FedDev contributes to expansion of Cloud DX
February 17, 2021
KITCHENER, Ont. – FedDev Ontario announced an investment of $500,000 for Cloud DX Inc. (Cloud DX), a medical technology company that delivers Remote Patient Monitoring solutions for global healthcare providers.
Hospitals and medical clinics across North America use Cloud DX’s innovative Connected Health Kit™ to remotely and securely monitor patients’ vital signs, blood pressure, temperature, respiration and more as an alternative to traditional face-to-face outpatient programs, especially for patients in remote communities.
“Cloud DX is honoured to receive this continued strong support from FedDev Ontario as we advance our innovation strategy and bring to market an affordable, highly accessible solution for virtual care and digital medicine,” said Robert Kaul (pictured), founder and CEO, Cloud DX. “With COVID-19 still a tremendous threat, it is more vital than ever that doctors and nurses have access to highly accurate diagnostic and monitoring tools to keep patients well at home, out of hospitals and away from emergency rooms.”
He added, “We are particularly pleased to accept this support in order to grow our sales in the U.S. market, where remote physiological monitoring is fully reimbursed by U.S. Medicare. Showing that made-in-Canada technology is already making a difference for patients in the United States as well as at home in Canada is the fulfillment of our long-term strategy to become a global leader in virtual care.”
With FedDev Ontario support, Cloud DX will expand in Canada and the United States and upgrade its next generation Cloud DX Connected Health platform to seize new opportunities resulting from the growing demand for Remote Patient Monitoring driven by COVID-19. These technologies will offer a safer alternative to in-office care as social distancing measures remain in place.
This project will leverage an additional $4 million in private sector investment, and significantly increase Cloud DX’s international customer base and export sales. In addition, the company expects to create 15 skilled jobs in Waterloo Region, growing its team to 41 employees.
Established in 2014, Cloud DX empowers patients to transmit information securely while also receiving diagnostic results from the comfort of their own homes. Its complete remote patient monitoring platform incorporates proprietary medical devices, mobile apps, clinical dashboards, artificial intelligence and EMR integration.
In 2017, Cloud DX received the “Bold Epic Innovator Award” as one of three winners of the Qualcomm Tricorder XPRIZE – a high-profile international innovation competition.
In June 2020, Cloud DX was awarded $1.75 million in NGen funding to support fast-track regulatory approval and transition to manufacturing of its next-generation Remote Patient Monitoring products.
Cloud DX was recently awarded co-investment from the Digital Technology Supercluster to pilot the Stronger Together project, alongside Vancouver-based Curatio Inc. Stronger Together is delivering peer support, coaching and remote monitoring to patients undergoing surgeries, as well as people suffering from chronic illnesses, including COVID-19.
Since November 2015, FedDev Ontario has invested over $161 million in more than 130 projects in Waterloo Region towards total project costs of nearly $480 million.