Tag: B2B

26
Jun

Enterprise Data Management Leader ThinkData Raises $8M in Series A Funding

TORONTO, ON – June 25, 2020 – ThinkData Works, Inc. (@thinkdataworks) announced today that it has raised $8 million (CAD) in Series A financing led by BDC Capital Inc (BDC ICE Fund) and Yaletown Capital Partners with participation by existing investors, First Ascent Ventures and Extreme Venture Partners.

ThinkData’s end-to-end data management platform, Namara, streams data from any source in the world – public or private – in any format and structure to allow organizations to use endless amounts of data to layer upon existing practices and fuel new business intelligence solutions.

“The ability to layer multiple data sources, both proprietary and public in a standardized structure allows rapid insights that impact the bottom line for all of our customers,” said Bryan Smith, Co-Founder and CEO of ThinkData. “As we continue to simplify the process to access product ready data for the enterprise, we have seen management realize the high cost and inefficiencies of the problems associated with data variety.”

ThinkData’s customer roster includes Royal Bank of Canada, the Government of Canada, Bank of Nova Scotia, TD Bank, and Roche Pharmaceuticals.

“For ThinkData to have won customers of such a high caliber and sophistication speaks to the quality of the platform and technology,” said Sean Brownlee, General Partner at BDC ICE Fund. “The fact that demand for their solution has only increased despite the concerns around the current economic uncertainty demonstrates the value the company can unlock for customers.”

First Ascent Ventures were an early investor in ThinkData. “We were very impressed with the founding team of Bryan Smith (CEO) and Brendan Stennett (CTO) and they have continued to innovate and deliver extraordinary value to customers with a high level of capital efficiency,” said Tony van Marken, Managing Partner of First Ascent Ventures.

ThinkData will use the latest funding to add new talent across Engineering, Sales and Marketing and expand globally. “Having supportive investors is paramount as an entrepreneur and First Ascent Ventures has been a valuable partner and mentor to the management team. We look forward to working with BDC and Yaletown, our new investors, as we scale the company and build a world class organization,” said Bryan Smith, Co-Founder and CEO of ThinkData.

Media InquiriesMcKenzie Foley, ThinkData Works Inc.
Marketing and Communications 
mckenzie@thinkdataworks.com

About ThinkData Works
ThinkData Works, Inc. is a Toronto-based data technology company founded in 2014 that makes data access easy. ThinkData’s end-to-end data management platform, Namara, supplies data professionals with efficient tooling for every stage of the data lifecycle. We provide large enterprises access to more data, with less overhead and more confidence to fuel their products, models, and solutions.

For more information visit: www.thinkdataworks.com Twitter: @thinkdataworks

BDC ICE
BDC Capital’s Industrial, Clean and Energy (ICE) Technology Venture Fund tailors its investments towards capital-efficient and scalable businesses enhancing resource productivity with the potential to operate across a global market. We invest in early and development stage Canadian companies, and use our experience in materials, electronics and ICT to build commercially successful global companies.

For more information visit www.bdc.ca

Yaletown Partners
Yaletown Partners is dedicated to closing the emerging-growth stage investment gap faced by technology companies in Canada, and invests in technology companies that enhance industry and enterprise productivity and sustainability, to help accelerate their growth, shorten exit timeframes and achieve strong exit premiums. The fund has offices in Vancouver, Calgary, Montréal, and a growing presence in Toronto,

More details can be found at https://yaletown.com/

12
Jun

Announcing our partnership with JPMorgan Chase

We are excited to announce our partnership with JPMorgan Chase, which is now offering Sensibill’s receipt capture and management solution through the Chase Mobile app! With the Chase Mobile Banking app, everyday banking customers can manage home office expenses, submit proof of purchase for insurance claims, track their spending at a granular level, and much more. 

Chase has created a digital banking experience that makes it easier for consumers and businesses to manage their finances,” said Corey Gross, co-founder and CEO at Sensibill. “Through our partnership with Chase, millions of customers will have access to a best-in-class product that solves the hassle of expense and receipt management.”

Receipts have historically been a major source of friction and headache for consumers and businesses alike. Sensibill’s digitized approach to receipt management will allow Chase’s customers to conveniently monitor spending and manage their purchases from within the Chase Mobile app. Through a progressive rollout, Sensibill’s solution will be available within the Chase Mobile app to all of its 38 million active mobile users later this year.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.1 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,900 branches in 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.

