The Healthtech Times is a weekly newsletter covering healthtech news from Canada and around the globe.
Subscribe to H|T using the form at the bottom of this page to ensure you don’t miss out on the most important healthtech news every week!
Garmin Canada to expand Alberta presence, hire for 200 STEM jobs (BETAKIT)
The American GPS and wearable technology company said the expansion will nearly double its existing employee base in Cochrane. Construction on the new floor will begin early spring this year, towards the goal of opening in spring 2024.
CVS reaches $10.6 billion deal to buy clinic owner Oak Street Health (WALL STREET JOURNAL)
The all-cash deal, for $39 a share, is expected to close in 2023, the companies said Wednesday.
Atlantic Canada healthtech firms NovaResp, SiftMed, The Rounds secure funding (BETAKIT)
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.
Apply to the Centre for Aging + Brain Health Innovation (CABHI)’s MC² Capital, in partnership with National Bank. MC² Capital supports early-stage Canadian healthtech and fintench companies to grow, scale, and #getmarketready with an investment of up to $400,000.
Companies may also access additional investment of up to $400,000 from the Ontario Brain Institute, commercialization and funding support from Ontario Bioscience Innovation Organization, and business financing from Clearco.
To date, CABHI founders and companies have secured more than $400M in carry-on investments and more than 50% of CABHI companies have received follow-on funding.
Could your startup be next?
Tonal in talks to raise funding that could slash its valuation, considers CEO Change (BNN BLOOMBERG)
The company is in talks for funding that would value it at $500 million or lower, the people said, asking not to be identified because the matter is private. That’s a deep cut compared to last year’s $1.9 billion valuation, reflecting the slowdown in the home fitness industry, but talks are still ongoing and the number could change.
Mark Usher named CIBC Innovation Banking lead after Mark McQueen announces departure (BETAKIT)
Like McQueen, Usher joined CIBC with the acquisition of Wellington Financial in 2018. He has served as a key member of the leadership team and has been pivotal in building the Innovation Banking business.
Labor marketplace ShiftMed secures $200M to solve nursing shortage (TECHCRUNCH)
ShiftMed said the new funding will be used to expand its national footprint to narrow that gap in needed personnel. Its mobile and cloud-based software provides perks to nurses like guaranteed shifts, instant or next-day pay, transportation via Uber Health and health benefits.
Federal government offers premiers $46-billion over 10 years, far short of demand for $28-billion per year (THE GLOBE AND MAIL)
Over the next decade, just under half of the new federal money would go toward the baseline funding that is sent to provinces and territories through the Canada Health Transfer, and $25-billion would go toward bilateral deals.
Report maps Indigenous representation in BC tech, calls for need to address systemic barriers (BETAKIT)
The report examines labour market opportunities and constraints, skills development gaps, and perceptions about Indigenous employment and training across all sectors of BC’s economy – both from an Indigenous and industry perspective.
GE HealthCare snaps up ultrasound AI maker Caption Health (FIERCE HEALTHCARE)
Already on its second acquisition deal since leaving the General Electric nest, GE HealthCare is set to add Caption Health’s artificial-intelligence-powered ultrasound guidance technology to its own multibillion-dollar ultrasound portfolio.
Mental health startup Mindstrong is closing its Menlo Park HQ and cutting its CEO and 127 employees (SILICON VALLEY BUSINESS JOURNAL)
Mindstrong, which has already warned that it's ceasing its patient services, is cutting its top brass and shuttering its HQ.
Winnipeg-based Cerebra to assist with provincial sleep test backlog (BETAKIT)
The partnership comes as part of Manitoba’s Request for Supply Arrangement (RFSA) process, which was employed by the province in the summer of 2020 to begin addressing Covid-related backlogs.
Wheel lays off more than a quarter of its staff (MOBIHEALTHNEWS)
The telehealth staffing and services startup confirmed it laid off 56 employees. It conducted an earlier round of layoffs over the summer.
Senators probe Cerebral, other telehealth players over sharing user information with Facebook, Google (FIERCE HEALTHCARE)
Specifically, the lawmakers are responding to a report by Stat and The Markup that found dozens of telehealth companies are tracking and sharing sensitive and personally identifiable health data with third-party social media and online search platforms such as Google and Facebook.
Subscribe to The Healthtech Times
Don’t forget to subscribe to The Healthtech Times using the form below to make sure it hits your email inbox every week!
