H|T: The Healthtech Times – Deep Genomics adds life sciences veteran, Papa loses major contracts

Plus: Digital health, health IT funding slumped in Q2, but some bright spots remain.

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Deep Genomics adds life sciences veteran as CEO to support its evolution into biopharma firm (BETAKIT)

Toronto-based artificial intelligence (AI) drug development startup Deep Genomics has hired Brian O’Callaghan as its next CEO, replacing company founder and CEO Brendan Frey.

O’Callaghan brings an extensive knowledge of biotechnology, pharma, and clinical research organizations to Deep Genomics while Frey will shift to chief innovation officer and remain on Deep Genomics’ board of directors.

Eldercare Startup Papa Loses Contracts With Major Health Insurers (BNN BLOOMBERG)

Several major US health insurers are declining to renew contracts with the eldercare startup Papa for the upcoming year after a Bloomberg Businessweek report detailed extensive allegations of abuse from seniors who rely on the service, and its workers.

The insurers’ decisions not to renew partnerships with Papa means the startup is losing some of the deals that make up its primary form of business.


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Inovia announces $34-million CAD Discovery Fund for early-stage VCs (BETAKIT)

Montréal-based Inovia Capital has launched its first Discovery Fund, closing $34 million CAD ($25 million USD) to invest in emerging North American venture capital (VC) fund managers focused on pre-seed and seed-stage startups.

The Discovery Fund formalizes Inovia’s existing efforts to invest in emerging VC firms as many face difficulties fundraising.

Digital health, health IT funding slumped in Q2, but some bright spots remain, PitchBook finds (FIERCE HEALTHCARE)

Digital health and health IT funding continued to decline in the second quarter of 2023, according to two new reports from PitchBook.

Digital health VC deal flow hit a new low, though several strong segments persisted, according to the other. The numbers show that private equity activity remains muted despite investor interest, according to PitchBook's analysis.

CCI calls for Parliamentary Technology and Science Officer to help get AI regulation right (BETAKIT)

A new report on the artificial intelligence (AI) sector warns that while Canada is well-positioned with personnel and leading research in the area, Canadian companies face significant barriers as they scale up.

The Council of Canadian Innovators (CCI) contends that a lack of Canadian companies scaling up is leading to many of the benefits created from public investment in research and training in AI flowing to firms outside of Canada.

Canadian SPACs still hope for deals as investors pull cash (THE LOGIC)

Investors in Canadian-backed SPACs are pulling their money, as the blank-cheque companies face deadlines to close merger deals. Some Canadian SPACs have simply liquidated and delisted from public stock exchanges.

Lava Medtech Acquisition Corp., backed by Toronto-based biotech VC firm Lumira Ventures, is among the growing list of SPACs that have liquidated their assets and delisted from U.S. stock exchanges after failing to find merger targets.

How CIOs can prepare for the "tectonic change" of generative AI (BETAKIT)

Nearly every company leader in the world is thinking about the potential opportunity—and risk—of generative AI for their business and customers.

In an interview with BetaKit, Coveo CEO Louis Têtu shared takeaways from his world tour, the growth in AI-enabled experiences, and how CIOs can prepare for the “tectonic change” of generative AI.

Will the DEA, finally, set up a special registration for telehealth prescribing? Doctors and lawmakers say it's long overdue

With an ongoing shortage of mental health providers, particularly in rural areas, requiring patients to see doctors in-person to get prescriptions for controlled drugs severely restricts access to care and could increase patient harm, telehealth leaders and doctors told officials at the Drug Enforcement Administration (DEA) on Tuesday.

Elevate gears up for 2023 tech festival, unveils full schedule and list of speakers (BETAKIT)

Elevate Festival, which is set to return to Toronto in two weeks for its fifth annual event, has unveiled its full schedule and speaker list.

Elevate 2023 headliners include Canadian deputy prime minister and minister of finance Chrystia Freeland, former CTV National News chief anchor Lisa LaFlamme, Sweet July founder and CEO Ayesha Curry (spouse to NBA star Stephen Curry), and retired astronaut and Elevate co-chair Chris Hadfield.

Digital health startup Akili cuts staff by 40%, abandons prescription model (BIZJOURNALS)

Akili will no longer pursue prescriptions for its digital therapeutics, instead switching entirely to over-the-counter, direct-to-consumer sales.

The business model change means Akili will no longer need its existing field sales force or market access employees. Consequently, the company is laying off about 40% of its staff.

MedStack gears up to help digital health startups in Europe navigate GDPR compliance (BETAKIT)

Toronto-based healthtech startup MedStack has announced that it is compliant with Europe’s General Data Protection Regulation (GDPR) and able to help customers meet GDPR standards.

First rolled out in 2018, the European Union (EU) GDPR is widely regarded as the most stringent data privacy law in the world. GDPR aims to unify rules for how companies handle European citizens’ data.

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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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