CPE Media News (5/27/2019) – Forcen, formerly SensOR Medical Laboratories, has raised $500,000 in seed funding led by NorthSpring Capital Partners and with participation of members of Golden Triangle Angel Network (GTAN) and Angel One.
The financing closed on May 6, 2019.
Founded in 2015 by CEO Dr. Robert Brooks, PhD, PEng, Toronto based Forcen has developed first-in-the-world force-sensing film for surgical robotics, industrial robotics, and aerospace/defense industries.
photo credit: Forcen
News Release
Toronto-Based Forcen Raises $500,000 Seed Round Led by NorthSpring Capital Partners
Cambridge, May 23, 2019. On May 6th, Forcen (formerly SensOR Medical Laboratories) a company that developed first-in-the-world force-sensing film for surgical robotics, industrial robotics, and aerospace/defense industries, successfully closed their initial seed round. The financing was led by NorthSpring Capital Partners and included a syndicate of angel investors from Golden Triangle Angel Network (GTAN) and Angel One.
The Toronto entrepreneurial community that provided support to Forcen includes the Creative Destruction Lab, Ryerson Biomedical Zone, Ontario Brain Institute, Ontario Bioscience Innovation Organization, and the University of Toronto’s Health Innovation Hub and Hatchery incubators. SensOR also received support from funding agencies including the Industrial Research Assistance Program, Ontario Centres of Excellence, and the Natural Sciences and Engineering Research Council of Canada.
Forcen was founded in 2015 by Dr. Robert Brooks PhD PEng and CEO. In 2017 he won the Canadian national James Dyson Award for co-developing ForceFilm.
“This funding came at the perfect time,” said Brooks. “We attracted more industry interest than we could keep up with and were starting to have to quote customers several months lead time. The investment will be used to add more equipment and hire additional technical staff. This will allow us to accelerate our existing contracts and take on more major industrial customers. Secondly, we’ll be preparing the force-sensing film technology for large scale production so that we’re prepared to keep up with our customers’ production needs. We’re very excited!”
“We are thrilled to be investing in Forcen,” said Brian Hunter, President of NorthSpring Capital Partners. “Forcen has a large market opportunity in both the medical and the industrial sectors. They are first movers in the force-sensing space and are positioned with solid IP and an uniquely experienced team. Adoption of force-sensing technology in minimally invasive surgery can reduce medical error which is the third leading cause of death.”
About NorthSpring Capital Partners:
NorthSpring Capital Partners invests in passionate entrepreneurs and companies developing unique intellectual property, products and services targeting large addressable markets. Our financial resources and expertise accelerates the growth of innovative companies located in the Toronto to Waterloo technology corridor. Our affiliate, NorthBridge Consulting Services, assists clients with access to a variety of government funding programs including SR&ED.
For further information, please visit: www.northspringcapitalpartners.com or contact Brian Hunter at brian@northspringcapitalpartners.com or 519-721-7144.