The Pender Technology Inflection Fund I Limited Partnership (“Pender Technology Inflection Fund”) invests in private and public inflection-stage technology companies that create solutions for organizations, either enterprises or healthcare organizations, to drive operational efficiencies and data-driven decision-making. The Fund will leverage Pender’s existing knowledge and expertise of investing in disruptive technology businesses with a distinct competitive edge. By extending our investing universe to private companies, we believe we will increase the potential to generate long term capital appreciation for investors.
Sector: Fundamental Technology
At Pender, we take a broad sector approach while focusing on some very relevant themes. Our overall sector is what we call “fundamental technology”. We define fundamental technology as technologies, and/or the application of those technologies, that provide solutions that allow organizations to make better decisions to increase revenue, decrease costs or both. While tech trends come and go, to be investable, the technology has to fundamentally lead to a solution that provides value to an organization. Themes that focus our investment strategy are:
Data is Still the New Bacon:
The Big Data revolution is not over, just in another phase. There are plenty of challenges and opportunities for enterprises to not only realize the value of their own data and other datasets, but to also automate and transform entire areas of their business as a result of being able to make predictive data-driven decisions.
Convergence of Health and Tech:
Mounting costs within the healthcare industry mean we have reached a tipping point: there is no choice but to turn to technology to resolve various challenges. Health-tech companies are generally comprised of interdisciplinary teams of medical and software engineers and innovative solutions often emerge when scientists and engineers come together to tackle complex problems. While one can view health-tech as a sub-sector or specific vertical of B2B, we specifically focus on this as a unique category because it is one of the largest, fastest growing and highest potential for disruption verticals.
“Technologizing” the Enterprise:
Technology is going beyond simply bringing efficiencies to certain functions within an enterprise: it is disrupting entire enterprises, their business models and the industries in which they operate. Amazon’s purchase of Whole Foods is an example of disruption in the traditional retail grocery industry.
Stage: Inflection Stage
Inflection‐stage companies have commercialized a product that is generating enough early revenues from customers and/or partners to indicate a high probability of product‐market fit. However, an inflection‐stage company has not yet achieved significant enough revenue or scalability of revenue to be profitable and therefore still requires capital to grow.
Today while most technology companies remain private until they are acquired, a small subset of micro-cap technology companies do go public. However, there is simply not enough volume and research coverage for large mutual funds or program traders to invest in this part of the market. As a result, many small companies in both Canada and the US are overlooked and misunderstood by the market. At Pender, we invest in great businesses run by great teams, regardless of being private or public. Similarly, we are open to purchasing positions from other
investors that require liquidity.
Clarius’ vision is to see a portable ultrasound device in the hands of every medical practitioner - aiming to be the pioneering force in the developing market for the “visual stethoscope”. Their products are wireless, high-performance ultrasound scanners that connect to off-the-shelf smartphones and tablets. Existing point-of-care ultrasound systems are bulky, expensive and require significant training. Instead of bringing the patient to the machine, Clarius’ goal is to disrupt these traditional systems and bring the machine to the patient, however remote. Its proprietary “ultrasound system-on-chip” technology takes ultrasound imaging to the next level of miniaturization by integrating a complete, high-performance, ultrasound imaging system on a single chip.
Senior VP, Private Equity and Portfolio Manager
Maria has been investing in emerging growth companies, with a focus on technology businesses since 2001. She spent 11 years with one of Canada’s largest venture capital firms where she invested in multiple early‐stage ventures and served on a variety of boards, mostly in the areas of enterprise software, e‐commerce and medtech. Prior to that, she worked at a digital media firm assisting the company in operational activities and strategic initiatives. She also worked in financial and technology M&A for the Canadian subsidiary of an international investment firm.
Maria’s experience includes operational roles at early‐stage companies, serving on boards, facilitating M&As and leading financings. She has built an extensive technology network across North America, notably in Silicon Valley, and has been a member of C100. She is currently a director on the board of GreenSpace Brands Inc. and an observer on the board of Microdermics Inc. She holds a Bachelor of Business Administration from Simon Fraser University, is a CFA charterholder and an active member and a past president of CFA Society Vancouver.Read Full Bio
David is the President and CEO of Pender. He is also the Portfolio Manager of several of Pender’s funds having begun his investing career in 2000. The Pender Small Cap Opportunities Fund, which he manages, has won a Lipper Fund Award in 2015, 2016 and 2017 for Best Canadian Small/Mid Cap Equity Fund over both three‐ and five‐year performance periods. The Fund has also received a Fundata FundGrade A+ Award in each of the last six years, with the Pender Value Fund winning in 2016 and 2017.
President, CEO & Portfolio Manager
David holds a Bachelor of Science degree from UBC and an MBA from York University’s Schulich School of Business. He earned his CFA designation in 2003 and is a past president of CFA Society Vancouver, having also served on its Board of Directors for four years. He remains an active member. David is a regular guest on BNN and has been interviewed for his opinions by the Financial Post, the Globe & Mail and other media. In December 2012, David was recognized as one of British Columbia’s “Top Forty Under 40” business leaders by Business in Vancouver. Read Full Bio
The Portfolio Managers will be supported by the entire Pender investment team.
They will also draw on the expertise of an advisory group of experienced individuals, our "Venture Partners" who have worked closely with Maria and/or Dave in the past. The Venture Partners are expected to make significant contributions to the Tech Fund in areas that included deal flow, due diligence, portfolio company operations, business development, management and other areas crucial to the Tech Fund's continued success.
Press Release - Pender Announces the First Closing of the Pender Technology Inflection Fund I Limited Partnership
Accredited investors may request additional information by writing to during normal business hours:Sarah Wildman,Institutional Relationship Manager
If you have a business idea that you would like to bring to our attention, please email us: [email protected]PenderFund Capital Management1640 – 1066 West Hastings Street,Vancouver, BC V6E 3X1Toll Free: 1‐866‐377‐4743Front Desk: 1‐604‐688‐1511