The latest investment from a Victoria early-stage VC fund

Plus, a local industry receives a boost.

Author

Allison Gacad
May 24, 2023

Welcome to this week’s Midweek Memo. In this issue, get to know one of Victoria’s venture capital seed funds better as well as its most recent investment, find out how much money is going into an industry with a home base in Victoria, and see where in the world a local tech company is selling its products next.

-Allison, @allisongacad

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Cindicates’ latest investment includes familiar faces in Victoria tech

The Intlabs founding team: Karl Swannie, CEO (top left); Michelle Rogers, CFO (top right); Rob Foxall, COO, (bottom left); Mark Anderson, CTO, (bottom right). Photos: LinkedIn

Cindicates, a Victoria venture capital fund for seed-stage companies, recently announced its most recent investment in local SaaS company Intlabs. The startup aims to support businesses, governments, and intelligence organizations with data governance.

Intlabs’ first product, Origin, aims to help large organizations navigate complex datasets for optimized decision-making. The founding team includes Karl Swannie, CEO; Mark Anderson, CTO; Rob Foxall, COO; and Michelle Rogers, CFO.

“We are incredibly excited to have Cindicates as investors, mentors, and friends,” said Swannie in a LinkedIn post.

Both Swannie and Anderson were co-founders of Victoria startup Echosec Systems, an open-source intelligence startup that supported cyber and physical security missions. The company was acquired in 2022 by cybersecurity company Flashpoint.

Cindicates was launched in 2021 with a focus on Vancouver Island pre-seed and seed-stage companies. Its current portfolio includes oceantech venture Open Ocean Robotics, cleantech startup Solaires, and healthtech company VoxCell Bioinnovation.

Editor’s note: this article previously stated that Cindicates invested in Cuboh, Certn, and Vitaminlab. These companies were personal investments of the Cindicates team, rather than the fund. The article been updated to reflect investments of the fund.

📰 More Victoria innovation news

🚢 Marine jobs: The provincial government recently announced as much as $25 million for the B.C. Maritime Industries Strategy to invest in a more competitive, modernized marine sector with reduced carbon emissions alongside highly skilled jobs. Read the strategy »

🧪 Lab tour: Life Sciences BC highlighted its recent trip to UVic, touring the Biomechanics and Instrumentation Lab as well as the Laboratory for Innovations in Microengineering. Take a look »

🇦🇹 To Europe: Austria’s Telenet Systems has selected Vecima Networks’ SC-1D product, optimized for European deployments, to deliver a broadband experience for subscribers. Learn more »

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