WUTIF PORTFOLIO COMPANIES
WUTIF started making investments in late 2004 and to 2020 invested over $10 million in more than 100 companies in British Columbia.
To date, 11 companies produced profitable returns to WUTIF: Brightside Technologies, Clearvision Technologies, Daiya Foods Inc, Agreement Express, Electrameccanica, Zymeworks, InMed Pharma, Mazza Innovations, Neurio Inc., Ecotagious Inc and Aquatic Informatics Inc. While many underperforming companies have been written down (or off), there are over 60 active companies that are growing and increasing in value.
In our 2018 fiscal year, we received a total of $4,945,896 in cash proceeds from the sale of all or part of our shareholdings in 7 companies: Daiya Foods Inc., Electrameccanica Vehicles Corp, Bitlit Media Inc., InMed Pharma Inc., Zymeworks Inc., Agreement Express Inc., and Quickmobile Inc. Our cost of these investments was $522,729. Only Bitlit and Quickmobile were unprofitable. InMed Pharma and Zymeworks were partial exits and will likely be fully liquidated during 2019. During the 2018 year, we invested $650K in 6 new companies and 3 follow-on investments.
In our 2019 fiscal year (to date), we received $3.99 million, mostly from Neurio Inc., on a cost of $160K. In fiscal 2019, we invested $1M in 9 new companies and 6 follow-on investments.
In our 2020 fiscal year, we received $988K mainly from 3 exits (Ecotagious, Mazza, Zymeworks). During the year, we invested $2.2M in 26 companies (19 new and 7 follow-on).
A complete listing of all companies that WUTIF has invested in, along with financial information, is available to current investors of WUTIF on the confidential page for shareholders. Some of our portfolio companies are featured below. All of these – except where otherwise noted – are private companies. Those that have been liquidated or written off are not shown.
Aprio Inc (2004)
Aprio Inc, is a Software-as-a-Service company that provides corporations with Board governance software to give directors better access to corporate records and oversight documents. Aprio is one of WUTIF’s first investments and has taken a long time to advance. Recruiting a new CEO has paid off for the firm and 2017 sales increased to $1.1M from $766K a year earlier. In 2017, Aprio posted its first bottom-line profit.
Actenum Corp (2004)
Actenum, a Simon Fraser University spin-off in the field of constraint-based decision-making, now has major oil companies using its scheduling product. The company is well financed and on a solid growth path. Actenum’s schedule optimization software improves well delivery efficiency, optimize resource use, and meet cost and production goals.
Augurex Life Sciences Corp (2007)
Augurex is a biotechnology company that is focused on the development of biomarkers, which are substances in the body that inform patient conditions to assist in their diagnosis and to help optimize therapy selection and patient management. Extracellular 14-3-3η protein represents the company’s first biomarker and also serves as a drug target for the potential treatment of rheumatoid arthritis (RA), a particularly debilitative form of arthritis. By commercializing a biomarker for arthritis, Augurex is enabling a personalized medicine application for a potentially much larger commercial market and shareholder exit.
Cam-Do Solutions Inc. (2015)
CamDo Solutions Inc. produces photographic products for challenging applications. The Company makes a number of enhancements for the popular GoPro one of cameras permitting them to be used for special time lapse capture. The Company also has its own line of cameras focused on the construction industry. The Company expects sales to double in 2019.
Carbon Engineering Inc. (2018) Carbon Engineering is commercializing two clean energy technologies that can rapidly accelerate the shift to a net-zero world: their Direct Air Capture technology can deliver large-scale negative emissions by removing carbon dioxide directly from the atmosphere; and their AIR TO FUELS™ technology can significantly reduce the carbon footprint of transportation by creating clean synthetic fuels – made from air, water and renewable power.
Careteam Technologies Inc (2018)
Careteam is a healthcare-grade team collaboration platform which brings together health care professionals, the patient and personal support team with an integrated care plan, instant communications, and population analytics to enable transitions, complex chronic care, and innovation in a fragmented health care environment. Careteam creates an ecosystem of data, integration and security on which healthcare apps and AI are built.
