Toronto’s health tech sector gets Federal funding
$13.4-million to scale up promising health tech businesses - create nearly 500-skilled jobs
The COVID-19 pandemic highlights the critical importance of keeping Canada at the cutting edge of health technology, the Government of Canada is partnering with innovative health tech businesses, and organizations that support them, to nurture promising ideas and talent, while creating good jobs and helping our economy recover from the impact of the global health crisis.
A total FedDev Ontario investment of $13.4 million has been awarded to four Toronto-based recipients to advance health innovation.
The federal government announced a $6.5-million investment for 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 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.
The Toronto life sciences ecosystem abounds with companies that have developed digital solutions aimed at improving the quality of patient care. Today’s announcement also includes a total investment of $6.9 million for MindBeacon Holdings Inc., Cyclica Inc., and Healthism Systems Inc. (InputHealth) to scale up their innovations, including digital mental health treatments, drug discovery software powered by artificial intelligence 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. For additional project details, please see the backgrounder.
“Supporting made-in-Canada health solutions is critical to solving the challenges we are facing today, while helping our economy recover. 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 health care innovation as we work to build back better and stronger,” Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario.