January 19, 2015
FedDev Ontario is investing a total of up to $2.21 million in three medical-related companies in the Greater Toronto area.
Contribution: up to $997,000
7D Surgical Inc. develops surgical navigation technologies to help doctors achieve greater confidence operating in delicate surgical spinal procedures. These innovations allow the surgeon to visualize the accurate position of sub-surface anatomy to guide the placement of interventional devices, such as pedicle screws in the spine. FedDev Ontario's investment leverages up to $3.5 million in private investment, of which $2.989 million is from angel investors. This will enable 7D Surgical to bring to market a new surgical navigation system and surgical tools for spinal fusion surgeries, with the goal of improving overall patient care. The company anticipates creating up to 19 full-time jobs for highly qualified personnel during the project. The company expects to create at least 20 more full-time jobs by 2018.
The repayable contribution is through the Investing in Business Innovation initiative.
Contribution: up to $964,450
MediResource was established in 1996 to develop web- and mobile-based personal health management solutions to serve a broad range of clients, including: pharmacies, employer health plan providers, labs, electronic medical records providers, and provincial ministry of health. MediResource was the first Canadian company to create a comprehensive suite of bilingual, content-rich digital health and wellness products that impact consumer and patient behaviour. It continues to break new ground with innovations such as digital health coaching, delivering its products through the world's most advanced personalization and tailoring platform. Its technology provides the scalability to deliver more effective disease management at a lower cost with fewer resources and improved interoperability. FedDev Ontario's funding will help the company expand its sales office in Toronto and adapt its health and wellness platform for entry into the United States market, including translation of its extensive health libraries to Spanish and regulatory compliance. The company anticipates creating up to 11 new full-time jobs by project completion.
Contribution: up to $250,000
Darcor Ltd. manufactures premium, high-performance industrial casters and wheels, which are used in a variety of industries including the medical industry.
FedDev Ontario funding will help the company buy and install new equipment to expand production capacity, improve efficiency, broaden product offerings and diversify markets. Darcor will create an innovative standardized performance caster as well as introduce a new product line. This will improve its overall competitiveness in key sectors such as the medical industry and in global markets. The company anticipates creating up to four new full-time jobs by project completion and three jobs by 2018.
The repayable contributions for MediResource and Darcor are through FedDev Ontario's Investing in Business Growth and Productivity initiative.
The Investing in Business Innovation initiative aims to strengthen the innovation ecosystem in southern Ontario. It helps new entrepreneurs to become investment-ready through seed financing and skills development. It helps early-stage businesses with a minimum viable product or service to further develop and bring it to market. It helps angel organizations to expand their members and services, which increases private sector investment and mentoring opportunities for businesses.
Funding is available for:
- Not-for-profit organizations that provide skills development and seed financing to new entrepreneurs;
- Innovative, early-stage businesses with less than 50 employees to help leverage angel and capital investments; and
- Southern Ontario-based angel investor networks.
Applications are being accepted and assessed on an ongoing basis. Eligibility requirements and further details are available on the FedDev Ontario website.
The Investing in Business Growth and Productivity (IBGP) initiative focuses on established businesses that have potential to be global players. It also leverages the expertise of not-for-profit organizations to strengthen the productivity and global competitiveness of southern Ontario businesses.
Funding is available to:
- Grow established businesses through facility expansion or improvements;
- Increase business adoption of new technologies and processes to improve productivity; and
- Increase business capacity to participate in global markets, diversify markets and integrate in global value chains.
Applications are being accepted and assessed on an ongoing basis. Eligibility requirements and further details are available on the FedDev Ontario website.
