Feds invest $13 million in GTA health tech

TORONTO – Earlier this month, Mélanie Joly (pictured), federal Minister of Economic Development and Minister responsible for FedDev Ontario, announced a FedDev Ontario investment of $13.4 million for four Toronto-based organizations to advance healthcare innovation.

An investment of $6.5 million will be awarded to Toronto Innovation Acceleration Partners (TIAP), a membership-based organization of top universities and major research hospitals and institutes in Ontario working together to advance health science technologies by supporting companies from discovery to market.

Funding will allow TIAP to expand its programming and reach to create a network aimed at scaling high-growth health and life sciences companies with a focus on three key areas: therapeutics, artificial intelligence (AI) and medical technology.

Through this project, TIAP expects to create more than 400 highly skilled jobs, scale up 32 life sciences companies, and support at least six companies to become anchor firms in the southern Ontario life sciences sector.

As well, a total of $6.9 million will be invested in MindBeacon Holdings Inc., Cyclica Inc., and Healthism Systems Inc., the creator of the InputHealth platform.

The investment will help the companies to scale up their innovations, including digital mental health treatments, drug discovery software powered by AI and software solutions for greater patient engagement and coordination of care.

In total, these three projects are expected to create 84 skilled jobs in the Toronto region.

“Supporting made-in-Canada health solutions is critical to solving the challenges we are facing today, while helping our economy recover,” said the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario.

“These investments from FedDev Ontario will help some of our most promising health companies advance their innovative technologies, while creating good jobs for Canadians and helping Canada stay at the forefront of healthcare innovation as we work to build back better and stronger.”

Since November 2015, FedDev Ontario has invested nearly $434 million in 832 projects across the Toronto region.