MONTREAL, June 13, 2017 (GLOBE NEWSWIRE) -- Local Logic, a Montreal-based company specialized in urban data collection and analysis, has closed a funding round of 1,15 M$.
This first funding round, for the company created 2 years ago, was lead by Cycle Capital Management and supported par BDC, 500 Startups Canada and Yellow Pages. It will allow the team to grow and finance the expansion of the technology throughout the North-American market.
With its team of urban planners and data scientists, the company uses sophisticated algorithms and artificial intelligence to map the city using big data. “Local Logic’s mission is to help consumers, real estate companies, investors and urban planners to make better decisions by enriching their understanding of cities and citizens’ needs”, as stated by Vincent-Charles Hodder, cofounder and CEO of the company. According to him, the use of urban data allows for a better understanding of cities, which contributes to their sustainable development. “We are thrilled to count on the financial and strategic support of major investors. Their backing will allow us to expand Local Logic to the United States and develop new markets for our urban data”, declared Vincent-Charles Hodder.
“We believe that the analysis of urban big data is a key element in the management of smart cities and that this technology has a lot of potential for various applications”, declared Andrée-Lise Méthot, founder and associate director of Cycle Capital Management. “Investing in this sector is a first for us. We took the time to analyze different technologies and we are investing in Local Logic because the developed technology is accessible, very useful for a variety of markets and because the entrepreneurial team is solid”, she added.
About Local Logic
Local Logic is a big data company which uses a combination of geospatial and user generated usage data to quantify the qualities of any given location within a city. The technology developed by Local Logic is used to guide the decisions of consumers when looking for real estate or travel accommodations. The company already counts Centris, Quebec’s largest real estate website, as well as Sotheby’s International Realty Canada among its clients.
About Cycle Capital Management
Cycle Capital Management is the most active cleantech venture capital firm in Canada. Cycle Capital invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use, and improving process efficiency throughout a product’s life cycle.
With assets under management of $231M, Cycle Capital invests in Quebec and across North America. Cycle Capital Management, based in Montreal with an office in Toronto and points of presence in New York, Seattle and Qingdao in China, regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. Cycle Capital Management has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto Alcan, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette, and Hydro-Québec. For more information on Cycle Capital Management visit: cyclecapital.com.