02
Jun

New Product from AI Contract Management Company LinkSquares Covers the Contract Creation Process

LinkSquares, a Boston-based company that provides an AI-based contract management and analysis platform for corporate legal departments, is today announcing the roll-out later this month of a product that extends its platform to the pre-signature, contract-generation process, to offer enterprises an end-to-end platform for drafting, reviewing and managing contracts.

The company says that the new product, called LinkSquares Finalize, will work seamlessly with its existing post-signature product, which it now calls LinkSquares Analyze, to provide an integrated platform.

LinkSquares Finalize will provide three capabilities, the company says:

  • Drafting. The product will enable legal teams and sales, HR, procurement, marketing, and other internal departments to create documents with pre-approved language based on contract templates, helping finalize contracts more quickly and reduce risk through the use of standardized language.
  • Contract review and versioning. The product will allow contract management teams to receive notifications throughout the negotiation process and work autonomously on redlining and negotiations, while also engaging with other departments that may need to contribute.
  • Approval. The product provides final approval notification, notifying the general counsel, chief legal officer or other department heads who need to provide sign-off on the final contract.

The company says it developed the product in response to feedback from its customers — which include DraftKings, Fitbit and Asurion — that wanted an integrated platform for pre- and post-signature contract management.

“In the race to accelerate contract generation and approvals while using a lean bank of tools and resources, legal teams demanded a solution that could handle both pre-signature activity and post-signature analysis,” Vishal Sunak, LinkSquares CEO and cofounder, said in a statement.

“The new pre-signature capabilities give legal teams one, end-to-end tool that can handle contracts at their inception through execution, which removes silos and improves transparency for a streamlined contracting process across the organization.”

In February, the five-year-old company announced that it had raised $14.5 million in a Series A financing round, bringing its total financing to $21.5 million.

Corporate contract management may be the hottest area in legal technology right now, at least when measured by investment dollars. Just last month, a single day saw investments in four companies totalling $70 million.

10
Mar

Dialogue Launches an Automated Medical Assistant to Help Canadians Access Accurate and Up-to-date Information on COVID-19

MONTREAL, March 10, 2020 /CNW Telbec/ – In light of public health concerns regarding COVID-19 in Canada, Dialogue Technologies Inc. is leveraging its conversational technology to launch Chloe for COVID-19 (covid19.dialogue.co). An automated medical assistant, Chloe provides Canadians with access to the latest public health information and resources to provide advice to help prevent infection.  

Chloe, Dialogue's virtual automated assistant (CNW Group/Dialogue Technologies Inc.)
Chloe, Dialogue’s virtual automated assistant (CNW Group/Dialogue Technologies Inc.)

After hearing concerns from thousands of Dialogue patients looking for accurate and up-to-date information from public health authorities, Dialogue decided to develop and launch a free online service. Chloe offers the latest information from federal, provincial and territorial health authorities as the official response to the COVID-19 outbreak continues to develop.

For concerned Canadians looking for more information about COVID-19,Chloe will prompt users to answer a series of contextual questions to identify their location and understand potential risk factors, travel history or pre-existing medical conditions that might be associated with the spread of COVID-19. From there, Chloe will provide the latest publicly available information and resources including contact information for local health public units, prevention tips, as well as a list of affected countries and travel safety advisories. We encourage Canadians to continually check back with Chloe to ensure they have the most up-to-date information.

Chloe is available for all Canadians in all provinces and territories, offering up-to-date official guidance based on each user’s location.

Dialogue has decided to make this service and content management system open-source to allow Canadian health and government organizations to contribute up-to-date content as public health risks are reassessed and new information becomes available.

“In the wake of the global COVID-19 outbreak, we are looking to support public health authorities and ensure that Canadians are equipped with the best information they need to slow down the spread of infection.” – Alexis Smirnov, Chief Technology Officer, Dialogue

“Having helped the public during the H1N1 and SARS outbreaks, I’ve seen first-hand how the lack of accurate and timely information can impact the containment and mitigation of infection. The more informed the public is, the more likely it is to take preventative actions to stay healthy or consult with health care providers sooner to increase chances of full recovery.” – Dr. Daniel Lalla, MD, Dialogue physician

About Dialogue Technologies Inc.

