Toronto, ON – January 9, 2020
GreenSky Capital Inc. (“GreenSky”) is very pleased to announce that the GreenSky Accelerator Fund III, LP (“the Fund”) has led a $1.25M Seed financing round for Direct-C Ltd (www.direct-c.ca), with members of the GreenSky President’s Club and Direct-C management filling out the round.
Direct-C has created a breakthrough proprietary nanocomposite coating based on compounds specifically designed to react only to liquid hydrocarbons. The end result is a leak detection solution that provides unparalleled performance for monitoring the integrity of oil and gas infrastructure with zero false positives, instant alerts, and precise locations – all of which lead to enhanced response times to unexpected incidents. Originally developed at the University of Calgary’s Schulich School of Engineering, Direct-C’s head office is located in Edmonton with satellite offices located in Calgary and Bath, England.
This CAD$1.25 million of new financing, together with CAD$1.0 million in non-dilutive investment secured from various funding sources, provides the Company the necessary capital to scale its manufacturing and market deployment capabilities while also fund ongoing operations, marketing and new product development efforts.
Direct-C President and CEO Adrian Banica said, “Direct-C has been innovating and building traction in the Oil and Gas space for several years now. We are excited to raise our first private institutional capital from GreenSky, who have a well-earned reputation in deeper technologies, including specifically in sensor technologies. We will be using the capital to expand our sales team and to further develop our product line.”
About GreenSky Capital Inc.
GreenSky Capital Inc. is an award-winning Toronto-based firm that manages venture capital and provides financial advisory services. GreenSky makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, II, and III. GreenSky looks for long-term partnerships with high-growth potential companies and dedicated entrepreneurs. Our principals bring a unique combination of experience in technology, law and finance into a real-world context. See www.greenskycapital.com.
About Direct-C Limited
Direct-C has developed a platform sensor technology that uses a proprietary, polymer-based nanocomposite “paint”. This “paint” can be applied to any surface of interest that requires large area measurements for temperature, stress/strain/cracking and chemical exposure (such as a building, bridge, engine, pipeline, etc.) or it can be built into small area sensors that provide location specific measurements. The first revenue generating commercial market application deploys a formulation specifically designed to detect liquid hydrocarbons and is currently used in the implementation of a variety of oil leak detection solutions that provide unparalleled performance for the integrity monitoring of oil and gas infrastructure. The solutions provide zero false positives, instant alerts, and precise locations of a release – all which lead to enhanced response times to unexpected incidents.
About the GreenSky President’s Club
The GreenSky President’s Club is an exclusive not-for-profit angel investment group based in Toronto that provides members the opportunity to participate, both financially, and potentially as mentors, in high growth technology companies that are sourced, vetted and managed by GreenSky Capital Inc. For more see: www.greenskycapital.com/angel-network/.