Participated · Seed · Oct 2018

Beauceron Security provides a cybersecurity SaaS platform that helps organizations execute security awareness programs and turn employees into active participants in discovering and resolving phishing-based attacks. The company launched a patent-pending technology last year to give feedback to employees who report suspicious emails. Customers have seen an 85% decrease in phishing simulation clicks and a 99% increase in emails reported within 90 days; the company also says it delivers results 4x faster than market leaders. Beauceron serves over 680 clients worldwide, including large financial institutions, telecoms, government organizations and enterprises. The firm plans to leverage a growth capital facility from CIBC Innovation Banking to build new features and products and support market expansion. To date Beauceron has raised $5 million in equity capital from investors including BankTech Ventures, Independent Community Bankers of America (ICBA), Mariner Partners and the New Brunswick Innovation Foundation. Beauceron Security is a Fredericton-based, cloud platform that helps organizations manage and reduce cyber risk. Born from innovation developed at the University of New Brunswick’s IT department, its solution uses a proprietary algorithm to produce personal, departmental and organizational risk scores. The company serves more than 55 customers across finance, insurance, energy, manufacturing, IT, higher education and government, and counts tens of thousands of users in 27 countries. Beauceron has doubled its client base in the past three quarters and has partnered with national and regional security firms in Canada, the United States and Europe. It was the first Canadian company accepted to the CyLon accelerator. The funding announced will be used to build out the product roadmap, increase sales and marketing, and recruit new partner firms worldwide.

Participated · Equity · Oct 2018

Eigen Innovations develops AI-enabled in-line quality inspection solutions that combine thermal cameras with AI software to capture and consolidate inspection data and generate consistent digital records of every product. Founded in 2012 and led by CEO Erin Barrett, the company focuses on thermal imaging to detect issues in real time, reduce defects, and standardize inspection processes. Its platform enables manufacturers to automate quality control and train scalable AI models that deliver consistent, real-time analysis. Eigen has developed portable demos to showcase its solutions to prospective customers and accelerate sales. The new funding will help expand its AI-powered in-line inspection technology and thermal imaging applications across manufacturing. Investors and management cite a growing customer base and significant market opportunities for the company. Eigen Innovations builds IoT-enabled, AI-driven tools that help manufacturers tackle production issues and improve operations. The company says its AI-enabled technology is used by prominent brands in automotive manufacturing and is expanding its industrial manufacturing business. Eigen plans to bring greater depth and diversity to its team as it continues to evolve its technology and enhance capabilities to deliver value to clients. The company announced it closed $3.5 million in equity financing to support product development and team growth. Funding was announced at an event at Eigen’s Fredericton headquarters and included participation from public and private investors. Eigen Innovations is a Fredricton-based company that provides software solutions for the Industrial Internet. It built a patented multi-dimensional non-linear software algorithm that leverages "big data" information from industrial equipment to provide control input into the key devices that operate the manufacturing process. The algorithm's optimization capability is intended to deliver more efficient manufacturing operations with improved productivity, increased quality, and lower costs. The company leverages talent and resources from the University of New Brunswick’s faculty of engineering. Eigen received part of a $150,000 convertible-note investment from the Business Development Bank of Canada (BDC) allocated across three graduates of the Launch36 accelerator. CEO Richard Jones said the public BDC note provides validation and helps in the company's search for new investors. Under the BDC notes, if startups earn the money back through customer revenue the note acts as a loan; otherwise the BDC could seek to recover its investment against company assets.