Chopvalue Manufacturing Inc (2017)
Chopvalue recycles bamboo (eg chopsticks). ChopValue developed a unique production process using water-based glue, heat, and pressure to transform these under-utilized resources into new materials. Understanding and appreciating the value of bamboo as the fastest growing wooden grass on earth is their expertise and the motivation to give chopsticks a second life in high performing design products.
Cryologistics Refrigeration Technologies is developing a passive refrigeration system that is more reliable and environmentally friendly than any other shipping solution on the market. Using CryoLogistics proprietary technology, it will be possible to ship a pallet in temperature controlled container powered by naturally sourced CO2 – without the need for reefers.
Zymeworks Inc (2005) NYSE:ZYME; TSX:ZYME
Zymeworks is committed to the development of best in class antibody and protein therapeutics for the treatment of cancer, autoimmune and inflammatory diseases. Zymeworks combines proprietary molecular simulation technology with high performance computing to design and optimize protein therapeutics. In September, 2011, Zymeworks announced the completion of a financing totaling $8.1 million. Zymeworks will use the proceeds to advance its Azymetric™ and AlbuCORE™ platforms, as well as the development of Zymeworks’ best-in-class protein therapeutics pipeline in the areas of cancer, autoimmunity and inflammatory diseases.
In April, 2017, Zymeworks completed an IPO and is now listed on the New York and Toronto Stock Exchanges under the ticker symbol, “ZYME”.
Aquatic Informatics Inc (2007)
Aquatic Informatics provides software solutions that address critical water data management and analysis challenges for the rapidly growing environmental monitoring industry. Aquatic Informatics is focused on providing solutions to a range of different customers including federal, state/provincial or local government departments, hydropower operators, mining companies, academic groups and consulting organizations, who collect, manage and process large volumes of water quality or quantity data. In June, 2017, the Company amalgamated with WaterTrax and Linko Technology to become the largest water data management company in the world. Note: WUTIF sold its position in July 2020 for a 7.5X multiple.
Innergex Renewable Energy Inc (2007) TSE:INE
Innergex is a Canadian leader in renewable energy with 1,725MW of net installed capacity. WUTIF originally invested in Plutonic Power, a B.C. run-of-river power producer in 2007, a company that was acquired by Alterra Power which, in turn, was acquired by Innergex in 2018.
LightIntegra Technology Inc (2009)
LightIntegra is developing a technology to save the lives of cancer, heart surgery and bleeding patients through determination of platelet quality before transfusion. LightIntegra’s ThromboLUX technology measures the entire spectrum of particles in blood plasma as well as platelet function in only 10 minutes.
General Fusion Inc. (2007)
General Fusion is working on a new, patent pending concept based on a recent development in fusion research called Magnetized Target Fusion (MTF). MTF has been building momentum in the fusion community for a few years now. It is the goal of General Fusion to demonstrate this new clean, safe and economical concept by 2010. The scientific establishment has spent billions over the last 40 years studying ways of building a practical fusion reactor to produce power. Slow, but steady progress has been maintained and today there is a shift from “can it be done?” to “how can we do it economically?” in the fusion research community. The goal of General Fusion is to produce power economically and safely from by applying fusion theory. The company has raised in excess of $30 million.
Switch Materials Inc. (2007)
SWITCH Materials Inc. develops advanced materials for use in next generation smart windows. SWITCH’s technology is based on proprietary molecules that ‘switch’ optical properties on command. The technology promises to deliver scalable and affordable smart window products for the commercial and institutional building and transportation markets. SWITCH Materials’ smart window film technology is derived from a proprietary family of hybrid chromophores that exhibit both photochromic and electrochromic properties. SWITCH has developed these chromophores into an economical smart film that can be applied to float glass for dynamic, user-controlled smart windows.
Clevest Solutions Inc. (2007)
The Clevest team are experts at mobile workforce automation solutions for utilities. They have a long and successful track record of creating, deploying and supporting solutions around the world. The Company provides a scalable solution for small- to medium-sized utilities as well as for the smart grid including deployment and post-deployment activities on a single handheld computer.
