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!
Brookfield and Sequoia Heritage's reported new fund is well-positioned to scoop up discount tech startups (BETAKIT)
Toronto-based Brookfield Asset Management and Silicon Valley’s Sequoia Heritage have reportedly teamed up to take advantage of the current economic environment, creating "an investment vehicle to capitalize on plunging valuations of venture-backed companies.”
Per the Financial Times, the two companies are investing $250 million USD apiece to found a new company called Pinegrove Capital Partners.
Ozempic maker Novo Nordisk bulks up on weight loss drugs, buying Montréal’s Inversago for $1-billion (THE GLOBE AND MAIL)
Canada’s buoyant biotechnology sector has produced another billion-dollar exit, as Danish pharma giant Novo Nordisk said it will buy Montréal startup Inversago Pharma for its work in the hottest area of the drug business: weight loss.
The Inversago purchase is the latest in a string of US$1-billion-plus takeovers of Canadian life-science companies.
The Advanced Digital and Professional Training (ADaPT) program is a cost-free digital and professional skills development initiative that bridges the employment gap. It equips students in their final semester and post-secondary graduates with in-demand skills for entry-level tech roles.
ADaPT supports a diverse group of talent from varied educational backgrounds, with 81% of participants identifying as belonging to at least one equity-deserving group. Backed by 70+ hours of intensive training, the program exposes participants to tech career pathways.
The ADaPT program is funded by the Government of Canada's Future Skills Centre and led by Toronto Metropolitan University's Diversity Institute in collaboration with TECHNATION Canada.
To support future talent in thriving tech careers within Canada's changing job market and become an ADaPT employer, find out more here.
After only four years in market, OMERS Ventures is pulling out of Europe to focus on North America (BETAKIT)
Pulling out of the European market, OMERS Ventures has opted to refocus its investment efforts on Canada and the United States (US) amid the market downturn.
The retreat comes just four years after OMERS Ventures began ramping up its focus on the region with a €300-million fund for European startups followed closely by its first $750-million USD transatlantic fund.
Going forward, the majority of OMERS Ventures’ new investments will be in North American firms, where it also plans to open a new New York office.
Musk's Neuralink raises $280M in funding led by Thiel's Founders Fund (REUTERS)
Elon Musk's brain chip startup Neuralink has raised $280 million in a funding round led by Peter Thiel's Founders Fund, months after securing approval for its first in-human clinical trial.
The company did not reveal the valuation at which the funds were raised. In June, Reuters reported that the company was valued at about $5 billion after privately executed stock trades.
As startups look to US for capital, Antler's Shambhavi Mishra calls on Canadian VCs to lead more rounds (BETAKIT)
Coupled with geopolitical tensions, rising interest rates, and inflation, funding for startups in Canada and beyond has dried up, leaving some to make layoffs or close up shop.
According to Antler’s director of growth and portfolio Shambhavi Mishra, the fact Canadian founders still find it easier (and faster) to secure capital from the United States is among several taboo topics early-stage founders have raised at Startupfest this year.
Babylon Shuts Down US Operations After Rescue Merger Falls Apart (MEDCITYNEWS)
Babylon Health has closed its U.S. headquarters in Austin, according to a notice the struggling virtual care company filed with the Texas Workforce Commission on Tuesday.
Last year the virtual primary care company reported a net loss of $369.8 million on $1.1 billion in revenue.
Doximity lays off 10% of workforce, stock slides as company downgrades revenue guidance (FIERCE HEALTHCARE)
Doximity, a digital platform for medical professionals, cut its workforce by 10%, or 100 employee positions, and downgraded its revenue guidance as it faces economic pressures and slowing sales among its pharmaceutical customers.
The company's latest financial results beat Wall Street expectations as it continued its streak of strong revenue growth, but was overshadowed by management reducing its fiscal 2024 revenue target by $43 million.
RBCx Capital's 'Capital Whisperer' Sue Umapathy on "return to due diligence" (BETAKIT)
Following the record-breaking peaks for venture funding in 2021, investors’ approach to capital deployment have shifted, with some calling it a “return to due diligence.”
RBCx Capital vice president Sue Umapathy, who’s been given the nickname ‘Capital Whisperer’ by her team, shared the firm’s approach to due diligence with BetaKit, confirming that timelines for that process have been increased.
Amazon to offer reproductive care through partnership with Maven Clinic (CNBC)
Amazon, the United States’ second-largest employer, will now offer fertility and family planning services to employees through a partnership with virtual healthcare focused Maven Clinic.
Maven said it has 15 million lives under management. Amazon will join Microsoft, AT&T, Snap, SoFi, and L’Oreal as companies with partnerships with Maven.
Hims & Hers plans to launch weight loss business by year-end as revenue growth streak continues in Q2 (FIERCE HEALTHCARE)
Hims & Hers, which sells hair loss and sexual health products, saw its top line jump 83% in the second quarter and also announced it was jumping into the booming weight loss market.
The multispecialty telehealth platform connects consumers to medical care for numerous conditions related to mental health, sexual health, dermatology and primary care.
VoxNeuro raises $4.5 million CAD to scale brain performance software across US clinics (BETAKIT)
VoxNeuro, which develops software that measures brain performance, has raised $4.5 million CAD ($3.4 million USD) in all-equity funding as it looks to expand across the United States.
The startup’s chief business officer James Connolly told BetaKit the capital will go towards its sales and marketing efforts, partnerships, and continued development with institutions.
Senator wants Google to answer for accuracy, ethics of generative AI tool (HEALTHCARE IT NEWS)
Sen. Mark Warner has written a letter to Sundar Pichai, CEO of Google parent company Alphabet, seeking clarity into its Med-PaLM 2, an artificial intelligence chatbot, and how it's being deployed and trained in healthcare settings.
Warner questions whether Google is "prioritizing the race to establish market share over patient well-being," and whether the company is "skirting health privacy as it trained diagnostic models on sensitive health data without patients' knowledge or consent."
Where have all the fitness bands gone? (THE VERGE)
For better or worse, the simple fitness bands of just a few years ago aren’t really a thing anymore. The problem is they’ve all got screens.
It’s not just that smartwatches have gotten cheaper. The line between fitness bands and smartwatches has also blurred to the point where it feels like smartwatches offer more value.
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!