Dialogue is the leading Canadian telemedicine provider pioneering virtual healthcare dedicated exclusively to employers who wish to improve the health and well-being of their employees and families. We drive real health outcomes through amazing healthcare experiences, an employee engagement playbook, and a relentless focus on patient safety and security.

04
Jul

Digital receipt player Sensibill raises $31.5m

Sensibill, a Toronto-based AI-powered digital receipt startup targeting freelancers and small business owners, has raised US$31.5 million in a Series B funding round joined by National Bank of Canada.

The round, led by AI-focused venture fund Radical Ventures, and joined by Information Venture Partners and First Ascent Ventures, brings Sensibill’s total financing to $46.5 million.

Founded in 2013, Sensibill works with banks such as TD and Scotiabank to incorporate its digital receipt technology into their apps, enabling personal and business customers to manage line item receipts from their phones.

The platform uses machine learning to structure receipt data and give both banks and their customers rich insights such as product information, return policy tracking and auto-categorisation.

Since its 2017 Series A round, the firm has doubled its headcount, opened a London office and has now won more than 30 bank deals in Canada, the US and UK, many with Tier 1 players such as RBS.

Corey Gross, CEO, Sensibill, says: “What we’re trying to do at Sensibill is bridge the gap between what banks are good at today, and where they need to be in five or ten years to protect their relationships from disruption. Tools beyond core banking, an incredible customer experience, and meaningful customer insights for banks–that’s what we bring to the table.”

23
Jan

ThinkData Works selected as an approved vendor for the Canadian Government AI standing order

Toronto – January 23rd, 2019 – ThinkData Works Inc. (ThinkData) has been pre-qualified by the Government of Canada to deliver contracts worth up to $9M related to Artificial Intelligence (AI) services, solutions, and products. The list of qualified providers was announced on January 15, 2019, and was the result of an Invitation to Qualify published through Public Services and Procurement Canada.

Through the Invitation to Qualify, the Government of Canada has pre-approved a list of suppliers who meet all of the mandatory criteria to provide Canada with responsible and effective AI services, solutions, and products. Subsequently, all solicitation opportunities related to Federal Government AI projects will be exclusively distributed to this pre-qualified list of suppliers (the Source List).

“We are very pleased to have been selected to deliver on the largest AI-related projects within the Government of Canada,” says Bryan Smith, Co-Founder and CEO of ThinkData. “We placed a large emphasis on the need for clean data in order to get AI right and we’re happy to hear that the Government agrees. We will be able to deploy our platform, Namara, on nearly every project related to this procurement vehicle and serve up clean, unbiased data as fuel to power all AI solutions.”

ThinkData has also created a vendor ecosystem graphic to better visualize and categorize the Source List:

 

Company logos plotted in a graphic divided by work sector

After research and consultation with industry, academia, and civil society, the Federal Government structured the solicitation around three categories that represent the business needs of the Government of Canada:

Insights and Predictive Modelling: The Government is looking to maximize the value of the data and information it has, and will begin to use AI to analyze and predict outcomes and effectiveness.

Machine Interactions: Canada is increasingly seeking to implement digital channels to facilitate interactions between citizens and government, looking towards chatbots, virtual agents, smart routing, and targeted content distribution to increase service delivery.

Cognitive Automation: The Government intends to introduce automated decision systems in order to further automate repetitive tasks and information-intensive processes.

Vendors on the Source List have been pre-qualified based on their prior experience delivering responsible and effective AI services, solutions, and products. Pre-qualified suppliers will receive notifications of opportunity (“Solicitation”) which will be posted on Buy and Sell. Solicitations will stipulate the maximum amount to be awarded and will be categorized based on the following grades, or “bands”:

  1. Band 1: up to $500K
  2. Band 2: up to $4M
  3. Band 3: up to $9M

To qualify for Solicitation under bands 1, 2, and 3, vendors were required to demonstrate that they had successfully delivered one, three, or five AI project(s), respectively. This process ensures that both emerging companies and global organizations are present on the Source List.

“The different bands made the ITQ accessible to smaller companies and startups who historically get left off of these standing offers due to requirements tailored to large, public companies,” says Smith. “I think the Government did a phenomenal job ensuring home-grown Canadian AI talent could compete for any future government contract. It’s so important that these companies get the opportunity to build solutions for Canada.”

