Montreal, Canada – June 14th, 2023 – SmartD Technologies, a Montreal-based power electronics company developing next-generation variable frequency drives, has secured additional funding from leading Canadian venture capital firm, Boreal Ventures, in its latest fundraising round. Boreal Ventures specializes in deeptech start-ups and has a strong reputation for identifying promising technologies with high growth potential. As part of the investment, Boreal Ventures will also be joining the board of SmartD.
“We are excited to join the board of SmartD Technologies and we look forward to working closely with SmartD’s management team to help them execute on their potential,” said David Charbonneau, Managing Partner at Boreal Ventures. “Their clean power variable frequency drive has the potential to transform the global motor control industry and we see a sizeable opportunity for this technology in the North American market.”
SmartD has developed the first SiC-based variable frequency drive (VFD) that eliminates the need for external filters and increases the efficiency of the motor-drive system. Their variable frequency drives bring unique benefits in a range of applications, including low harmonics and long cables deployments, as well as high efficiency use cases.
“We are thrilled to have Boreal Ventures join our board and provide us with their expertise and guidance,” said Simon Leblond, CEO of SmartD. “Their investment is a strong endorsement of our technology and aligns well with the coming launch of our 600V model for the Canadian market.”
Historical investor SE Ventures pro-rated their participation in the financing round. “Given the interest and traction we have witnessed in the USA, it made sense to bring local acumen to the SmartD board ahead of the Canadian market introduction,” commented SE Ventures partner, Grégoire Viasnoff.
About SmartD Technologies
SmartD Technologies is a Canadian technology company that specializes in high-efficiency variable frequency drives for motor control. The company has developed the first-ever SiC-based VFD that feeds the motor with a real sine wave, allowing power drive systems to be filterless and exceed the IEEE519 recommendation for harmonics. SmartD Technologies’ VFDs are easy to use, cost-effective, and customizable to meet the specific needs of each customer.
About Boreal Ventures
Boreal Ventures is a Montreal-based venture capital firm, specializing in early-stage investments for deeptech startups. With over $35 million of assets under management, the firm’s areas of focus include AI, industry 4.0, data analytics, IoT, health tech and engineering solutions.
About SE Ventures
SE Ventures is a 1B EUR global venture capital fund investing in big ideas and bold entrepreneurs who benefit from Schneider Electric’s deep domain expertise and global customer reach. SE Ventures acts as a strategic commercial accelerant for category-defining companies in energy, mobility, prop-tech, cybersecurity and industrial automation.
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