Longueuil-Based Vizimax Inc. announces $4.1 million series A financing
Vizimax Inc., a 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 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.
Read the full announcement.
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