23
Oct

Assent Compliance Receives Over $100 Million (CAD$130 Million) Growth Equity Investment from Warburg Pincus

OTTAWA – October 23, 2018 – Assent Compliance (“Assent” or “the company”), the Ottawa-based leader in supply chain data management software, today announced the receipt of an over $100 million (CAD$130 million) investment from Warburg Pincus, a leading global private equity firm focused on growth investing. The investment will enable Assent to enhance its proprietary software and supply chain data management platform, while expanding its product compliance, vendor management and corporate social responsibility solutions. Justin Sadrian and Sam Lipsick from Warburg Pincus will join Assent’s Board of Directors.

This investment is Assent’s third funding round in three years and highlights it as one of Canada’s most successful SaaS companies. Assent raised CAD$20 million in a Series A round in 2016 and CAD$40 million in a Series B round in 2017, which have fuelled its rapid growth to more than 400 employees across three continents.

Assent provides cloud-based enterprise supply chain data management software and solutions – available through the Assent Compliance Platform – to help companies manage and reduce global third-party market access, reputational, financial and operational risks. Serving hundreds of corporate customers and hundreds of thousands of suppliers around the world, Assent’s solutions automate supply chain data management to increase supply chain transparency and respond to the significant volume of data and regulatory requirements faced in today’s global marketplace. Assent’s platform is supported by a world-class team of regulatory and supplier management experts, providing exceptional supply chain data program management.

“We are thrilled to partner with Warburg Pincus – one of the leading growth equity firms in the world,” said Andrew Waitman, CEO of Assent Compliance. “Warburg’s enviable software domain experience complements our remarkable supply chain data management expertise and will help accelerate Assent’s rapid growth. Their thoughtful selection of Assent reinforces our market leadership and will enable us to continue to deliver innovative solutions that protect companies from third-party risks within their supply chains.”

“Assent’s innovative technology offerings and unmatched regulatory expertise have supported the company’s rapid growth, and cemented its leadership position in the supply chain data management sector,” said Justin Sadrian, Managing Director, Warburg Pincus. “The company has taken supply chain transparency to a new level and created a clear category-leading platform. In doing so, Assent has earned an outstanding reputation for providing world class solutions and client support – making Assent the partner of choice for enterprise and mid-market companies around the world. We look forward to working with Assent’s leadership team as the company embarks on its next chapter of growth.”

Assent Compliance has emerged as a remarkable success story in the Canadian software and technology industry,” said Richard Black, Partner, OpenText Enterprise Apps Fund (OTEAF). “We identified Assent three years ago as a company with great opportunity, strong leadership and a clear vision for strategic growth. Warburg Pincus’ investment is a testament to Assent’s ability to execute against that vision and achieve its place as the global leader in its space. This marks a new chapter for one of Canada’s best and most exciting companies to watch, and we look forward to continuing to be a part of it.”

BDC Capital, Greenspring Associates, OpenText Enterprise Apps Fund, and Volition Capital will all remain investors in the company, reflecting their continued confidence in Assent and its growth potential. Members of Assent’s management team will also retain an ownership stake.

About Assent Compliance
Assent Compliance is the global leader in supply chain data management. Combining leading-edge technologies with extensive supply chain expertise, Assent provides SaaS solutions that manage third-party data to protect corporate brands, increase market accessibility, and reduce operational and financial risk. For more information, please visit www.assentcompliance.com.

About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $47 billion in private equity assets under management. The firm’s active portfolio of more than 170 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. The firm has been an active investor in the enterprise software sector, with current investments including Avalara, DocuTAP, Dude Solutions, Duetto, Liaison International, and NEOGOV. Founded in 1966, Warburg Pincus has raised 17 private equity funds, which have invested more than $70 billion in over 835 companies in more than 40 countries. The firm is headquartered in New York with offices in Beijing, Hong Kong, Houston, London, Mumbai, San Francisco, São Paulo, Shanghai and Singapore. For more information, please visit
www.warburgpincus.com.

About OpenText
The OpenText Enterprise Apps Fund (OTEAF) was formed in 2015 and invests in emerging Canadian technology companies that are building disruptive, enterprise applications that leverage the power of the internet, big data, predictive analytics, machine learning and mobility. The founding partners of OTEAF have been involved with over 25 technology companies as founders, executives, advisors or investors with a track record of successful growth and premium returns.

