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Oncoustics secures $5.5 million CAD to help spot liver disease using AI (BETAKIT)
The growing handheld, ultrasound medical device market currently features manufacturers ranging from big players like GE and Philips to emerging upstarts like Butterfly Network and Exo. But according to Oncoustics CEO Beth Rogozinski, these devices are “not typically used” in radiology.
Amazon is buying primary care tech provider One Medical for $3.9B (TECHCRUNCH)
Amazon is so far not saying much at all about its plans for One Medical under the wing of Amazon. It’s not clear, for example, if it will remain an independent company or whether it will be integrated into Amazon’s wider healthcare strategy.
TA pays $400-million-plus for 30 per cent stake in Montreal imaging software challenger Intelerad (THE GLOBE AND MAIL)
American private equity giant TA Associates has invested more than $400-million for a 30-per-cent stake in Montreal’s Intelerad Medical Systems Inc., one of a handful of medical imaging software challengers to health care technology heavyweights General Electric Co., Siemens AG and Koninklijke Philips NV.
Tissue engineering startup Spiderwort raises $17.1 million CAD to move to clinical trials (BETAKIT)
“Spiderwort was founded on asking big questions and taking big risks and that work is now paying off,” said Andrew Pelling, Spiderwort’s CSO.
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With new CEO, Invitae lays off more than 1,000 employees, slims international footprint (FIERCE BIOTECH)
The restructuring is expected to be completed by the end of June 2023. Though expected to cost Invitae between $75 million to $100 million in cash to carry out—plus additional non-cash costs, which weren’t specified by the company—the efforts are ultimately forecasted to save Invitae around $326 million per year.
Why now is the time for Canadian startups to hire internationally (BETAKIT)
Whether by adding remote employees or helping them relocate to Canada, accessing global talent can help fill the widening talent gap we face as Canada’s tech ambitions get bigger.
“They want to feel safe that they can stay in this country,” says Feruza Djamalova, the co-founder of Sobirovs Law Firm, a boutique business immigration law firm based in Toronto.
Check out these Canadian tech venture funding reports for Q2:
Digital health investment is just cooling off after a scorching year (MEDCITY NEWS)
Digital health startups raised $10.3 billion across 329 deals during the first half of 2022. This putts the sector on track to rake in $21 billion this year, about $8 billion less than the total amount it raised in 2021. The market boom has ended, but the digital health investment space has not come crashing down by any means, according to a recent report.
Olive cuts 450 staffers as CEO cites ‘missteps’ with fast growth, lack of focus (FIERCE HEALTHCARE)
“Olive’s values of ‘choose vision over status quo’ and ‘act with urgency’ drove us to make significant investments across the most pressing parts of healthcare, scale our teams and move quickly to bring solutions to the market,” CEO Sean Lane said in a message to employees posted on Olive’s website.
Welbi raises $3 million CAD to take its senior engagement software south of the border (BETAKIT)
CEO and founder Elizabeth Audette-Bourdeau said she came up with the idea of Welbi after her grandfather suffered a stroke. He couldn’t hear properly on the phone, knew no one in the residence, and had no motivation to leave his room. His health became worse, and he passed away a few months later.
“We felt responsible for it,” Audette-Bourdeau recalled. “We felt like we could have done better to support him.”
Fitness Company WHOOP Slashes Workforce By 15% (FRONT OFFICE SPORTS)
“The current macro environment has created new challenges and uncertainty, and we are committed to building a durable business that is able to withstand whatever economic climate we find ourselves in,” WHOOP said in a statement to Front Office Sports. “A reduction like this is never easy and we sought to ground this process in both empathy and compassion.
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