CPE News (6/13/2019) – MEDTEQ, a pan-Canadian Consortium for Industrial Research and Innovation in Medical Technology, has announced its first eight venture investments.
Through its $14 million Investment Fund, MEDTEQ co-invested along with Anges-Quebec, Anges-Quebec Capital, Innovacorp, Real Ventures and others in the 6 Montreal and 2 Halifax, Nova Scotia based companies including Densitas (Halifax, NS), MIMs (My Intelligent Machines) (Montreal, QC), My01 (Montreal, QC), Optina Diagnostics (Montreal, QC), Saccade Analytics (Montreal, QC), Spinologics (Montreal, QC), Spring Loaded Technology (Halifax, NS), THORASYS (Montreal, QC).
These eight companies raised over $11,000,000 in aggregate in their funding rounds.
Funded and backed by Government of Quebec, the Government of Canada (delivered through the Centres of Excellence for Commercialization and Research (CECR)), the private sector and complementary partners, MEDTQ’s mission is to accelerate the development of innovative technological solutions to improve patients’ health and quality of life.
In addition to the Investment Fund, MEDTEQ supports its clients’ projects by offering non-dilutive funding; maximizing additional sources of grant funding and; securing the best validation partners and key opinion leaders (KOLs) whenever possible.
photo credit: MEDTEQ
MEDTEQ’s Investment Fund announces 8 investments in Canadian health technology companies
Montreal (Quebec), June 12, 2019 – MEDTEQ, a supporter of Canadian health-technology innovators, is proud to announce its first eight venture investments in companies who are building next-generation health products.
MEDTEQ’s $14,000,000 Investment Fund is governed by a central investment thesis: that robust product validation exercises, completed in collaboration with relevant product stakeholders (e.g.: doctors, insurance companies, eventual acquirers, etc.), drives fundamental value for health products and companies.
MEDTEQ’s investment thesis is based on three axes: maturing technologies, accelerating innovation, and de-risking companies. This approach will have a major impact on the commercialization of health technologies in Canada. MEDTEQ welcomes the following Canadian companies to its portfolio, which in aggregate raised over $11,000,000 in their funding rounds (in alphabetical order):
- Densitas (Halifax, NS), is moving the needle in breast cancer screening through tailored patient management for sustainable healthcare service delivery and improved outcomes. Densitas develops advanced breast imaging analytics technologies powered by machine learning with the goal to deliver on-demand actionable insights that improve the quality of breast health management.
- MIMs (My Intelligent Machines) (Montreal, QC), is helping Pharma, Biotech and Agritech companies to analyze their massive “fat” genomic, clinical/phenotypical and environmental data and to leverage systems biology and machine learning to develop more efficient, personalized and eco-responsible medicine and agriculture.
- My01 (Montreal, QC), makes a digital medical device that aids in the diagnosis of Acute Compartment Syndrome (ACS). ACS occurs when muscle swelling exceeds blood pressure in surrounding tissue and cuts off blood supply to affected muscles, usually following high-energy trauma incidents.
- Optina Diagnostics (Montreal, QC), is focused on the development of technology for the early detection of diseases through hyperspectral imaging of the retina. Optina Diagnostics brings an AI approach to biomarker detection with its first application in support to the early diagnosis of Alzheimer’s disease.
- Saccade Analytics (Montreal, QC), Saccade Analytics develops specialized medical software that revolutionizes the way doctors diagnose concussion, dizziness, and neuro-degenerative diseases.
- Spinologics (Montreal, QC), Spinologics is a Montreal-based medical device company founded in 2011. Composed of leading Canadian orthopedic surgeons, biomechanical Ph.D.’s and engineers, Spinologics focusses on developing improved spinal care products and specializes in biomechanical simulations to optimize medical devices design and performance.
- Spring Loaded Technology (Halifax, NS), is an award-winning company focused on mobility-restoring bionics. The company incorporates patented liquid spring technology into the world’s first compact and powerful bionic knee braces. Spring Loaded braces are the only ones on the market designed to reduce pressure throughout the knee while enhancing strength to alleviate pain and improve mobility for people with knee arthritis and injuries.
- THORASYS (Montreal, QC), is a Montreal-based medical device start-up that has been operating since 2013. Using proprietary technology and a strong IP base, THORASYS aim to revolutionize pulmonary medicine by offering portable, easy-to-use devices for lung function screening, diagnostics and monitoring that provide clinically relevant information in patients ranging from newborn to the elderly, and in settings ranging from Pulmonary Function Testing (PFT) labs to doctor’s offices, point-of-care and ultimately the patient’s home.
MEDTEQ co-invested alongside notable co-investors (in alphabetical order): Anges-Quebec, Anges-Quebec Capital, Innovacorp, Real Ventures and others.
“MEDTEQ is seeking to financially support health-technology companies across Canada who share our vision that a collaborative approach de-risks health products and services. Starting in Quebec, we’ve branched out and found interesting partners and companies in other provinces. We are looking forward to developing opportunities in British Columbia, Ontario, Alberta, Manitoba and Saskatchewan in the months to come”, notes Jacques Milette, President of MEDTEQ’s Board of Directors.
The use-of-proceeds of every MEDTEQ investment is a collaborative project structured to accelerate product validation, adoption and commercialization. In addition to the Investment Fund, MEDTEQ supports its clients’ projects by:
- offering non-dilutive funding,
- maximizing additional sources of grant funding and
- securing the best validation partners and key opinion leaders (KOLs) whenever possible.
MEDTEQ is the pan-Canadian Consortium for Industrial Research and Innovation in Medical Technology. Its mission is to accelerate the development of innovative technological solutions to improve patients’ health and quality of life. MEDTEQ supports their validation and integration in the healthcare system and their impact, both locally and globally, by bringing together the complementary skills of industrial and academic partners, and with those of healthcare providers. MEDTEQ relies on the financial support of the Government of Quebec, the Government of Canada (delivered through the Centres of Excellence for Commercialization and Research (CECR)), the private sector and complementary partners to foster research-industry relations.
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