Contacts
Assent Compliance
Matthew Desrosiers
(613) 315-0761
matthew.desrosiers@assentcompliance.com

Warburg Pincus
Pam Greene / Jenny Gore
Sard Verbinnen
(212) 687-8080 WP-SVC@sardverb.com

OpenText Enterprise Apps Fund (OTEAF)
Tony van Marken
(647) 271-4564
tony.vanmarken@oteaf.vc

12
Sep

Q4 Inc. Raises $38 Million in Series C Funding Round Led by Napier Park Financial Partners

Toronto and New York – September 12, 2018 – Q4 Inc., a leading global provider of cloud-based investor relations and capital market solutions, announced today the closing of a USD$38 million Series C financing round.

This round was led by Napier Park Financial Partners (Napier Park) with participation from existing investors including OpenText Enterprise Apps Fund (OTEAF), Information Venture Partners and Espresso Capital. The new funds will be used to support the continued development of the Company’s next generation, purpose-built investor relations CRM and analytics platform, expand global sales and marketing efforts, and pursue strategic acquisitions.

“Q4’s mission is to make our clients leaders in investor relations by delivering a superior product experience, best-in-class technology and first-rate customer support,” said Darrell Heaps, CEO of Q4. “We are excited to partner with the Napier Park team during this incredible period of growth for Q4. This capital will enable us to accelerate our product roadmap, pursue acquisitions, drive our global sales and marketing efforts, and continue executing on our vision of becoming a preeminent global capital markets platform.”

Since 2013, Q4 has been steadily expanding its capital markets platform and capabilities, building-out the industry’s premier IR CRM. This sophisticated analytics and workflow solution integrates quantitative and real-time shareholder analytics, AI targeting, pipeline management, and roadshow planning tools, as well as advanced website and event analytics. With the recent release of Studio, Q4’s next generation investor website platform, the Company has yet again raised-the-bar with the industry’s most capable, flexible and design-driven product.

“At Napier Park, we invest in and partner with the best and brightest in financial technology and are thrilled to be leading this round,” said Dan Kittredge, Partner at Napier Park. “We are excited to be partnering with Darrell and team — their technology-first approach to solving IR pain points, end-to-end solution set, and track record of exceptional customer service afford them a unique position to capitalize on secular, regulatory and competitive tailwinds. We are committed to supporting Q4’s growth strategy as they continue to bring innovative products to the market and execute on their long-term vision.”

Q4 is the industry’s only full-suite provider of IR solutions with a complete range of analytics, CRM, website, webcasting and professional services. With MiFID II disrupting how the sell-side provides services to corporates and the buy-side, Q4 is well positioned to provide its large and rapidly growing IR client base with the tools and advice to succeed in the post-MiFID world. With over 1,200 of the world’s top global brands leveraging Q4’s suite of IR solutions, Q4 remains the fastest growing and most exciting investor relations and capital markets provider in the industry.

“Having led Q4’s Series B round, we have witnessed the tremendous growth of the company, and the evolution of Darrell and his team in the execution of their strategy,” said Tony van Marken, General Partner at OTEAF and Chairman of Q4. “Q4 has continued to expand its customer base with some of the world’s largest public companies and now provides IR solutions to 25% of the S&P 500. With the macro trends benefiting the market and material shifts in their competitive landscape, we are excited to participate alongside Napier Park in this round and to continue to support Q4 in executing against their vision of growing into a dominant global capital markets platform.”

As part of this transaction, Dan Kittredge and Ned May from Napier Park will join the Q4 Board of Directors.

RBC Capital Markets acted as the Lead Placement Agent and Exclusive Financial Advisor to Q4 in connection with this transaction. Oslers provided legal services to Q4.

Media inquiries
Taryn Shulman, Q4 Inc.
VP, Marketing
416-540-9832
taryns@q4inc.com

About Q4 Inc.

Q4 is a leading global provider of cloud-based investor relations and capital market solutions. Q4 empowers customers to be leaders in IR through innovative technology and exceptional customer service. Our comprehensive portfolio of IR solutions, including quantitative and real-time shareholder analytics, IR desktop, websites, and webcasting arm industry professionals with the tools and insights required to run award-winning IR programs, make effective business decisions, and better engage with the street. Q4 has offices in New York, Chicago, Toronto, Copenhagen, and London. To learn more, visit: www.q4inc.com.

