Hyperdrive companies get $150,000 each in startup funding
Five graduates of Communitech’s Hyperdrive program are each getting $150,000 in startup funding from BDC Venture Capital.
The companies are Cream.hr of Waterloo, Dandy of Kitchener, BeanEvo and ViewsIQ, both based in Vancouver, and Groupnotes of Hamilton.
Cream.hr has developed an employment assessment tool that filters thousands of resumes to help companies identify the best person for a job. The company started in Toronto and moved to Waterloo when it became part of the Accelerator Centre program in Waterloo.
Dandy is developing a website where people can share and get feedback on ideas for new apps. It was started by three Waterloo Region entrepreneurs who have set up a beta website at dndy.co.
BeanEvo has developed an accounts payable platform that provides companies of any size with a customizable and automated accounts payable system.
ViewsIQ is a medical imaging company with a slide digitization product that helps laboratories and academic institutions integrate their microscopy work flow and get maximum control over the digitization of patient samples at the highest quality possible.
Groupnotes, started by a team of engineering students at McMaster University, is a collaboration platform that was designed for education, but could also be used by businesses.
All five firms graduated from Hyperdrive, a program run by Communitech that offers funding, coaching and mentorship for promising startups.
In total, BDC Venture Capital announced Monday that it is committing $1.5 million in seed capital to 10 startups across the country. Two are graduates of Launch36, an accelerator for startups in Atlantic Canada, and three are graduates of the Extreme Startups accelerator program in Toronto.
The funding is provided in the form of convertible notes – short-term loans that are expected to be converted into shares later in the company’s life.
The startups also will receive non-financial support, and will be introduced to angel and venture capital investors, said BDC Venture Capital.
“Making first-time investments in such promising startups is part of our strategy to build a healthy Canadian ecosystem,” Senia Rapisarda, vice-president in charge of startup initiatives at BDC Venture Capital, said in a statement.