H|T: The Healthtech Times – Recursion secures $50M from Nvidia following Canadian drug-discovery acquisitions

recursion logo on sign outside of brick building
Plus: Ditch Labs wants to treat nicotine addiction with tech.

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After buying Cyclica and Valence, Recursion secures $50 million USD from Nvidia for drug discovery (BETAKIT)

Computing giant Nvidia has invested $50 million USD in Recursion to fuel the development of its artificial intelligence drug-discovery technology.

The investment follows Recursion's acquisition of two emerging Canadian AI drug-discovery companies in Toronto's Cyclica and Montréal-based Valence Discovery, and its new Canadian headquarters in Toronto.

Causaly, an AI platform for drug discovery and biomedical research, raises $60M (TECHCRUNCH)

Causaly, a London startup that has built an AI platform to help researchers accelerate the development and testing of drugs, has raised $60 million, a Series B that will be going toward R&D and to continue building out its team.

That deal underscores the immense amount of money that is being pumped into the AI drug discovery space — overall there have been billions put into startups in the field.


Elevate Festival offers 50% off for Startups until July 30, 2023

Elevate Festival was built to amplify and connect startups, so this summer, Elevate and Moneris have teamed up to offer a limited-time deal for startups.

Until July 30th, startups can take advantage of 50% of Elevate Festival Startup passes. That means that if you run or work at a startup, you will have the opportunity to get a 3-day Startup pass for only $125!

Hear from the world’s most innovative minds, meet with Canada’s leading investors, source leads, pitch on stage, network in the Startup lounge, connect with fellow founders at evening socials, and more!

Book Now!


Well Health adds anesthesia subsidiary CarePlus Management in its latest acquisition (BETAKIT)

Following its acquisition of Atlanta, Ga.-based CarePlus Management, Well Health has revised and increased its annual revenue guidance.

In conjunction with the deal, Well Health increased its annual revenue guidance for 2023 to be between $740 million and $760 million and reiterates its annual adjusted EBITDA guidance to exceed 10 percent annual growth.

Judge dismisses class-action lawsuit against Teladoc (MOBIHEALTHNEWS)

A federal judge dismissed a securities class-action lawsuit filed against virtual care company Teladoc Health pertaining to its $18.5 billion merger with chronic care company Livongo.

The suit alleged the virtual care company's representatives misled investors by downplaying the challenges it faced integrating Livongo after it acquired the chronic care company.

Ditch Labs secures $3.25 million to treat nicotine addiction with tech (BETAKIT)

Armed with $3.25 million CAD in seed funding, Montréal-based healthtech startup Ditch Labs wants to help smokers wean themselves off nicotine with its dual hardware-software solution.

The startup aims to address the physiological and psychological impacts of nicotine addiction simultaneously.

AI-enabled senior care company CarePredict scores $29M (MOBIHEALTHNEWS)

AI-powered senior-focused digital health company CarePredict announced it scored $29 million in Series A-3 investment.

CarePredict offers an AI-enabled platform for senior care, combining wearable technology, indoor location tracking, deep machine learning and predictive analytics.

Tapping into Vaughan's emerging world-class healthcare hub with Mayor Del Duca (BETAKIT)

The Cortellucci Vaughan Hospital sits on more than 80 acres of undeveloped land.

Vaughan Mayor Steven Del Duca—along with Council colleagues, Mackenzie Health, York University, and ventureLAB—has a plan to turn that land into a world-leading medical innovation hub.

Verifiable validates its healthcare credentialing software with another $27M (TECHCRUNCH)

Verifiable is automating the healthcare credentialing and compliance process, which aims to verify a provider’s background information, skills and competency levels, and its development of provider network management software got a $27 million Series B boost.

Affect Therapeutics Secures $16M for Digital Addiction Recovery Platform (MEDCITYNEWS)

Digital addiction treatment provider Affect Therapeutics raked in $16 million of Series A financing, which it will use to grow its footprint, the startup announced.

Report: Canada saw over 30,000 tech workers immigrate while losing nearly 1,700 to the US (BETAKIT)

Canada saw an intake of over 30,000 tech workers from abroad within the last year, a new report from the Technology Councils of North America (TECNA) and Canada’s Tech Network (CTN) found.

Additionally, the report found that Canada “largely” benefits from investment of American tech companies as they expand or relocate to Canada.

Big Health to acquire Limbix, maker of digital therapeutics for teenage mental health (FIERCE HEALTHCARE)

Big Health, a maker of digital therapeutics, announced it was acquiring Limbix, creator of digital therapeutics for adolescents.

The transaction will expand Big Health’s portfolio of existing products, including Sleepio for insomnia and Daylight for anxiety, with Limbix’s SparkRx and another adolescent product in development targeting anxiety.

Alberta Technology Minister's mandate letter appears to support reducing restrictions on title 'software engineer' (BETAKIT)

In her mandate letter, Alberta Premier Danielle Smith appears to task the provincial Minister of Technology and Innovation, Nate Glubish, with ensuring "appropriate governance of software engineers that will not hamper the efforts of tech companies to attract these needed-professionals from competing jurisdictions.”

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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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