About Napier Park Financial Partners

Napier Park Financial Partners is the private equity group of Napier Park Global Capital, an alternative asset management platform with approximately $11 billion in assets under management. Napier Park focuses on investing in innovative, high growth companies at the intersection of financial services and technology-enabled products and services. Napier Park targets investments of $5 million to $30 million, with current and prior portfolio companies spanning the following industry subsectors – Payments, Banking and Lending, Insurance and Benefits, Asset and Wealth Management, and Business Services and Outsourcing. For more information, visit www.napierparkglobal.com/private-equity .

24
Apr

ThinkData partners with the Vector Institute to provide AI research platform

TORONTO, ON – ThinkData Works, Inc. (ThinkData) has announced a partnership with the Vector Institute (Vector) that will provide Vector AI researchers and partners with a platform for fundamental and applied AI research.

“There is a lot of potential to apply AI techniques to gain insight and create new business solutions using publicly available data,” says Bryan Smith, Co-Founder and CEO of ThinkData. “Researchers and developers end up spending more time searching, cleansing, and processing data than they spend building solutions and analyzing results. Through this partnership, we’re providing a platform that takes care of the not-so-fun part of working with data, enabling Vector researchers and partners to focus all of their efforts on advancing their research.”

ThinkData’s platform, Namara, hosts one of the largest repositories of publicly available open data in the world, providing standard access to hundreds of thousands of data sets released by providers ranging from governments and not-for-profits to large companies and startups. Vector’s partnership with ThinkData Works will launch this month with an initial focus on providing Vector researchers with new streams of public data.

Vector and ThinkData also plan on developing a private deployment of the Namara platform exclusively for Vector researchers and partner companies to facilitate research collaboration and joint solution development.
“Vector is one of the largest communities of researchers in the world who are at the leading edge of deep learning and machine learning research and development,” says Dr. Garth Gibson, President and CEO of the Vector Institute. “Our partnership with ThinkData Works will enable us to work with our partners to advance AI research and drive its application, adoption and commercialization across Canada.”

The platform will enhance Vector’s ability to work with partners on research and resources that could also be made available to the broader market to benefit whole industries through ThinkData’s public Namara platform.

Media Inquiries:
Lewis Wynne-Jones, ThinkData Works, Inc.
Head of Data Acquisition and Partnerships
lewis@thinkdataworks.com

About ThinkData Works
Founded in 2014, ThinkData Works focuses on the aggregation and modification of large data sets, enabling businesses to create new products and insights. The platform is designed to access high value data in standard usable formats.
For more information visit: thinkdataworks.com
Start using ThinkData’s platform for free at namara.io

About the Vector Institute
The Vector Institute is an independent, not-for-profit corporation dedicated to research in the field of artificial intelligence (AI), excelling in machine and deep learning. Their vision is to drive excellence and leadership in Canada’s knowledge, creation, and use of artificial intelligence (AI) to foster economic growth and improve the lives of Canadians.

20
Mar

ThinkData closes investment from OTEAF to fuel global expansion

TORONTO, ON – ThinkData Works, Inc. (ThinkData) has announced an investment from the OpenText Enterprise Apps Fund (OTEAF). The funds will be used to support ThinkData’s global expansion. The transaction will also see Tony van Marken, General Partner at OTEAF, join ThinkData’s Board of Directors.

ThinkData’s platform allows organizations to access data from hundreds of public sources and helps enterprises transform proprietary data sets into a standardized format. Organizations can use these rich data pools to build predictive models and derive insights.

“Our investment in ThinkData reflects our belief that data is the most valuable asset for enterprise today. The ThinkData platform allows its customers to unlock the potential of their own data, and layer in new sources to generate actionable insights,” says Tony van Marken. “The company has already won Tier 1 enterprise customers, reinforcing our conviction in the value of the platform to some of the most sophisticated institutions in the world.”

ThinkData’s customers include Royal Bank of Canada, the Government of Canada, Bank of Nova Scotia, TD Bank, and The Altus Group among others.

“If you’re only looking at your own internal and siloed data environment to drive your business forward, you’re missing 90% of the information you need to start leveraging in order to remain competitive in tomorrow’s business landscape. This is true for every company in every sector,” says Bryan Smith, Co-Founder and CEO of ThinkData.

Using ThinkData’s platform, Namara, organizations are capable of taking endless amounts of public and private data sourced from anywhere in the world and layering it upon existing practices or integrating it into new business intelligence solutions.

