The Healthtech Times is a weekly newsletter covering healthtech news from Canada and around the globe.
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Pathway raises $5 million in seed funding, opens free access to healthcare guidance platform
(BETAKIT)
Montréal-based healthtech startup Pathway has raised $5 million in seed funding for its AI-powered medical knowledge platform.
The company also announced its decision to make its platform openly accessible with a free account and unveiled the beta version of Pathway AI, which it claims is its most advanced AI assistant and search tool to date. The new AI tool allows users to ask medical queries and receive a response drawing from Pathway’s database.
Healthcare Without Health Workers: A Unicorn Pivots to an AI Doctor-in-a-Box
(THE INFORMATION)
If Adrian Aoun, the outspoken founder and CEO of primary care startup Forward, had his way, the next time you visit the doctor’s office, you won’t see a single medical professional. In fact, he wants you to entrust your health to a landmark new product, the CarePod—a whirring, purring autonomous module.
“I just want to take every single thing that doctors and nurses are doing and migrate it over to hardware and software,” he said.
The unveiling of the CarePod comes alongside a $100 million Series E round that will help Forward build and deploy the devices, having raised over $400 million since its 2017 founding and was last valued at $1 billion in 2021.
InBC invests $29 million into 4AG Robotics, Clarius Mobile Health, Pender, Amplitude Ventures
(BETAKIT)
InBC Investment Corp. (InBC) has announced $29 million CAD worth of investments into two tech startups and two venture capital funds with a presence in British Columbia.
$4 million went into AgTech startup 4AG Robotics, $5 million into wireless ultrasound producer Clarius Mobile Health, and $10 million apiece into Pender Ventures’ and Amplitude Ventures’ second funds, which both have a focus on healthtech.
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Digital pharmacy startup Truepill says hackers accessed sensitive data of 2.3 million patients
(TECHCRUNCH)
Truepill, a digital health startup that provides pharmacy fulfillment services for healthcare organizations, has confirmed that hackers accessed the personal data of more than 2.3 million patients.
The company’s investigation found that the accessed files contained sensitive customer information, including patient names, unspecified demographic information, medication type and the name of the patient’s prescribing physician.
New foodtech association looks to promote more sustainable seafood alternatives
(BETAKIT)
Future Ocean Foods (FOF), headquartered in Halifax, aims to support plant-based, fermented and cultivated foodtech solutions that are viable alternatives to seafood.
According to a statement released by FOF Monday, the new group will work to increase product trials for alternative seafood products and deepen the market penetration of startups operating in this sector.
2 major health tech deals close: Virgin Pulse, HealthComp’s $3B merger and NextGen’s $1.8B PE buyout
(FIERCE HEALTHCARE)
Two major healthcare deals closed last week on the heels of a relatively quiet year for healthcare M&A deals.
Virgin Pulse, digital-first health, well-being and navigation company, completed its merger with third-party health benefits administrator HealthComp, the companies announced Thursday.
Also last week, private equity firm Thoma Bravo finalized its $1.8 billion acquisition of ambulatory technology company NextGen Healthcare.
Revenue growth is more complex than ever. Here’s how your finance team can drive value
(BETAKIT)
The finance department touches every single area of the business, from internal operations to customer contracts. Yet the finance function has been relatively stagnant, often seen as “bean counters” warning of new spending while the rest of the organization embraces technology and new techniques.
A recent report by Float featured interviews with startup finance experts, exploring in detail why financial transformation is essential for startups now, impacting their people, processes, and systems.
Lunit receives $150M capital chip-in, doubles down on US market
(MOBIHEALTHNEWS)
Shareholders of KOSDAQ-listed Lunit have recently participated in the company’s recent capital raise, paying-in $150 million to fund its development of “next-generation” products and further expansion in the West.
The AI cancer diagnostics solutions provider obtained its third 510(k) clearance from the United States Food and Drug Administration. Over the past 12 months, Lunit went around the US to promote and integrate its AI solutions and secure multiple partnerships.
BDC’s Thrive Lab announces 25 co-investment partners
(BETAKIT)
The Business Development Bank of Canada’s (BDC) Thrive Lab is ready to begin deploying capital in women-led businesses from its $35 million envelope following the announcement of 25 co-investment partners.
Thrive Lab said its partners were chosen based on their track record of supporting women entrepreneurs or their expertise in social impact.
Thrive Lab’s first phase will target firms aligned with United Nations Sustainable Development Goals, such as food security, responsible agriculture, health and well-being, education, reduced inequalities, and responsible consumption and production.
Cytovale Snags $84M To Commercialize Early Sepsis Detection Test
(MEDCITYNEWS)
Cytovale, a San Francisco-based medical diagnostics company, raised $84 million in Series C funds to advance the commercialization of its diagnostic test for early sepsis detection.
Using standard blood draws, the test provides results in under 10 minutes. It is meant to detect sepsis in patients who present to hospital emergency departments.
Q3 2023 marked a three-year low for venture deal volume in Canada
(BETAKIT)
The third quarter of 2023 marked Canada’s slowest quarter for venture capital (VC) activity in three years, according to a new report from the Canadian Venture Capital and Private Equity Association (CVCA).
The CVCA partly attributed the slowdown in investment to a decline in megadeals during the quarter and its resulting impact on average deal size. Per the report, only seven megadeals closed in Q3, nearly halving the average deal size quarter-over-quarter to just $8.9 million.