Montréal-based MY01 has received $12.5 million CAD in Series A funding from a group of three Québec-based investors.
The round was led by Investissement Québec, with participation from Desjardins Capital and Fondaction.
MY01 is a medical technology company that uses microsensors to aid physicians in diagnosing acute compartment syndrome (ACS). ACS occurs when muscle pressure builds to dangerous levels. This pressure can decrease blood flow, which prevents nourishment and oxygen from reaching nerve and muscle cells.
MY01’s Continuous Compartmental Pressure Monitor (CCPM) uses a microsensor to translate continuous pressure data to both a monitor and a mobile app, making ACS diagnosis more efficient and accurate. The occurrence of ACS is estimated to be 7.3 per 100,000 in males and 0.7 per 100,000 in females, with the majority of cases occurring after trauma.
MY01 said the funds will primarily be used to expand commercialization activities in the United States (US) and further accelerate the startup’s growth. Currently, its product is undergoing multiple clinical trials with physicians in Canada.
“This investment will support MY01’s goal of becoming the gold standard in the diagnosis of compartment syndrome,” said Charles Allan, CEO of MY01. “Our growth has been significant since our launch in the United States, and this funding will allow us to accelerate our development while improving patient outcomes.”
Allan said that the product was launched in “several major US hospitals” in 2021 shortly following its FDA approval. The FDA also named MY01’s CCPM a “breakthrough device” in the same year, joining a select list of orthopaedic companies to receive this designation since the program began in 2016.
MY01 was founded in March 2015 by Ed Harvey. Currently, Harvey is a scientific advisor to Clinical Innovation Platform, which supports innovative solutions to unmet clinical needs and accelerates the adoption of technologies into the Canadian market. He is also a professor of surgery at McGill University, where he originally conceived the idea for MY01.
Previously, the startup raised an undisclosed amount of seed funding from Anges Québec and three other investors in June 2019, per Crunchbase.
Feature image courtesy Pexels. Photo by Pavel Danilyuk.