Two Canadian AgeTech organizations announced new funding commitments and programs for startups this week.
Application windows for both programs close on Dec. 2, 2024.
Healthtech industry groups MEDTEQ+ and AGE-WELL unveiled the first 16 startups supported by EnvisAGE, a non-profit organization co-led by the two firms aimed at supporting Canada’s AgeTech sector. Meanwhile, the Centre for Aging + Brain Health Innovation (CABHI) launched the Ignite funding program, which will provide funding and acceleration services to early-stage AgeTech innovators.
AgeTech is technology aimed at the needs of older adults and senior citizens, often built around care-based solutions.
EnvisAGE will be contributing $5 million across the inaugural cohort of 16 projects which, through industry partner investment, hold a total value of nearly $20 million. EnvisAGE received $47 million from the Government of Canada’s Strategic Innovation Fund in 2022 with the goal of helping small or medium-sized business (SMBs) scale up and commercialize 100 AgeTech projects.
Multiple projects are exploring remote monitoring for seniors’ safety, social engagement platforms, and speech recognition technology, among others. Each of the selected projects will introduce an SMB with an AgeTech solution to an innovation hub and experts that will assess the integration of the solution in a real-world setting.
Information on all the supported projects can be found on the EnvisAGE website. EnvisAGE has also put out a second call for project applications, which closes on Dec. 2, 2024.
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Also looking to provide support to the AgeTech sector is CABHI, which is now seeking applications from early-stage Canadian researchers, clinicians, healthcare organizations, and companies for its new Ignite program. The program will provide $50,000 to $150,000 in funding and acceleration services to help selected parties develop, test, and validate their solutions in real-world settings.
CABHI says applicants must address one of its key themes, which include aging at home, caregiver support, care coordination, cognitive and mental health, as well as financial health and wellness.
Earlier this year, CABHI received $39.2 million from the federal government’s new Strategic Science Fund to continue its work in accelerating the development of products and services that support aging and brain health. The organization went on to invest $9.5 million across nearly 30 healthtech startups as part of its Mentorship, Capital, and Continuation Program.
The Ignite program is also accepting applications on its website until Dec. 2, 2024.
Feature image courtesy EnvisAGE.