BDC Capital announced today that it had launched the Deep Tech Venture Fund with an initial $200 million and SpaceQ has learned the fund is open to space companies.
SpaceQ recently spoke with Charles Lespérance a Partner for BDC Capital’s Deep Tech Venture Fund about the new fund. While there’s no specific mention of space technology, Lespérance told SpaceQ that the fund is very much interested in space technology and will be looking at what opportunities are available. For Canadian space startups this will be welcome news.
In a press release today the BDC said the fund will be used to “accelerate the development of transformational technologies in a number of sectors including quantum, electronics, photonics, foundational AI and related fields.”
The BDC announced that Thomas Park, will lead the Fund as Partner. Park stated “Our vision for the Fund is to help address a critical gap in the Canadian technology landscape. To commercialize and scale Canada’s world-class research in sectors like quantum technology and photonics, and develop new domestic tech champions.”
“BDC Capital has helped establish a robust and thriving venture capital market in Canadian tech,” said the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade and the Minister responsible for BDC. “Its Deep Tech Venture Fund will continue to build on that by providing critical risk capital to promising start-ups so they can scale up their operations, expand to global markets and create good jobs, contributing to Canada’s recovery from the COVID-19 pandemic and to long-term growth.”
In a Globe and Mail interview the BDC stated they are using a different operating model extending the 10-year venture capital model lifespan “to be at least 12 years with potential of four additional years of fund-life extension. So, we really are a long-term investor in these technologies.” They will also be partnering with government agencies “to help companies in its portfolio navigate the procurement process.”
BDC Capital will be providing access to equity financing as well other funding options, technical experts, and they will facilitate market entry. Those interested in the fund should visit BDC Capital.