TORONTO, Sept. 30, 2024 /CNW/ – Spartan Fund Management (“Spartan”) has partnered with Capital Asset Lending Inc. (“CAL”), a leading private residential mortgage administrator based in the Greater Toronto Area (“GTA”), to launch a new fund that will give retail and institutional investors access to CAL’s actively managed portfolios of residential mortgages.

Capital Asset Income Fund (“CAIF”) provides exposure to the mortgages held by each of Mortgage Company of Canada Inc. (“MCOCI”) and First Mortgage LP (“FMLP”), which launched operations in 2013 and 2021 respectively. CAIF intends to invest substantially all of its assets in MCOCI and FMLP.

MCOCI is one of the largest private residential mortgage investment corporations (“MICs”) in Canada, with over $1 billion under administration comprised entirely of residential mortgages on single-family dwellings in Ontario. FMLP is a limited partnership that currently invests exclusively in first mortgages in Ontario but has the ability to lend in the Greater Vancouver Area (“GVA”) as well. Both MCOCI and FMLP are focused on borrowers who have the necessary credit score to qualify with a bank or trust company but do not meet federally mandated requirements for income.

“We are pleased to add CAIF to Spartan’s alternative investment line-up,” said Gary Ostoich, President of Spartan Fund Management. “Capital Asset Lending is one of the major players in this sector and we are excited to offer a residential mortgage fund to retail and institutional investors.”

“We are thrilled to be working with Spartan, one of Canada’s leading providers of alternative investment solutions, to bring this new vehicle to market,” said Raj Babber, CEO of Capital Asset Lending Inc.

Availability

CAIF is available in Class A, Class F, and Class I Units to accredited investors or otherwise qualified purchasers. Interested purchasers are advised to read CAIF’s offering memorandum and consult with their investment advisor. This content is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy any security.

About Spartan Fund Management Inc.

Spartan, established in 2006, is a Toronto-based investment management company that specializes in providing, through pooled funds, a broad selection of alternative investment solutions that meet a variety of investment needs. Spartan believes that alternative investment strategies can provide better risk-return opportunities for investors than do conventional strategies. Spartan also believes that niche, non-conventional investment strategies tend to outperform more traditional strategies and/or add needed diversification. Spartan’s clients primarily consist of high-net-worth individuals and family offices who access Spartan’s funds directly or through registered advisors. Spartan currently manages in excess of $1.8 billion in client assets.

To learn more about Spartan, please visit www.spartanfunds.ca.

About Capital Asset Lending Inc. (“CAL”)

CAL is a licensed mortgage administrator incorporated under the laws of Ontario in February 2009. Guided by a common-sense approach to lending, CAL provides mortgage origination, underwriting, and administration services to MCOCI and FMLP.

MCOCI is a mortgage investment corporation incorporated in August 2013. MCOCI invests in single-family mortgages located primarily in the GTA. MCOCI’s independent board members are James Garcelon [President and Chief Compliance Officer at Forstrong Global Asset Management], Brian Johnston [Former Chief Executive Officer of CreateTO], and Tammy Oldenburg [Former Chief Financial Officer of Credit Suisse Canada], and its strategic advisor is Daniel Drimmer [Founder, President, and Chief Executive Officer of Starlight Investments].

FMLP is an Ontario limited partnership formed in March 2021. FMLP invests exclusively in first mortgages on single-family homes, including high-rise condos, to super prime borrowers in urban areas, primarily the GTA. FMLP’s general partner’s independent board members are Chris Taves [Special Advisor to BMO Capital Markets CEO and Executive Committee], Neha Verma [Canadian Head, Client and Capital Formation at TPG], and Tim Wilson [Chief Financial Officer of Peoples Group], and its strategic advisor is Daniel Drimmer [Founder, President, and Chief Executive Officer of Starlight Investments].

For further information on MCOCI or FMLP, please visit www.capitalassetlending.com

SOURCE Capital Asset Lending Inc.

The Most Reliable and Secure Contactless Solution to Date

UNION CITY, Calif., Sept. 30, 2024 /PRNewswire/ — Anviz, a brand of Xthings, a global leader in intelligent security solutions, announces the upcoming release of its latest access control solution, the M7 Palm, equipped with cutting-edge Palm Vein Recognition technology. This innovative device is designed to provide superior accuracy, security, and convenience to high-security and privacy-sensitive environments in industries such as banking, data centers, laboratories, airports, prisons, and government institutions. Launching globally today, Anviz is gearing up to revolutionize the way users interact with access control systems.

The M7 Palm Vein Access Control Device offers a seamless access experience, allowing users to unlock doors with a wave of the hand. Using Palm Vein Recognition, a top-tier biometric security method, it addresses the limitations of facial and fingerprint recognition by providing a more secure, non-invasive, and user-friendly solution.

