H|T: The Healthtech Times – A collective $29 million committed to Canadian AI healthtech integration

Plus: US mental health startup Headway raises $125 million at $1 billion valuation.

The Healthtech Times is a weekly newsletter covering healthtech news from Canada and around the globe.

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Scale AI announces $21 million for nine Canadian AI healthcare projects (BETAKIT)

At the ALL IN conference in Montreal, the federally funded innovation organization Scale AI announced a $21-million investment across nine separate Canadian artificial intelligence (AI) projects focused on optimizing healthcare logistics and resources.

A common denominator among most of the projects is the need to manage scarce resources in a sector facing a chronic budgetary strain, high community needs, and a persistent labour shortage.

US mental health startup Headway raises $125 million at $1 billion valuation (REUTERS)

Headway, a healthcare tech startup that connects patients and in-network therapists, has raised $125 million in Series C funding which valued the company at $1 billion.

Based in New York, Headway's platform connects patients with therapists and psychiatrists who can provide care covered by insurance. It also offers billing and claims software for providers.


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Alberta Innovates opens applications to $8 million program for AI integrations into provincial health system (BETAKIT)

Alberta Innovates has launched the enabling better health through artificial intelligence (AI-Better Health) program to demonstrate practical uses of artificial intelligence (AI) in a healthcare system.

The up-to-$8 million program is seeking applicants who “can explore how breaking down barriers will help realize the benefits of artificial intelligence within Alberta’s health system,” with individual project funding able to receive up to $800,000 over three years.

7wireVentures Launches $217M Digital Health Fund (MEDCITYNEWS)

7wireVentures, one of the United States’ biggest digital health-focused venture capital firms, launched a $217 million fund on Tuesday — its largest to date. The closing of the fund brings the Chicago-based firm’s assets under management to more than $500 million.

Its thesis, which drives the firm’s investing strategy, posits that technology, shared data and aligned incentives can empower patients with the knowledge and resources they need to manage their own health.

Business getaway marketplace RetreatsAndVenues takes first prize in New Ventures BC 2023 startup competition (BETAKIT)

New Ventures BC has given out $250,000 in prize money to the winners of its 23rd annual startup competition, presented by Innovate BC.

A couple of $10,000 prizes were given to healthtech startups. The regional startup prize went to Joni, a period care brand that’s increasing access to sustainable menstrual products. Meanwhile, the woman-led venture award went to Ginger Desk, a startup which provides on-demand virtual admin support for health practitioners.

Digital health investments shift to disease treatment, workflow solutions and VBC in Q3: Rock Health (FIERCE HEALTHCARE)

Digital health founders and investors continue to face a tighter funding cycle with fewer deals and lower check sizes. However, several sectors are emerging as bright spots as investors show an interest in startups exploring new treatment pathways and tackling nonclinical workflow solutions.

In the third quarter of 2023, U.S. digital health startups raised $2.5 billion across 119 deals, the second-lowest quarter by funding total since the fourth quarter of 2019, according to an analysis by Rock Health, a venture fund dedicated to digital health.

Ecosystem fears cleantech funding gap as ISED pauses SDTC funding after mismanagement investigation (BETAKIT)

The Government of Canada has suspended Sustainable Development Technology Canada (SDTC) from funding new projects following the conclusion of a third-party investigation into allegations of mismanagement at the federal cleantech investment agency.

Canadian investors BetaKit spoke to said even a temporary pause on new SDTC funding could have a significant impact on Canada’s early-stage cleantech startups, at a time when venture and debt financing have become even harder to secure, and cleantech capital and companies are already fleeing south.

Verily lands $38 million deal with CDC for wastewater surveillance (STAT)

Alphabet’s life sciences company Verily has scored its first Centers for Disease Control and Prevention contract, a high profile job leaders hope will boost its brand in public health as well as its nascent wastewater surveillance business

The $38 million contract comes as Verily struggles to turn a profit among various disparate health care offerings, like value-based care analytics for health systems and clinical trial software.

Health tech companies Commure, Athelas unveil merger plans to drive automation, LLM tech into health systems (FIERCE HEALTHCARE)

Healthcare technology company Commure plans to merge with Athelas, a provider of healthcare workflow automation software, to grab a bigger piece of the health system market.

Without disclosing financial terms, the merger is said to combine Athelas’ large language model expertise and Commure’s scaled software and hardware solutions, according to executives.

Your finance team isn't immune to digital transformation (BETAKIT)

In a recent conversation with Zoho, a cloud software provider for businesses, Julian Weber, CEO of SELISE Digital Platforms, shared his journey and how he digitized his finance function in a way that helped grow the business.

Midi Health Snags $25M Led by Google Ventures (MEDCITYNEWS)

The lion’s share of investment in women’s health is related to fertility and maternal care. That leaves a major gap in caring for women after their fertile years.

Midi Health, a virtual clinic that wants to fill that gap, closed its $25 million Series A funding round Wednesday.

Failed biotech gives a rare peek inside the tough breaks — and tough choices — that led to its demise (STAT)

It was spring 2020, and Histogen, a small biotech with big ambitions to regenerate tissues throughout the body and turn a profit in the process, had just gone public. The company’s leadership believed they were poised for success — until everything slowly and irreversibly fell apart.

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Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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