Canadian health care startups are receiving both attention and investment in 2015. The latest infusion goes to Toronto-based ChipCare Corporation, producer of a handheld point-of-care analyzer based on mobile technology, who received $5.045 million in Series A financing. This round was led by Dallas, Texas-based Puffin Partners, followed by investments from MaRS Innovation, Maple Leaf Angels, Winfield Venture Group, Epic Capital, and unknown Canadian and U.S. angel investors.
“ChipCare has the opportunity to bring real value to the diagnostics marketplace, especially for remote health settings,” said Charles E. Gale, Co-Manager of Puffin’s General Partner. “ChipCare’s technology is powerful, flexible and, when implemented, is positioned to make a significant global health impact.”
The $5.045 million investment allows ChipCare “to get through clinical trials, regulatory approval and to enter the HIV market allowing people living in remote settings to access life-saving HIV treatment.”
Previously, ChipCare secured one of the largest angel investments for a healthcare startup, raising over $3.25 million from Grand Challenges Canada, Maple Leaf Angels, MaRS Innovation, the University of Toronto’s Connaught Seed Fund, and the Government of Canada.