FOR IMMEDIATE RELEASE
Edmonton, Canada – January 9, 2020 – Direct-C Limited (“Direct-C”) is pleased to announce that it has secured a CAD$1.25 million equity financing round and has closed the first tranche of the investment. The financing was led by GreenSky Capital, an early stage venture capital firm based in Toronto, with members of the GreenSky President’s Club and Direct-C’s Management filling out the round.
This CAD$1.25 million of new financing, together with an additional CAD$1.0 million in non-dilutive investment secured from various funding sources, provides the Company the necessary capital to scale its manufacturing and market deployment capabilities while also fund ongoing operations, marketing and new product development efforts.
“Direct-C has been innovating and building traction in the Oil and Gas space for several years now. We are excited to raise our first private institutional capital from GreenSky, who have a well-earned reputation in deeper technologies, including specifically in sensor technologies. We will be using the capital to expand our sales team and to further develop our product line” stated Adrian Banica, Direct-C’s Chief Executive Officer.
Direct-C Limited (www.direct-c.ca) has developed a platform sensor technology that uses a proprietary, polymer-based nanocomposite “paint”. This “paint” can be applied to any surface of interest that requires large area measurements for temperature, stress/strain/cracking and chemical exposure (such as a building, bridge, engine, pipeline, etc.) or it can be built into small area sensors that provide location specific measurements. The first revenue generating commercial market application deploys a formulation specifically designed to detect liquid hydrocarbons and is currently used in the implementation of a variety of oil leak detection solutions that provide unparalleled performance for the integrity monitoring of oil and gas infrastructure. The solutions provide zero false positives, instant alerts, and precise locations of a release – all which lead to enhanced response times to unexpected incidents.
GreenSky Capital Inc. (www.greenskycapital.com) is an award-winning Toronto-based firm that manages venture capital and provides financial advisory services. GreenSky makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, II, and III. GreenSky looks for long-term partnerships with high-growth potential companies and dedicated entrepreneurs. Our principals bring a unique combination of experience in technology, law and finance into a real-world context.
The GreenSky President’s Club (www.greenskycapital.com/angel-network/) is an exclusive not-for-profit angel investment group based in Toronto that provides members the opportunity to participate, both financially, and potentially as mentors, in high growth technology companies that are sourced, vetted and managed by GreenSky Capital Inc.
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This press release includes forward-looking statements about Direct-C Limited, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes’ or negative versions thereof and similar expressions.