“We are unlocking the ability to link and layer data sets that, although related, have traditionally remained siloed,” says Mr. Smith. “By boiling down every dataset to its raw features, we can rebuild it into master data records that adhere to a common standard – and we can do so at scale. This clean data works like rocket fuel and launches our clients’ analytics capabilities to new heights.”

OTEAF joins Extreme Venture Partners (EVP) and MaRS IAF, ThinkData’s initial seed investors, who backed the company in its early stages. “In the last decade, the world’s most important companies have become experts in data – its capture, its analytics, and its use. ThinkData’s platform unlocks this capability for all the companies out there that need to play catch up,” said Ray Sharma, Managing Partner of EVP. “We bet early on ThinkData because they had a sobering idea; data needs to be as accessible as tap water. Companies need to be able to turn on the faucet and watch the data flow.”

Media Inquiries:
Lewis Wynne-Jones, ThinkData Works, Inc.
Head of Data Acquisition and Partnerships
lewis@thinkdataworks.com

About ThinkData Works
Founded in 2014, ThinkData Works focuses on the aggregation and modification of large data sets, enabling businesses to create new products and insights. The platform is designed to access high value data in standard usable formats.
For more information visit: thinkdataworks.com

About Extreme Venture Partners
EVP is an early stage investment fund, startup development lab (Extreme Innovation) and global-to-Canada accelerator (Extreme Accelerator) that invites diversity as the spark of brilliance and innovation, quietly launching some of the Canada’s most interesting startups. EVP has developed a comprehensive startup ecosystem, as well as a not-for-profit organization (Hackergals) dedicated to addressing the gender imbalance in coding. Learn more about EVP’s “firsts”.
For more information visit: evp.vc

 

AI STARTUP RUBIKLOUD TO BE ACQUIRED BY OTTAWA-BASED KINAXIS FOR $81.4 MILLION CAD

OTTAWA, ON, June 15, 2020 – Kinaxis® Inc. (TSX: KXS), the authority in driving agility for fast, confident decision-making in an unpredictable world, has signed a definitive agreement to acquire Toronto-based Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.

Globally-recognized retailers and CPG manufacturers in the health and beauty, household and grocery segments use Rubikloud’s AI-based products today. Their offerings include demand forecasting and automation to manage and optimize trade promotions, pricing and assortment to drive product demand and dramatically improve financial results. Kinaxis will enhance RapidResponse’s demand planning capabilities with the Rubikloud offerings, anticipating initial opportunities in the company’s rapidly-growing CPG customer base and over time for other industries such as life sciences. The acquisition also offers Kinaxis a springboard into the enterprise retail industry.

“Rubikloud has capabilities and value that we can offer our CPG customers today, leads us into the retail industry with some bellwether accounts, and adds a group of approximately 80 people to an already-impressive AI and machine learning (ML) team here at Kinaxis. Over time, this enhanced group will contribute to new and existing AI-powered capabilities across the full Kinaxis RapidResponse® platform and applications,” said John Sicard, President and CEO of Kinaxis. “This acquisition reflects the growing importance of AI and ML to power intelligent automation and augment human decision-making to better deliver on customer promises, remove waste and increase resiliency for effective risk management.”

Rubikloud’s SaaS-based ML offerings empower retail and CPG manufacturers to transform their core operations by improving and automating complex, profit-generating decisions. Rubikloud’s proven AI capabilities and intuitive tools enable users to leverage disparate data sources to improve forecast accuracy, site-level allocations, inventory availability and promotion plans by allowing users to run boundless simulations in real time.

“We founded Rubikloud with the belief that purpose-built AI could be used to solve some of the most complex industry problems and we have spent the last seven years building a fantastic product that receives validation from global customers every day,” said Kerry Liu, CEO, Rubikloud. “We’re excited at the prospect of joining Kinaxis, which helps us bring our innovations to a much broader customer base at a faster pace than on our own. Not only that, being two strong Canadian companies we see great cultural synergy and look forward to working on the complex problems we know RapidResponse and concurrent planning can solve for customers.”

Terms of Agreement
Kinaxis will acquire Rubikloud for US$60 million in an all-cash transaction that is expected to close within 60 days. Based on Rubikloud’s current revenue and expense profile, the company’s fiscal 2020 revenue and Adjusted EBITDA guidance, as reiterated in its May 6, 2020 news release, remains unchanged. The transaction is subject to customary closing conditions.

About Kinaxis Inc. 
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