Emerging tech solutions aim to benefit older adults and people living with dementia
Toronto, ON – Sept 14, 2021 – The Centre for Aging + Brain Health Innovation (CABHI), powered by Baycrest, announced today it will invest $1 million to support five early-stage Canadian healthtech companies whose solutions improve the lives of older adults, people living with dementia, and their caregivers.
Funding is provided through CABHI’s Mentorship, Capital, and Continuation (MC2) Capital program, in partnership with National Bank. Canadian healthtech companies often face an early-stage funding gap, especially compared to their U.S. counterparts. Through its MC2 Capital program, CABHI helps close this gap by providing access to capital and enabling access to buyers, subject matter experts, and international markets such as those in the US, Japan, Israel, or the UK.
Each of the five participating companies will receive an investment of up to $300,000 and access to CABHI’s acceleration services to help grow and scale their solution. Companies were selected through a competitive application process that included presenting at the CABHI Summit 2021 pitch competition earlier this year.
The five companies are all Ontario-based, or have headquarters or traction in Ontario. They are:
- HealthTech Connex, developer of the innovative medical device the NeuroCatch® Platform that offers a rapid and objective evaluation of cognitive function at the point of care;
- ManagingLife, developer of the clinically validated Manage My Pain digital solution that helps people and their care teams manage chronic pain;
- NERv Technology, whose sensory platform detects complications following abdominal surgeries;
- Steadiwear, whose responsive glove stabilizes the wrist joint to reduce hand tremors in those living with Essential Tremor and Parkinson’s disease; and
- Welbi, whose resident experience platform is designed to reduce social isolation in senior living communities.
CABHI’s MC2 program has an established track record of helping companies acquire customers, grow revenues, expand sales pipelines, incorporate into new jurisdictions, and secure venture capital or incremental financing. To date, more than 50% of all CABHI companies have secured follow-on investment, for a total of $274+ million.
“Through initiatives such as CABHI’s MC2 program, the Ontario government is aiding promising Canadian healthtech companies to scale and grow at an accelerated pace, to help stimulate Ontario’s economy and enhance collaboration in the aging and brain health sector,” said Jill Dunlop, Minister of Colleges and Universities. “But more importantly, this investment in innovative new technologies and solutions will go a long way in improving the lives, well-being and care of seniors and people who are living with dementia.”
“The COVID-19 pandemic weighed heavily on our healthcare and long-term care systems, increasing the need for age-tech solutions that decrease costs and improve system efficiencies – but funding opportunities have lagged behind this need,” says Dr. Allison Sekuler, Managing Director, CABHI, Sandra A. Rotman Chair in Cognitive Neuroscience and Vice-President of Research, Baycrest. “CABHI’s MC2 Capital program allows promising homegrown companies to maintain and grow their roots in Ontario and in Canada, while increasing opportunities to spread and scale their solutions. CABHI’s support ensures the economic and social benefits of these solutions impact the people who need them the most – right here in our own backyard and around the world – improving the quality of life of older adults, people living with dementia, and their caregivers.”
CABHI gratefully acknowledges the support of its funders: the Government of Ontario through the Ministry of Colleges and Universities, the Government of Canada through the Public Health Agency of Canada, and the Baycrest Foundation.
To learn more about CABHI’s work, visit www.cabhi.com.
A solution accelerator for the aging and brain health sector, CABHI provides funding and support to innovators for the development, testing, and dissemination of new ideas and technologies that address unmet brain health and seniors’ care needs. Established in 2015, it is the result of the largest investment in brain health and aging in Canadian history. CABHI is a unique collaboration of health care, science, industry, not-for-profit and government partners whose aim is to help improve quality of life for the world’s aging population, allowing older adults to age safely in the setting of their choice while maintaining their cognitive, emotional, and physical well-being.
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