Vancouver-based Evok Innovations led the all-equity round, alongside new investors BDC Capital, Amplify Capital, DNX Ventures and Iconiq Capital. It follows Planetary’s pre-seed and seed rounds, which raised over $7 million. (The Logic)

Talking point: The Nova Scotia-based company develops technology that adds alkaline substances to bodies of water, so it can act as a carbon sink and extract carbon dioxide from the atmosphere. Almost 25 per cent of global CO2 emissions end up in the ocean. Since the pre-industrial era, the ocean has become 30 per cent more acidic, which decreases the amount of carbonate ions, a compound that creates and preserves shells and coral. Ocean acidification also hinders fish’s ability to know when predators are close by. “This round enables us to continue leading the way on responsible, science-led development of a critical climate technology,” CEO Mike Kelland said in a statement.