LONGUEUIL, QC, Jan. 18, 2012 /CNW Telbec/ - Vizimax Inc., a leading Smart Grid designer and manufacturer of innovative automation systems for grid modernization announced today it has secured $4.1 million of venture capital financing.
The financing syndicate was led by Yaletown Venture Partners, a leading venture capital firm focused on Cleantech and IT investing. Joining Yaletown in the investment syndicate were BDC Venture Capital, the venture capital division of the Business Development Bank of Canada (BDC) and Vizimax management.
"This latest round of funding from two leading cleantech venture capital players is a strong vote of confidence in our underlying business strategy and technology," said Vizimax CEO Jean-Guy Lacombe. "This financing coupled with our track record of developing leading edge products and our strong foundation of partnerships with medium and high voltage power equipment manufacturers and with large energy system integrators, puts us in an excellent position for growth and expansion in new markets in Europe, Asia and South America."
The new funding will permit Vizimax to aggressively pursue business and market development, whilst continuing to drive its product development for its two major product lines - SynchroTeq and RightWON. Leveraging its innovative technology, Vizimax is poised to take advantage of future robust growth in the substation automation segment which is forecast to have a compounded annual growth rate (CAGR) of 30-40% through 2014 on a worldwide basis.
"One of the main reasons we were interested in investing in Vizimax is its impressive management team led by Jean-Guy and a roster of seasoned professionals with multi-decades of experience in the design of utility automation systems and in the communications arena," said Salil Munjal, a General Partner at Yaletown Venture Partners and new member of the Vizimax Board. "Yaletown is dedicated to facilitating the growth and success of world-class, high-technology companies in the clean technology area. With innovative technology and a robust business model focused in the rapidly growing substation automation segment of smart grid, Vizimax is representative of the type of investment we seek," Munjal added.
"We are very excited about this investment and are looking forward to working with Jean-Guy and his team", said Tony Van Bommel, Partner, Energy/Cleantech Fund, BDC Capital Inc. and also a new member of the Vizimax Board. "Vizimax's products help utilities address key issues to improve the management of power outages, restore power and improve power quality," he added.
Vizimax is an independent manufacturer of Automation Systems for Grid Modernization used by Power Utilities, Independent Power Producers ('IPPs') and Industrial Clients. Vizimax products contribute to making the electric grid more efficient, in lowering network outages by automating substations and interconnect renewable energy production sites to the grid, including wind farms, solar power and biomass production sites. Our clients include Siemens, Alstom Grid, Schneider Electric, Crompton Greaves, BHEL, and Hydro-Quebec among others.
About Yaletown Venture Partners
Yaletown Venture Partners, is headquartered in Vancouver, Canada with offices in Calgary and Seattle. Yaletown is backed by leading institutional investors and by a network of successful technology entrepreneurs, executives, and angel investors. Yaletown leverages an extensive on-the-ground network to seek out the most promising early stage Cleantech and IT companies. Founded in 2002, Yaletown is led by a team that brings together an extensive network of industry relationships and more than 120 years collective experience building and financing technology companies.
About BDC Venture Capital
As Canada's business development bank, BDC puts entrepreneurs first. BDC's Venture Capital division (BDC VC) is one of the country's most active venture capital investors and is involved at every stage of its investee companies' development cycles, from seed through expansion. BDC VC focuses on technology-based businesses with high growth potential that are positioned to become dominant players in their respective markets.
For further information:
(450) 679-0003 x 202
Yaletown Venture Partners:
BDC Venture Capital