The Pacific Economic Development Agency of Canada (PacifiCan) has announced $18.3 million in funding to help seven British Columbia (BC)-based companies grow.
Life sciences firm HealthTech Connex, one of the largest recipients, will get more than $3.7 million. The company makes a brain imaging device, the NeuroCatch Platform, which it claims can evaluate cognitive function in about six minutes by measuring the brain’s responses to auditory stimuli. PacifiCan says this funding will help HealthTech Connex bring the hardware to market in North America as well as Australia, Europe, and New Zealand.
The NeuroCatch Platform claims to evaluate cognitive function in about six minutes by measuring the brain’s responses to auditory stimuli.
This investment will “greatly help” the NeuroCatch rollout, according to HealthTech Connex co-founder Ryan D’Arcy. It comes from PacifiCan’s Business Scale-up and Productivity (BSP) program as well as the Jobs and Growth Fund.
Other investments aren’t technology-related. The largest recipient, Abbotsford-based EggSolution Vanderpol’s, is receiving $5 million to grow its egg processing business.
Harjit Sajjan, the Minister responsible for PacifiCan, characterized the investments as important for BC’s future.
“British Columbians are known around the world for innovation,” Sajjan said. “Business leaders across the province are transforming industries like agriculture and digital technology. PacifiCan is here to support these businesses. The investments announced today will strengthen BC companies’ competitiveness and help to ensure long-term prosperity for all British Columbians.”
Surrey Mayor Brenda Locke also claimed the Healthtech Connex funding will “improve healthcare access” and dovetails with the city’s goal of “fostering a vibrant economy.”
The federal government maintains that the overall funding will create more than 270 jobs while growing the BC economy and extending its reach. PacifiCan, the Canadian government’s economic development agency for the province, doles out repayable funding to “high-growth” companies it believes have innovative products and services.
In March 2023, the organization provided $25.7 million in funding to 10 companies and organizations in Vancouver. PacifiCan claimed this would create more than 500 jobs at a time when startups were dealing with funding crunches that led to mass layoffs.
Other PacifiCan contributions have included more technology companies. A March 2024 round poured almost $14 million into seven tech companies and organizations, including Clarius Mobile Health, CarboNet, and the BC Tech Association. More recently, an October 2024 collaboration with PrairiesCan gave $17.7 million to 10 technology businesses split between Richmond, BC and Calgary.
This latest funding also comes as Canadian healthtech is receiving more attention and funding. Last November, Pender Ventures closed a partially healthtech-focused VC fund at $100 million. A month later, BC innovation organizations invested $9.2 million in projects that included life science work.
Most recently, health hardware has received a significant boost. Calgary’s RetinaLogik closed a $1.1-million financing round at roughly the same time as it received Health Canada approval for its portable eye testing solution. Eli Health also won a CES 2025 award for its home-based hormone measuring device.