Distech Controls, a Canada-based provider of building automation and energy management systems, has raised C$38m ($37.1m) from investors including an undisclosed strategic partner. [Editor note: strategic investor later revealed as South Korea-based conglomerate Samsung’s corporate venturing unit, Samsung Ventures Investment Corp.]
There was involvement from Caisse de dépôt et placement du Québec, a financial institution that manages funds primarily for public and private pension and insurance plans, Export Development Canada (EDC), private investment firm EnerTech Capital, development capital investment fund Fonds de solidarité FTQ, and W2 Investments, a division of W Investments, a Canadian investment firm.
The new funds will be used to accelerate Distech’s global growth, which we involve making acquisitions.
Normand Provost, executive vice-president at Caisse, said: “By investing $8m equity in Distech Controls, we are participating in the growth of a well-positioned Québec company in the clean-tech industry, a sector that bodes well for the future”.