20 Sep, 2022
Flyscan Systems Announces Pre-Series A Strategic Financing Round with Hatch, BDC Capital and Enbridge
International Environmental and Digital Transformation Engineering Leader Hatch Joins the Capital of Flyscan Systems as Company Enters Commercialization Phase Across North America.
QUEBEC CITY, Sept. 20, 2022 – Flyscan Systems announced today the closing of a $3.5 million USD venture capital financing with strategic investor Hatch, together with BDC Capital’s Cleantech Practice and Enbridge (TSX: ENB) ( NYSE: ENB). The funding will enable Flyscan to support commercialization and scaling up its operations as it has entered commercial agreements with multiple energy companies in North America.
“We are thrilled to have such a world-class, deep expertise partner as Hatch joining our group of investors. Their international presence and size in multiple critical sectors related to Energy and the Environment will help us reach new markets, new capabilities and really augment our global potential.” said Eric Bergeron, Founder and CEO of Flyscan.
“We see additional uses for Flyscan’s technologies in other oil and gas assets and beyond. Our rich expertise across multiple industries and sectors with similar or more complex monitoring needs provides us with insights and creative ideas, which could lead to possible future applications,” says Sanjiv Save, Hatch’s Managing Director, Oil and Gas. Robert Francki, Hatch’s Global Managing Director, Energy, adds, “We have been impressed with Flyscan’s remote sensing and visual detection platform and believe we could work together to improve their technology with our decades of experience working across the oil and gas industry.”
“Enbridge fully supports Flyscan as we build upon the collaborative partnership, we have established over the past two years,” said Bhushan Ivaturi, Enbridge Senior Vice President and Chief Information Officer, who also leads the company’s cutting-edge Technology + Innovation
“We are enthusiastic to see Flyscan leading the transformation to reduce threats on pipeline right of ways and ultimately improve systems integrity. This reflects Enbridge’s core value of continuously enhancing the safety and environmental performance of our operations by harnessing the power of people, data, technology, and innovation.”
“Flyscan is making energy corridors and other critical infrastructure safer with its proprietary remote sensing and visual inspection detection platform. We are proud to continue to support this innovative company through its commercialization and scale up phase”, added Pascal Lanctot, Director, BDC Capital’s Cleantech Practice.
Flyscan Systems Inc. is a spin-off from Canada’s National Optics Institute founded in 2015. Its mission is to help energy companies and all operators of long linear critical infrastructure to better protect their assets, the public and the environment with a positive financial return.
Hatch is a global engineering, project management, and professional services firm. Whatever our clients envision, our teams can design and build. With over six decades of business and technical experience in the energy, infrastructure, and mining sectors, we know your business and understand that your challenges are changing rapidly. We respond quickly with solutions that are smarter, more efficient and innovative. We draw upon our 9,000 staff with experience in over 150 countries to challenge the status quo and create positive change for our clients, our employees, and the communities we serve.
Learn more at: www.hatch.com.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.