Each startup is getting funding from $150,000 to $500,000, depending on their growth stage, specific needs, and assessment results.
Nearly 30 innovative health-tech startups are getting a significant financial boost, thanks to the Centre for Aging and Brain Health Innovation (CABHI).
This organization is dedicated to fostering technologies that benefit older adults and those with dementia. CABHI is injecting a total of $9.5 million into these promising companies, providing crucial support to help them advance their groundbreaking projects.
Diverse Support Through the MC2 Program
The financial aid comes through CABHI’s Mentorship, Capital, and Continuation (MC2) Program. This program is not just about funding; it’s designed to help early-stage healthtech and FinTech companies validate and grow their businesses. The MC2 program offers acceleration services such as access to user validation, expert business and research guidance, and a network of innovators and investors.
The current funding round predominantly supports Canadian health-tech startups, though some U.S.-based companies have also been included. A CABHI representative mentioned that 27 companies have already been finalized, with details on three more to be announced soon. Each startup receives between $150,000 and $500,000, depending on their stage, needs, and evaluation results.
Spotlight on Innovative Startups
One notable recipient is PragmaClin, a startup from St. John’s, Newfoundland. Co-founded by scientist and entrepreneur Bronwyn Bridges in 2020, PragmaClin developed the Parkinson’s Remote Interactive Monitoring System (PRIMS). This system allows for remote patient visits and collects data through sensors, making it a valuable tool for managing Parkinson’s disease. Bridges, who has already secured $2.5 million through provincial funding and competitions, is now aiming for a seed round.
NovaResp, another recipient based in Atlantic Canada, uses AI and machine learning to help those with sleep apnea. Their technology can predict and prevent apnea episodes, allowing for more comfortable and effective therapy. NovaResp recently announced a $3 million seed extension, adding to their initial $2 million seed-plus round from early 2023.
Toronto-based Willful, a startup offering digital estate-planning tools, also received CABHI support. Founded by Erin Bury and her husband Kevin Oulds in 2017, Willful enables users to create legally valid wills and power of attorney documents from the comfort of their homes. The platform is now available in all 10 Canadian provinces after launching in Prince Edward Island and Newfoundland earlier this year.
CABHI’s Impact and Future Plans
CABHI’s influence extends beyond just funding. Over half of its alumni companies have gone on to secure additional investments. Notable successes include Sword Health, a digital physical therapy provider now valued at $3 billion, and Akira Health, a virtual-care platform acquired by Telus Health in 2019.
James Mayer, CABHI’s senior manager of investments and venture services, emphasized the significant impact of their work. “With our recent funding cohorts solidified, the MC2 Program has directed over $33 million to companies developing solutions for older persons, aiming to transform the aging experience,” he said.
In addition to this funding round, CABHI recently received a $39.2 million commitment from the federal government’s new Strategic Science Fund. This support will further accelerate the development of products and services that enhance aging and brain health.
