Radient360, a St. John’s company that has developed mobile software for oil and gas companies, has closed a $3.3 million funding round from Build Ventures and Killick Capital Inc.
The company has developed a Software-as-a-Service solution that helps major oil and gas companies with such tasks as in-field inspection, maintenance, and logistics.
This funding increases the growing number of St. John’s companies that have booked multi-million-dollar funding rounds, all of which Killick has participated in. In the last two years, the St. John’s-based investment group of the Dobbin family has been involved in seven figure rounds by video production software maker Celtx, genetics-based healthcare company Sequence Bio, marketing agency software provider HeyOrca and now radient360.
“Radient360 has built a strong foundation in Newfoundland and Labrador’s oil and gas sector,” Killick Founder and President Mark Dobbin said in a statement. “Now they can take that insight and expertise into new markets around the world. We see great things ahead for radient360.”
Now in its seventh year, radient360 has created a mobile application that helps oil and gas personnel – both in the field and in offices – improve a range of processes. It helps people locate assets, report on tasks and receive data reports in real-time.
The company’s website says that its solutions have been used in Newfoundland and Labrador for more than five years, and its clients are using radient360 software to track more than 17,000 assets.
2016 Was a Record Year for Atlantic Canadian Startup Funding
In its statement, the company said it plans to use the funds to expand its sales operations, including the opening of a Calgary office, and to enhance its development team. The company is now pursuing the first international deployment of its technology.
“As a young company, we have made great progress to reach this point in our development,” said CEO Steve Taylor. “With this round of funding and the support of the bright minds at Build Ventures and Killick Capital, we expect to continue that success as we expand our operations.”
Added Halifax-based Build Ventures Partner Patrick Keefe: “Radient360 is a company on the move. Its proven products and strong track record of performance have earned it a loyal following.” Radient360 is the second Newfoundland and Labrador company in Build’s portfolio, which also includes Celtx.
The radient360 funding is the latest in a chain of funding announcements for Killick, which announced two exits in 2014-2015 that replenished its capital base. The fund exited its investment in anti-fraud software maker Verafin in 2014, when that company attracted a $60 million private equity investment. And Killick sold four of six divisions of Texas-based Killick Aerospace for about US$229 million in 2015.
Since then, Killick has made at least nine investments in seven St. John’s companies. Here are some of the larger funding deals:
Celtx Raises $3.3M from Build, Killick
Venture NL, Killick back Clockwork Fox, Sentinel, HerOrca
Sequence Bio Announces US$3M Funding
HeyOrca Unveils $2M Funding Round
