carbon dioxide emissions into solid materials. Utilizing its patented SkyMine technology, Skyonic transforms flue gases from industrial facilities, such as cement plants, refineries, and power plants, into stable carbonate compounds like sodium bicarbonate, hydrochloric acid, and household bleach. This process not only addresses climate change by mineralizing CO2 but also enables the long-term storage of carbon emissions as solid materials. The company offers retrofittable solutions that allow existing plants to reduce carbon emissions and other pollutants at a commercial scale, thus providing industries with the means to produce carbon-negative products for various applications, including construction and agriculture. In addition to its core technology, Skyonic also provides construction, installation, and maintenance services for the facilities that utilize its systems.

SeaWell Networks

Series B in 2012
SeaWell Networks is setting a new standard for online video experiences with innovative solutions for video preparation that combine striking video quality, simplicity, and versatility. Embracing standards-based technology, SeaWell Networks enables the adaptive distribution of IP-based video that costs less to create and distribute, yet provides a superior viewing experience across the spectrum of viewing platforms.

Noble Biomaterials

Series B in 2012
Noble Biomaterials, Inc. specializes in antimicrobial and conductivity solutions for various soft surface applications. The company offers a range of products, including fibers, fabrics, and custom components, featuring its flagship technologies such as X-STATIC, which utilizes silver to protect against bacteria, fungi, and odor, and XT2, which ensures long-lasting antimicrobial protection. Noble Biomaterials also provides X-STATIC SOFT SURFACE PROTECTION for medical devices and CIRCUITEX for biometric monitoring and conductive protection. Its diverse clientele spans multiple sectors, including apparel, healthcare, electronics, and military markets, both in the United States and internationally. Founded in 1997 and headquartered in Scranton, Pennsylvania, Noble Biomaterials maintains additional offices in Europe, Asia, and South America, and has formed strategic partnerships to enhance its market reach.

SeaWell Networks

Series B in 2012
SeaWell Networks is setting a new standard for online video experiences with innovative solutions for video preparation that combine striking video quality, simplicity, and versatility. Embracing standards-based technology, SeaWell Networks enables the adaptive distribution of IP-based video that costs less to create and distribute, yet provides a superior viewing experience across the spectrum of viewing platforms.

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 develops marketing planning, attribution, forecasting, and optimization solutions for marketers and analysts. It provides marketing and data science, scenario-driven software, and tailored advisory services for B2C organizations. The company also offers various marketing trends; technologies; and marketing tactics, such as online, offline, digital, and traditional for customers. It serves consumer packaged goods, retail, financial services, travel and entertainment, and household goods sectors. The company was founded in 2000 and is based in Cincinnati, Ohio. As of October 18, 2016, ThinkVine Corporation operates as a subsidiary of Ignite Marketing Analytics.

Legend3D

Venture Round in 2011
Legend3D operates as a digital media and visual effects company. It offers 2D-to-3D conversion services for motion pictures, television shows, advertisements, and other visual entertainment assets for filmmakers. The company provides key framing, masking, depth application, and artifact removal services; a large catalog of classic entertainment that has been colorized from its original black-and-white DVD format; and humorous downloadable audio commentaries to be played back in synch with movies. It was formerly known as Legend Films. The company was founded in 2001 and is based in San Diego, California with a studio in Burbank, California; and a facility in Patna, India.

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
Recognizing that the key to expanding clean power is stabilizing power output from wind and other variable sources, we are developing the General Compression Advanced Energy Storage (GCAESTM) system to store large quantities of energy from wind farms and make it available on demand. General Compression plans to commence construction of its first commercial project in autumn 2011, and is working in partnership with major utilities, independent power producers (IPPs), and gas storage operators to evaluate several sites in North America where GCAESâ„¢ can firm intermittent power and shape grid power capacity.

General Compression

Series B in 2011
Recognizing that the key to expanding clean power is stabilizing power output from wind and other variable sources, we are developing the General Compression Advanced Energy Storage (GCAESTM) system to store large quantities of energy from wind farms and make it available on demand. General Compression plans to commence construction of its first commercial project in autumn 2011, and is working in partnership with major utilities, independent power producers (IPPs), and gas storage operators to evaluate several sites in North America where GCAESâ„¢ can firm intermittent power and shape grid power capacity.

Ioxus

Series B in 2011
Ioxus Inc specializes in the development, manufacturing, and commercialization of ultracapacitor technologies and energy storage systems tailored for various markets, including transportation, alternative energy, medical, industrial, and consumer products. The company's offerings include cells and modules such as uSTART, x-series technology, and THiNCAP, which are designed for applications like windmill pitch control, automotive subsystems, backup power solutions, hybrid energy storage, and grid power correction. Headquartered in Oneonta, New York, Ioxus is recognized for providing cost-effective and environmentally friendly energy solutions, particularly for military and transportation sectors. The company operates a sales and service facility in Shanghai, China, and distributes its products both domestically and internationally. Established in 2006, Ioxus has a legacy of reliability through its connection with Custom Electronics, Inc., which has a history of supplying high-quality capacitors since 1964.