Bionic Power Inc (2007)
Bionic Power, a Simon Fraser University spin-off, has developed a “Biomechanical Energy Harvester”. The wearable technology unobtrusively generates electricity from the natural motion of walking and uses it to charge a wide range of portable battery-powered devices. The Harvester resembles an orthopedic knee brace, weighs about three pounds, and extracts up to seven watts of electricity from each leg – roughly the amount needed to simultaneously operate 14 mobile phones. The next generation of the device will be much smaller, lighter, and even more efficient.
INETCO Systems Limited (2007)
INETCO Insight is the first universally-applicable business transaction intelligence product line for enterprises. It monitors network traffic in real-time to decode and analyze transaction flow. It correlates full transaction detail across layers 3-7, preserving valuable network- and application-layer information to speed problem-solving efforts. Multiple application transaction flows can be collected and compared in the web interface, helping IT managers understand complex application interaction problems.
GUARD RFID Solutions Inc (2008)
GUARD Guard RFID has developed an Active Radio Frequency Identification (RFID) hardware and software platform that will initially be used to create solutions for Asset Management, Infant Security and Patient Protection for Healthcare facilities, with Infant Security as its market entry point. This platform will then be enhanced to offer Real Time Location Systems (RTLS) for Healthcare as well as Industrial use.
GenomeDx Inc (2009)
GenomeDx discovers, develops, and commercializes genomic-based laboratory tests for the personalized medicine revolution in cancer care. In partnership with physicians and scientists from leading academic medicine institutions, their mission is to bring cost-effective and high-resolution genomics for routine clinical use in cancer medicine. The Company’s vision is to make genomic information more accessible to oncology professionals, thereby enabling them to design personalized treatments and deliver better cancer care.
Saltworks Technologies Inc (2009)
Saltworks is developing a water desalination technology that uses solar energy to reduce the energy consumption that conventional desalination systems require.
Target Tape Inc (2010)
Target Tape is developing a proprietary system to improve medical procedure and surgical incision localization by improving the information a medical professional needs to localize their procedure.
Riipen Networks Inc (2018)
Riipen Networks has a Software-as-a-Service platform that connects students, companies and educators through meaningful project-based experiential learning, which embeds real-world industry projects into the higher education curriculum.
Good Natured Products Inc (2012) TSXV:GDNP
GDNP makes plastics from plants as alternatives to oil-based plastics. The Company is focused on designing, producing and distributing two kinds of high performance plastics: Polysole®, a high performance plastic made from plants that is compostable and Traverse™, a biocomposite made by mixing conventional plastic with plant-based fibers.
Redlen Technologies Inc (2014)
Redlen is a leading manufacturer of high resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors which are enabling a new generation of high performance detection and imaging equipment including Nuclear Cardiology, CT Scanning, Baggage Scanning and Dirty Bomb Detection. WUTIF invested $50K in 2014 and invested an additional $100K in 2018 and 2019.
Starling Minds Inc (2018)
Starling Minds is a diverse group of people unified with a common mission: to improve the lives of others through access to mental health programs and education by making evidence-based mental health support and education available for everyone.
ThisFish Inc (2018)
ThisFish addresses the problem reported recently in the media regarding the traceability of seafood from the fishing fleet to the consumers table. The Company’s software helps fish processors reduce their costs while ensuring that customers what they are paying for. The Company has contracts with major Tuna suppliers in the Far East.
TIMIA Capital Corp (2009) TSXV:TCA
TIMIA Capital (formerly GreenAngel Energy Corp) changed its business model from early stage equity investing to growth stage revenue based financing. The Company is profitable and is doubling its asset base. WUTIF acquired its shares through a share exchange with Paradigm Environmental Technologies – a good thing because Paradigm has been written off. The share price doubled from $.06 in the summer of 2015 to $.12 in October, 2016. Shares are currently trading at $.20/share.
In the 2019 fiscal year ending June 30, 2019, WUTIF has invested in the following new companies:
Networks for Change (AKA Keela)
Keela is an all-in-one suite of nonprofit management tools that are simple to use, without compromising on power or function.
