H|T: The Healthtech Times – Investors bet big on BenchSci

Liran Belenzon, CEO and co-founder of BenchSci.
Plus: What stopped The Canadian Shield from supplying the PPE and tests Canada needs?

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AI drug discovery startup BenchSci scores $63 million Series C round led by Inovia, TCV (BETAKIT)

Sixteen of the top 20 pharmaceutical companies use BenchSci’s tech, including Eli Lilly, Sanofi, Moderna, and AstraZeneca.

Digital pharmacy Alto scores $200M from Softbank Vision Fund (MOBIHEALTHNEWS)

This new funding round brings the company’s total raise to more than $550 million.

Zymeworks stock slumps after struggling Canadian biotech sells US$100-million in highly dilutive share offering (THE GLOBE AND MAIL)

The funding comes at an inopportune time for the company, which was once Canada’s most highly valued biotechnology companies, with a market cap exceeding US$2-billion in 2020.

Toronto shattered venture funding records in 2021 as city grew accustomed to billion-dollar quarters (BETAKIT)

Investment in Toronto tech grew 400 percent in 2021, according to data from briefed.in. In Western Canada, British Columbia’s tech sector reached new heights last year, and Calgary saw strong results as deal volume in the region almost doubled. Elsewhere, Montréal saw its tech funding grow steadily, while Faire and Applyboard accounted for 85 percent of all capital raised by Waterloo Region startups in 2021.

Swiftarc Ventures launches $75M telehealth fund (MOBIHEALTHNEWS)

Swiftarc Telehealth will initially focus on obesity, mental and behavioral health, and pediatric care.

Peloton’s month from hell: layoffs, price hikes, and plummeting stock (BUSINESS INSIDER)

Once a pandemic status symbol, the wheels seem to have come off at Peloton. How price hikes, layoffs, and too many bikes sent the stock spiraling.

Amplitude Ventures, AltaML pen partnership to build AI, biotech companies (BETAKIT)

Edmonton-based AltaML and Montréal’s Amplitude Ventures want to fuel more Canadian AI and biotech companies, penning what they call a “strategic alliance” to source investments as well as projects where they can work together. The partnership follows the more than $200 million close of Amplitude’s precision health fund last year.

Akili inks $1B SPAC deal to take prescription video game tech public (FIERCE BIOTECH)

Less than two years after scoring its first FDA clearance, Akili Interactive is betting big on its digital therapeutic technology.

Healthtech companies face too many challenges breaking into Canada: entrepreneurs (TORONTO STAR)

Those that take their chances at home say breaking into the market in a meaningful way is tough because procurement processes vary wildly across provinces, hospitals, long-term care homes and other medical facilities.

Hyivy Health secures $1.1 million in pre-seed funding to ease women’s pelvic health problems (BETAKIT)

Hyivy Health is developing the first smart, holistic pelvic health rehabilitation product for the one in three women who will develop pelvic health complications in their lifetime.

Suicide hotline shares data with for-profit spinoff, raising ethical questions (POLITICO)

The Crisis Text Line’s AI-driven chat service has gathered troves of data from its conversations with people suffering life’s toughest situations.

Vida Health taps Carroll to lead clinical strategy as company ramps up payer, employer partnerships (FIERCE HEALTHCARE)

Carroll joins Vida Health as its new chief medical officer after serving in the same position at Hims & Hers, where he oversaw all clinical programs, outcomes, patient safety and strategic initiatives.

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Josh Scott

Josh Scott

Josh Scott is a BetaKit reporter focused on telling in-depth Canadian tech stories and breaking news. His coverage is more complete than his moustache.

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