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 is setting a new standard for online video experiences with innovative solutions for video preparation that combine striking video quality, simplicity, and versatility. Embracing standards-based technology, SeaWell Networks enables the adaptive distribution of IP-based video that costs less to create and distribute, yet provides a superior viewing experience across the spectrum of viewing platforms.

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 is an online consumer lending marketplace serving online users and China’s emerging middle class. The Company provides consumer credit access to the world’s largest untapped market, expected to grow to more than RMB 5.4 trillion (US $870 billion) by 2020. Its technology enables socially inclusive financing to the most creditworthy individuals, serving a potential 500 million consumers who are economically active but never have had access to bank credit. China Rapid Finance is a recognized technology innovator and has transformed China’s consumer credit landscape with its introduction of the most advanced omni-channel borrower acquisition system and proprietary Big Data analytics technology platform featuring an end-to-end automated credit decisioning system. It has a proven track record in credit risk management, transparency and a culture focused on innovation with more than 5,000 employees and 80 data verification centers across China. China Rapid Finance was founded in 2001 by Mr. Zane Wang, PhD, one of China’s leading experts in consumer credit market innovation and lending marketplace technology. Prior to founding China Rapid Finance, Dr. Wang received his PhD in Statistics from the University of Illinois at Chicago and started his career in the United States, serving as Head of Analytics for Sears Credit – the world’s largest retail credit card portfolio, subsequently acquired by Citibank. Upon returning to China, Dr. Wang advised the People’s Bank of China on the creation of China’s national credit bureau and the first functioning credit bureau in Shanghai before launching China Rapid Finance. Dr. Wang also is the only Council Committee member of the China Association of Microfinance from the marketplace lending industry, and the Secretary of the Shanghai Financial Information Professional Committee, a branch of the Shanghai government trade association.

Airgain

Series C in 2007
Airgain is a company specializing in wireless connectivity solutions, focusing on enhancing the wireless experience for a broad range of markets through its innovative antenna technologies. The company develops and engineers a variety of antenna products and connectivity solutions tailored for original equipment manufacturers across multiple sectors, including connected homes, enterprises, automotive applications, and the Internet of Things. Airgain's offerings address complex radio frequency challenges and aim to deliver improved wireless service characterized by higher throughput, extensive coverage, and carrier-grade quality. The company primarily generates its revenue from North America, while also maintaining a presence in China and other global markets. Its product lineup includes a range of antennas designed for various applications, ensuring robust performance in diverse environments.

Airgain

Venture Round in 2006
Airgain is a company specializing in wireless connectivity solutions, focusing on enhancing the wireless experience for a broad range of markets through its innovative antenna technologies. The company develops and engineers a variety of antenna products and connectivity solutions tailored for original equipment manufacturers across multiple sectors, including connected homes, enterprises, automotive applications, and the Internet of Things. Airgain's offerings address complex radio frequency challenges and aim to deliver improved wireless service characterized by higher throughput, extensive coverage, and carrier-grade quality. The company primarily generates its revenue from North America, while also maintaining a presence in China and other global markets. Its product lineup includes a range of antennas designed for various applications, ensuring robust performance in diverse environments.

China Rapid Finance

Series A in 2005
China Rapid Finance is an online consumer lending marketplace serving online users and China’s emerging middle class. The Company provides consumer credit access to the world’s largest untapped market, expected to grow to more than RMB 5.4 trillion (US $870 billion) by 2020. Its technology enables socially inclusive financing to the most creditworthy individuals, serving a potential 500 million consumers who are economically active but never have had access to bank credit. China Rapid Finance is a recognized technology innovator and has transformed China’s consumer credit landscape with its introduction of the most advanced omni-channel borrower acquisition system and proprietary Big Data analytics technology platform featuring an end-to-end automated credit decisioning system. It has a proven track record in credit risk management, transparency and a culture focused on innovation with more than 5,000 employees and 80 data verification centers across China. China Rapid Finance was founded in 2001 by Mr. Zane Wang, PhD, one of China’s leading experts in consumer credit market innovation and lending marketplace technology. Prior to founding China Rapid Finance, Dr. Wang received his PhD in Statistics from the University of Illinois at Chicago and started his career in the United States, serving as Head of Analytics for Sears Credit – the world’s largest retail credit card portfolio, subsequently acquired by Citibank. Upon returning to China, Dr. Wang advised the People’s Bank of China on the creation of China’s national credit bureau and the first functioning credit bureau in Shanghai before launching China Rapid Finance. Dr. Wang also is the only Council Committee member of the China Association of Microfinance from the marketplace lending industry, and the Secretary of the Shanghai Financial Information Professional Committee, a branch of the Shanghai government trade association.

Airgain

Venture Round in 2005
Airgain is a company specializing in wireless connectivity solutions, focusing on enhancing the wireless experience for a broad range of markets through its innovative antenna technologies. The company develops and engineers a variety of antenna products and connectivity solutions tailored for original equipment manufacturers across multiple sectors, including connected homes, enterprises, automotive applications, and the Internet of Things. Airgain's offerings address complex radio frequency challenges and aim to deliver improved wireless service characterized by higher throughput, extensive coverage, and carrier-grade quality. The company primarily generates its revenue from North America, while also maintaining a presence in China and other global markets. Its product lineup includes a range of antennas designed for various applications, ensuring robust performance in diverse environments.
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