Pangaea Announces Sale of Redlen Technologies to Canon for US $335M
Vancouver, BC, September 29, 2021 – Pangaea Ventures Ltd. today announced its portfolio company, Redlen Technologies Inc., completed its sale to Canon Inc. for US $335 million.
Based in Victoria BC, Redlen makes X-ray imaging semiconductor sensors that measure the energy of X-ray photons and translates the readout into high resolution electrical signals. This transformational technology provides doctors with higher quality CT images with lower radiation exposure to improve diagnosis of cancer and other diseases leading to better patient outcomes and reduced costs.
Since 2014, Redlen has grown from 50 employees to over 200 employees today and is working with six of the seven largest CT imaging OEMs globally.
Pangaea Ventures first invested in Redlen in 2014 when it led a restructuring round at a US $13 million valuation in which many of Redlen’s previous investors declined to participate. Since then, Pangaea has supported several additional rounds of financing, most recently a Series C round in April 2021. Redlen has also received strong support from several board members and strategic investors, including Canon.
The sale returned US $59M for Pangaea Ventures Fund III which is over 20x Pangaea’s initial investment and 9x Pangaea’s weighted average investment.
“With the sale of Redlen, we are returning approximately 95% of the fund to our limited partners. I want to thank the management team and other board members for their tireless work and dedication to make this a success.” said Chris Erickson, General Partner of Pangaea Ventures.
Glenn Bindley, CEO of Redlen, comments “As part of the Canon family, I believe that Redlen will be able to accelerate its leadership position in providing next generation CT imaging products with better outcomes across the globe and that Redlen will ultimately grow into a billion-dollar business. Pangaea Ventures has been instrumental in our journey with its financial support and strategic guidance.”
About Pangaea Ventures:
Pangaea Ventures (www.pangaeaventures.com), is the world leader in hardtech and impact investing, with offices in Vancouver BC Canada and Phoenix AZ USA. It invests in startups that are using advanced materials, chemistry, biology and physics to make the world better by creating products to tackle tough problems in climate change, food & water security and health outcomes.