Palm Vein Recognition captures the unique pattern of veins inside a person’s palm using near-infrared light. Hemoglobin absorbs the light, creating a vein map, which is converted into a secure digital template through advanced algorithms, ensuring accurate identification. Unlike facial recognition, which may raise privacy concerns, or fingerprint scans, which can be affected by wear, palm vein recognition is discreet, reliable, and harder to forge. Its non-contact nature also makes it more hygienic, ideal for environments with strict health protocols.

The M7 Palm Vein Access Control Device leverages this advanced technology to provide a seamless and secure user experience. With a False Rejection Rate (FRR) of ≤0.01% and a False Acceptance Rate (FAR) of ≤0.00008%, the accuracy of the system far exceeds that of traditional fingerprint or face recognition methods, offering a higher level of protection for critical infrastructure and sensitive information.

The M7 Palm Vein Access Control Device stands out for its numerous advantages, making it an ideal solution for high-security environments. The benefits of using palm veins are as follows:

Security: Palm Vein recognition uses a living biometric, making it nearly impossible for intruders to copy or replicate the pattern. This ensures a higher level of security than external biometric methods like fingerprints or facial recognition.Reliability: The Palm Vein structure remains largely unchanged over time, providing long-term stability and consistency in identification.Privacy: Since the technology scans internal veins rather than external features, it is less intrusive and more acceptable to users who are concerned about privacy.Hygiene: The non-contact nature of the technology allows users to simply hover their hand over the scanner without needing to physically touch any surface, making it an ideal solution for environments that prioritize cleanliness and hygiene.Precision: Palm Vein technology captures a larger surface area than fingerprint or face recognition systems, enabling the scanner to collect more data points for comparison, resulting in highly accurate identification.

Moreover, the features of the M7 Palm are designed by meticulously polishing the needs of the users:

Enhanced Human-Machine Interaction: Intelligent ToF laser-ranging provides accurate distance measurement, with an OLED display ensuring recognition at precise distances and delivering clear notifications to the user.High-intensity protective design for outdoor: With a narrow metal exterior design,  the standard IP66 design ensures the device works well outdoors, and the IK10 vandal-proof standard ensures a robust and stable installation.PoE Powering and Communications: PoE support provides centralized power management and efficiency with the ability to remotely reboot devices, making it a convenient and flexible solution for many network applications.Two-Factor Verification Security: Supports multiple identity combinations, choosing any two of Palm Vein, RFID card, and PIN Codes to complete the identification, ensuring absolute security in special places.

As security becomes a growing priority, demand for biometric solutions like palm vein recognition is surging. By 2029, the global market for palm vein biometrics is projected to reach $3.37 billion, with a CAGR of over 22.3%. The Banking, Financial Services, and Insurance (BFSI) sector is expected to lead this growth alongside military, security, and data center applications.

“As a milestone product in the biometrics and security industry, till next June, Xthings will work with more than 200 partners to bring the product to markets such as North America, Western Europe, the Middle East, and Asia Pacific, empowering the clients to enjoy a safer and more convenient experience. $3.3 Billion market share is there, let’s work together!” said Peter Chen, Product Marketing Manager. [To talk about partnership]

Though still in the early stages of market adoption, Anviz is committed to advancing palm vein technology. With limited competition, the M7 Palm Vein Access Control Device is poised to make a significant impact. Anviz continues to innovate, delivering smarter, safer, and more convenient security solutions globally.

About Anviz

Anviz, a brand of Xthings, is a global leader in converged intelligent security solutions for SMBs and enterprise organizations. Anviz offers comprehensive biometrics, video surveillance, and security management systems powered by cloud, Internet of Things (IoT), and AI technologies. Anviz serves various industries, including commercial, education, manufacturing, and retail sectors, supporting over 200,000 businesses in creating smarter, safer, and more secure environments.

View original content to download multimedia:https://www.prnewswire.com/news-releases/anviz-unveils-m7-palm-access-control-device-302261772.html

SOURCE Anviz Global

$2.5 Billion of Venture Capital Investment Poured into Virginia in 2023

RICHMOND, Va., Sept. 30, 2024 /PRNewswire/ — The Virginia Innovation Partnership Corporation (VIPC) hosted the President of the National Venture Capital Association (NVCA), VIPC Board members, and local ecosystem stakeholder leaders at Amazon Visitors Landing at Amazon HQ2 in Arlington, Virginia to celebrate Virginia’s top 10 national ranking for venture capital investment activity during 2023, as reported by Pitchbook-NVCA’s latest Venture Monitor industry data. NVCA reported approximately $2.5 billion of venture capital investment activity during 2023 in Virginia, ranking Virginia the 8th highest state in the country and ahead of other states such as Illinois, Pennsylvania, Maryland, New Jersey, North Carolina, Tennessee, Georgia, Delaware, and Ohio. This is Virginia’s highest venture capital national ranking, and the first time Virginia has climbed back into the top 10, in over 15 years according to Pitchbook/NVCA reported data.