Riipen Networks Inc
Riipen helps organizations generate insights, elevate brand awareness and recruit top talent through short-term industry projects
Creatus Biosciences Inc
Creatus Biosciences is a synthetic biology company developing next generation biorefinery platforms for commercial biobased processes. Next generation biorefinery platforms will have the ability to use mixed glucose and xylose sugars derived from biomass, shifting reliance from food-based biomass to waste and renewable sources.
Keycafe provides cutting-edge property access management tools for everybody from individuals renting out their home to enterprises building their own sharing economy applications.
Agilik Technologies Inc
Agilik Technologies Inc. is developing new medical technology (secretive). It is a spin-off from another WUTIF Company, Bionic Power Inc.
Penny is a Personal Assistant for direct sales consultants. She organizes & automates customer orders, prospects and promotion lists all in one place.
BioConscious Technologies Inc (AKA Diabits)
BioConscious is turning wearable devices into a continuous health monitoring system that can be used to not only track fitness but also help prevent instances of Hypo and Hyperglycemia before they happen.
Mesentech developed a novelthat can deliver medicines selectively to the bone. The first drug candidate, C3, reverses bone loss.
Interpodia specializes in delivering membership and registration technology to sporting federations, events, teams, and clubs. Through innovation and the clever use of technology, Interpodia allows organizations to improve the participant experience, reduce administration, boost engagement, and increase regulatory compliance. Operating for more than a decade, Interpodia is passionate in helping sporting organizations realize their goals.
During the 2019 fiscal year, WUTIF invested an additional $238,019 in 6 of its previous investees.
In the 2020 fiscal year ending June 30, 2020, WUTIF has invested in the following new companies:
Life360 Innovations Inc, $50K (www.life360innovations.com) – medical devices for male stress urinary incontinence
Umbracity Innovations Inc, $104K (www.umbracity.com) – umbrella kiosks for cities
A&K Robotics Inc, $130K (www.aandkrobotics.com) – intelligent navigation systems to transform manual machines into self-driving robots
Netskrt Systems Inc, $102K (www.netskrt.io) – extending the reach of internet video
Human in Motion Robotics Inc, 100K (www.humaninmotion.ca) – exoskeleton technology to enable walking
Clad Innovations Inc, $125K (www.tzoa.com) – central air monitoring systems
VINN Automotive Inc, $25K (www.vinnauto.com) – facilitates car purchasing
Moore & Gaspercz Global Inc, $130K (www.ehsai.ca) – environmental permitting and compliance software
Mergebase Software Inc, $100K (www.mergebase.com) – cybersecurity software to detect vulnerabilities
Ibbaka Performance Inc, $100K (www.ibbaka.com) – enterprise software for pricing and skills management
Alpha-9 Theranostics Inc, $77K (www.alpha9tx.com) – radiopharmaceuticals for cancer imaging and therapy
Central City Brewers & Distillers Ltd, $200K (www.centralcitybrewing.com) – craft beers and liquors and contract manufacturing
Zennea Technologies Inc, $50K (www.zenneatech.com) – medical device for chronic snorers and people with mild OSA
Avestec Technologies Inc, $100K (www.avestec.com) – intelligent robotic inspection of oil storage tanks
Lucent BioSciences Inc, $100K (www.soileos.com) – micronutrient delivery technology for higher agricultural yields
DivDot Holdings Ltd, $50K (www.divdot.com) – payment solutions for businesses
LifeBooster Inc, $100K (www.lifebooster.ca) – predictive health and safety for workplace injury
Vitamin-One Formulas Ltd, $100k (www.getvitaminlab.com) – personalized vitamin supplements
Ideon Technologies Inc, $75K (www.ideon.ai) – cosmic ray muon tomography for intelligent mining applications
During the 2020 fiscal year, WUTIF invested an additional $349,013 in 7 of its previous investees. The 7 follow-on investments were made in Creatus BioSciences Inc ($100K), Networks for Change Inc ($25K), Careteam Inc ($50K), BioConscious Technologies Inc ($100K), LightIntegra Technology Inc ($7K), Starling Minds ($45K) and Interpodia Technology Corp ($22K).