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!
Cancer-focused Imagia Canexia Health files for bankruptcy 18 months after merger (BETAKIT)
Imagia Canexia Health billed itself as a “genomics-based cancer treatment testing company that accelerates access to precision care by combining artificial intelligence (AI) expertise with advanced molecular biopsy solutions.”
The Aug. 21 bankruptcy filing comes 18 months after Imagia and Canexia Health reached an agreement to join forces in February 2022 and become Imagia Canexia Health, securing $20 million CAD as part of the deal.
The fall of Babylon: Failed telehealth startup once valued at $2B goes bankrupt, sold for parts (TECHCRUNCH)
It’s the end of the road for Babylon Health, the London telehealth startup once valued at nearly $2 billion after being backed by the likes of the founders of DeepMind and deep-pocketed health insurance companies.
After the company’s U.S. shares became worthless and its operation turned insolvent earlier this month, the U.K. subsidiary of the business formally went into administration. At the same time, the administrators sold a large chunk of its assets to eMed Healthcare UK, a new subsidiary of U.S. company eMed.
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.
Gambit Partners aims to take some of the risk out of early-stage investing by leaning on its LPs (BETAKIT)
Toronto-based venture capital (VC) fund Gambit Partners aims to de-risk pre-seed investing with the help of its limited partners (LPs).
Co-founder Simon Sokol claims that Gambit's assembly of LPs is “uniquely situated” to help early-stage entrepreneurs with hiring, fundraising, and tech problems, noting that Gambit can bring in LPs to analyze prospective investments, solve issues at portfolio companies, or even join them.
Amazon threatened with legal action over sales of ‘unapproved’ drugs (FINANCIAL TIMES)
Amazon is being threatened with legal action from the US medicines watchdog over the sales of “unapproved” drugs on its online site, as the tech giant faces scrutiny while seeking to break further into the $4tn American healthcare industry.
The FDA said Amazon had distributed four such products “directly to individual US consumers on behalf of third [party sellers],” despite there being no legal over-the-counter drugs for a condition it said should not be self-diagnosed or treated.
OMERS Ventures turnover continues with global head Damien Steel joining Deep Sky as CEO (BETAKIT)
At the beginning of 2023, head of venture capital Damien Steel laid out a bold vision for the future of OMERS Ventures. Now, he is leaving the firm.
Steel’s departure is the latest in a series of reversals for OMERS Ventures, which at the beginning of the year announced plans for a fifth fund featuring a unified global investment team. Since then, the firm has pulled out of the European market, losing or terminating multiple managing partners in the process. Now, only two managing partners remain: Yang, and Henry Gladwyn, who moved to New York as part of the London, UK office shuttering.
Unicorn down: Following layoffs, Biofourmis CEO quietly departs (STAT)
A month after conducting significant layoffs, Biofourmis is out a CEO: Kuldeep Singh Rajput, one of the company’s founders, has quietly stepped down from his role.
The Boston-based company was valued at $1.3 billion following a $320 million Series D financing round which closed last summer and brought big names to Biofourmis like CVS Health.
Mysa, ReelData among nominees for Volta's 2023 Ecosystem Impact Awards (BETAKIT)
Halifax-based innovation hub Volta has revealed the nominees for this year’s Ecosystem Impact Awards, which celebrates a group of organizations and individuals who have made significant contributions in Atlantic Canada’s tech ecosystem.
Some notable startups from this year’s roster includes smart-thermostat company Mysa, and ReelData, which uses AI for land-based aquaculture.
Beta Bionics brings in $100M to expand artificial pancreas tech after FDA nod (FIERCE BIOTECH)
In the wake of earning FDA clearance for its insulin pump and automated dosing software, Beta Bionics has secured $100 million in series D equity funding.
The latest funding round easily tops Beta Bionics’ series C, which brought in $57 million in early 2022.
Seven Canadian tech founders dish about their journey running a startup (BETAKIT)
So far, 2023 has been tough for entrepreneurs. Inflation has kept costs high and profits low, and investors have mostly kept their chequebooks closed. But in uncertain times, founders can lean on each other for wisdom and inspiration.
We talked to a diverse group of Canadian tech founders about what motivates them during tough times and the importance of learning from their customers and peers.
Veterinary software company TeleVet rebrands as Otto amid $43M in fresh funding (TECHCRUNCH)
Scheduling medical appointments is challenging enough for humans, so Otto, formerly TeleVet, wants to make it easy to, at the very least, care for our pets.
Buoyed by growth, the company is announcing $43 million in new Series B capital. The new funding gives Otto $48 million in total venture-backed funding.
Intuition Robotics scores $25M to scale AI care companion for seniors (MOBIHEALTHNEWS)
Senior-focused technology company Intuition Robotics, which offers an AI-powered care companion robot for seniors experiencing loneliness, announced it closed a $25 million funding round, which includes $20 million in venture capital and $5 million in debt.
The Israeli-based company created ElliQ, an AI-powered companion for older adults suffering from loneliness. The device utilizes generative AI and large language models to allow continuous conversational experiences with its user.
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!