A theme at the VIPC hosted event was Virginia cultivating a culture of growth, opportunity, and collaboration that is contributing to a thriving business environment for entrepreneurs, innovators, startups, businesses, and investors. Virginia’s top 10 national ranking for venture capital investment also coincides with Governor Glenn Youngkin recently announcing Virginia being ranked #1 Top State for Business in America by CNBC and Virginia realizing a record 10,000 new high-growth startups launched in the Commonwealth over just the past two years. 

The President of NVCA delivered a keynote address at the event which was attended by Virginia Secretary of Commerce Caren Merrick, State Senator Saddam Azlan Salim, and local stakeholder leaders representing Arlington, Alexandria, Fairfax county economic development authorities; Northern Virginia Black Chamber of Commerce; George Mason University and Virginia Tech Innovation Campus; the Commonwealth of Virginia; and the entrepreneur startup and venture capital community.

VIPC President and CEO, Joe Benevento, remarked, “Virginia’s top 10 national ranking demonstrates how dynamic high-growth companies in Virginia are offering VCs from across the country compelling opportunities to deploy capital. Capital fuels growth and VIPC looks forward to fostering continued private sector engagement and investment within our thriving entrepreneur ecosystems, including through our new Virginia Invests venture capital partnership initiative.”

Bobby Franklin, President and CEO of NVCA, commented, “Virginia is asserting itself as a key leader in the venture capital industry. The Commonwealth is not only competing but outpacing other states in attracting investment, thanks to its supportive innovation landscape and growing pipeline of startups.”

VIPC & Virginia Invests

VIPC is Virginia’s statewide economic development authority for advancing innovation, technology, commercialization, entrepreneurship, startups, and venture capital investment. Since 2004, VIPC has helped catalyze and leverage over $2 billion of cumulative investment capital from the private/public sector which has supported Virginia-based early-stage companies, technology commercialization, and innovation ecosystems.

In May 2024, VIPC launched a new venture capital partnership initiative called Virginia Invests, which is designed to expand access to early-stage capital and catalyze investment from both in-state and out-of-state investment fund networks into Virginia-based startups.  VIPC has initially partnered with seven venture capital fund managers who combined have committed to invest at least $100 million in Virginia-based startup companies as well as participate in a number of local entrepreneur ecosystem events and engagements throughout Virginia over the next five years.  Two of these fund managers have also relocated their headquarters, or plan to expand new offices, in Virginia.  VIPC expects Virginia Invests to attract at least $10 of private sector investment for every $1 committed by VIPC (10:1 leverage).

VIPC’s Virginia Venture Partners Managing Director, Tom Weithman, stated, “Our top 10 national ranking by NVCA is a testament to Virginia’s sustained commitment to a robust innovation and technology landscape which supports the next generation of great companies to launch, grow, and scale here in the Commonwealth.” 

Learn More about VC opportunities and VIPC: www.VIPC.org.

About Virginia Innovation Partnership Corporation (VIPC)
Connecting innovators with opportunities. VIPC operates as the nonprofit corporation on behalf of the Virginia Innovation Partnership Authority (VIPA). VIPA / VIPC is Virginia’s designated authority for leading innovation and economic development in the Commonwealth of Virginia through research, commercialization, and technology advancement; entrepreneurship, startup, and venture capital growth; and regional ecosystem, innovation network, and industry sector expansion. As part of its operations, VIPC helps attract and catalyze private investment into early-stage startup companies, provides research and technology commercialization grants to universities and entrepreneurs, and offers resource and funding support for entrepreneurial ecosystems, innovation networks, and public-private partnerships at local, state, and federal levelsVIPC’s programs include: Virginia Invests | Virginia Venture Partners (VVP) | Commonwealth Commercialization Fund (CCF) | Entrepreneurial Ecosystems Development | Regional Innovation Fund (RIF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center (PSIC) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement.

For more information, please visit www.VIPC.org. Explore the latest news from VIPC and images from VIPC-supported stakeholder events. Follow VIPC on Facebook, X, and LinkedIn.

Contact
Angela Costello
VIPC, VP of Communications & Marketing
Angela.Costello@VirginiaIPC.org
757-870-6848

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SOURCE VIPC