Three Atlantic Canada healthtech startups have raised funding rounds in recent days.
Nova Scotia-based NovaResp Technologies and St. John’s-based SiftMed raised $2 million CAD and $2.7 million CAD, respectively, in seed-plus and seed rounds. While Halifax’s The Rounds closes a $1.6 million CAD follow-on investment for its Series A, bringing the round total to $6.7 million CAD.
The funding rounds for all companies were led by or had participation from Atlantic Canada-based venture capital firms.
The seed funding will help NovaResp and SiftMed work toward the commercialization of their products. The Rounds’ Series A follow-on will go towards developing the accessibility and user experience of its platform.
NovaResp uses artificial intelligence (AI) technology to provide data and personalized therapy for users who suffer from sleep apnea. Sleep apnea is a disorder that disrupts breathing during sleep and affects roughly one million adults in Canada, according to the Vancouver Coastal health research Institute.
NovaReps received $2 million CAD in equity funding from Atlantic Canada-focused pre-seed VC Concrete Ventures with participation from Invest Nova Scotia and several undisclosed angel investors.
The funding will help the company with its pre-commercialization efforts, such as product development and regulatory approval, to prepare for entry into the North American market in 2024.
Invest Nova Scotia has also invested in The Rounds, which first raised a $5.1 million CAD Series A round in September. That round was led by Atlanta-based Panoramic Ventures with the aim to hire employees across marketing, sales, and engineering.
Now Panoramic Ventures, along with Invest Nova Scotia, has tacked on another $1.6 million CAD to bring The Rounds’ total Series A round to $6.7 million CAD.
The Rounds is a medical network that allows healthcare professionals, pharmaceutical companies, and medical associations to discuss and campaign various medical and scientific topics.
SiftMed, formerly ReportMate, is a SaaS-based medical record organization tool using AI to automatically organize medical records into user-friendly databases.
The money from its latest round will go towards product development, onboarding new staff, and accelerating commercialization efforts, as reported by Entrevestor. The company also noted it is looking to expand its product offering beyond Canada and into the United States.
Its $2.7 million CAD round was led by Halifax-based Sandpiper Ventures, which focuses its investments on women-led startups. Other investors include Pelorus Venture Capital and a number of undisclosed angel investors and industry experts. This seed round is Siftmed’sfirst investment round other than the $236,000 it received from Atlantic Canada Opportunities Agency to help acquire a data security certification and add three workers.