Ottawa-based Tarquin Group Inc. scales back its funding goals for a private placement offering due to a sagging investment market. The industrial technology group, which had planned to raise $5 million when it announced a brokered private placement in April, now says it hopes to raise up to $3 million. “In light of current market conditions we have decided to keep this placement tight and only ask the market for the funds that are essential to the company at this point in time,” says CEO Donald Gibbs. Proceeds from the round will be used for general corporate purposes and to finance potential, further acquisitions. Tarquin bought local companies Process Photonics and DIPIX Technologies Inc. in the spring.