CPE News Brief (4.13.2023) – MY01 Inc. has raised US $12.5 million in Series A funding is led by Investissement Quebec, with participation from Desjardins Capital and Fondaction.
Funding will be used to expand commercialization activities in the United States.
Founded by Edward Harvey, Charles Allan, George Xereas, Montreal based MY01, together with its parent companies, is a medical technology company that uses microsensors to aid physicians in diagnosing compartment syndrome.
photo credit: MY01
News Release
MY01, Inc. Receives $12.5M Funding to Accelerate Growth
MONTREAL, April 11, 2023 /PRNewswire/ – MY01, Inc., a medical technology company that uses microsensors to aid physicians in diagnosing compartment syndrome, today announced it has raised a $12.5 million USD Series A funding round. The round is led by Investissement Quebec, with participation from Desjardins Capital and Fondaction. The funding will be used to expand commercialization activities in the United States.
“This investment will support MY01’s goal of becoming the gold standard in the diagnosis of compartment syndrome,” said Charles Allan, Chief Executive Officer of MY01. “Our growth has been significant since our launch in the United States and this funding will allow us to accelerate our development while improving patient outcomes.”
“The technology developed by MY01 has great potential to transform the diagnosis of compartment syndrome as well as the quality of care. Investissement Québec is delighted to join this round of financing, which will support the commercialization and development of their technology. Our support demonstrates our desire to support promising companies in the life sciences sector, such as MY01, in order to continue to develop this important and strategic sector of our economy,” states Guy LeBlanc, President and CEO of Investissement Québec.
MY01’s Continuous Compartmental Pressure Monitor (CCPM) aids in the diagnosis of compartment syndrome, a medical condition where pressure increases inside a muscle, which restricts blood flow and causes pain. If the pressure increases significantly and is not addressed, compartment syndrome can lead to amputation. The MY01 CCPM embeds a microsensor into the compartment and translates continuous pressure data to both a monitor and a mobile app.
About MY01, Inc.
MY01, Inc. is on a mission to empower healthcare professionals with the ability to preempt severe medical conditions, thereby improving patient outcomes. MY01 believes that adding actionable quantitative data at the bedside can augment clinical assessments, reduce physician disruption, and provide more efficient care collaboration, all resulting in more effective patient care. Headquartered in Montreal, Quebec since 2015, MY01, Inc. leverages its expertise in microsensor technology to provide innovative diagnostic solutions.
About Investissement Québec
Investissement Québec’s mission is to actively participate in the economic development of Québec by stimulating business innovation, entrepreneurship and takeover, as well as the growth of investment and exports. Present in all administrative regions of Quebec, the Company supports the creation and development of businesses of all sizes through investments and adapted financial solutions. Investissement Québec also offers many consulting services, including technological support offered by Investissement Québec – CRIQ. In addition, thanks to Investissement Québec International, it supports Québec companies in their export projects, while ensuring the prospecting of talent and foreign investment in Québec.
Related Links
www.my01.io
SOURCE MY01, Inc.