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ChipCare closes oversubscribed $5 million series A financing

With lead investment from Puffin Partners, the Ontario, Canada-based company is taking lifesaving blood-testing technology to low- and middle-income countries

ChipCare device
ChipCare’s technology will provide simple-to-use, mobile, lab-quality blood testing for remote health settings. The University of Toronto start-up company’s first HIV-related test, targeted at linking people with HIV to appropriate treatments, is scheduled to hit the market in late 2016.

TORONTO, March 3, 2015 — ChipCare Corporation, a University of Toronto start-up company commercializing a handheld, blood-testing platform for HIV and other infectious and non-communicable diseases has closed a $5.045 million Series A financing to bring its first-generation product to market while further developing the platform’s next generation products.

The Wall Street Journal‘s Venture Capital Dispatch blog, Yonge Street Media, BetaKit and PEHub covered this announcement, along with the University of Toronto’s news site and a follow-up BetaKit article on how smartphones and start-ups are increasing access to healthcare. Information about past ChipCare  investment rounds and other company information is available in our ChipCare news archive.

Insufficient access in remote health settings to simple, accurate and affordable diagnostic tests makes it difficult to provide timely, evidence-based clinical care. Current technology within central laboratories cannot fulfill the existing need in remote health settings, including community level health facilities, remote communities, emergency departments, ICUs and doctors’ offices. The result is millions of preventable deaths from infectious and non-communicable diseases globally, reduced economic growth, and limited human development.

Chipcare CorporationChipCare’s technology will provide simple-to-use, mobile, lab-quality blood testing in remote health settings. The company’s first HIV-related test, targeted at linking people with HIV to appropriate treatments, is scheduled to hit the market in late 2016. The company is developing other products that leverage unique attributes of ChipCare’s technology.

Puffin Partners, LP, of Dallas, Texas led the financing round, which includes existing investors MaRS Innovation and Maple Leaf Angels, and new investors, including the Winfield Venture Group, Epic Capital, and additional Canadian and U.S. Angel investors.

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UTEST announces third cohort of U of T software start-ups

Products range from wearable digital coaches to socially-drive financial investment tools

utestTORONTO (Dec. 2, 2014) — The University of Toronto Early-Stage Technology (UTEST) incubator, co-directed by U of T’s Innovations & Partnerships Office (IPO) and MaRS Innovation, has announced its third cohort of computer science start-up companies.

Betakit and Electronic Products &Technology covered this announcement; TechVibes featured Syncadian and Onyx Motion in recent features. The U of T magazine also featured Syncadian and CEO Hanna Janossy in this recent profile.

The five companies and the diverse sectors they target are (scroll for full company descriptions):

  • FlatFab Inc. — 3D printing (designing 3D objects that print in 2D)
  • ICE3 Power Technologies Inc. — hardware (universal charger for portable devices)
  • Onyx Motion Inc. — wearables (digital coaching)
  • Nvest Inc. — financial investing (socially-driven stock recommendations)
  • Syncadian Inc. — digital health (fatigue management for enterprise clients)

Past graduates include Whirlscape, TrendMD, Crowdmark, eQOL and Granata Decision Systems, among others.

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The Varsity on UTEST and start-up culture at U of T; Whirlscape launches new Minuum smartwatch demo

utest“Start-up culture is fast taking hold at U of T, with an array of incubators and accelerators providing student entrepreneurs the resources and mentorships required to get their businesses up and running,” writes Ameya Charnalia of The Varsity, the University of Toronto’s student newspaper.

Charnalia’s article focuses on new student-focused incubators, such as the UTEST program, which provide entrepreneurs cash, access to in-house expertise, working space and mentorship to advice their ideas.

It appeared in the same week that recent UTEST graduate Whirlscape released a new demo video showing their Minuum keyboard technology running on a LG G watch, which is also an Android Wear device. The announcement was covered in TechCrunch, engadget, Pocketnow, Android Police, SlashGear, BGR, Mobile Syrup, 9to5Google, and DroidLife, among other tech blogs.

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U of T names inventors of the year, celebrates top innovators

UTEST companies and MaRS Innovation partnership recognized along with this year’s honourees

University of Toronto

A better keyboard for mobile devices, intelligent traffic lights to tackle traffic jams, a more ecofriendly way to make nanoparticles for applications such as solar cells and agriculture, and an artificial neural network that improves the way computers learn.

These four inventions took top honours May 21 at the University of Toronto Celebrates Innovation event.

Mobile Syrup covered Whirlscape’s involvement in this event. Read the story.

utestThe annual event, which has previously honoured the university’s top inventors of the year, has widened its scope. This year, in addition to naming the top inventors of the past year, U of T honoured people and companies working on everything from apps to help the disabled to a printer that prints human skin for wound dressing. It also recognized the financial support of the Connaught Fund for several programs that support innovation.

“This year is extra special,” said Professor Paul Young, U of T’s vice-president, research and innovation. “We decided to bring into the fold some of the other competitive innovation programs. U of T is home to some of the world’s most creative and entrepreneurial innovators, so these competitions were fierce.”

The 2014 inventors of the year are:

  • Will Walmsley, a recent graduate of the Department of Mechanical and Industrial Engineering, who was cited for his development of the Minuum keyboard. Dubbed “the small keyboard for big fingers,” it provides a full keyboard for mobile devices using very little space, allowing users to type quickly and use gesture shortcuts.
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UTEST Featured in BetaKit’s The Accelerator Series

utestThe University of Toronto Early Stage Technology (UTEST) program was the focus of a recent online article in BetaKit, a Canadian innovation and technology resource.

The article by Joseph Czikk, BetaKit’s managing editor, is part of a series on Canada’s most promising start-up accelerators and the people who  make them successful. Czikk highlights UTEST “as one of the most value-packed programs in the entire country” and credits the calibre of applicants and ideas to the program’s requirement to have at least one co-founder affiliated to the University of Toronto.

UTEST is now accepting applications for the program’s third cohort. Those interested should watch for updates through MaRS Innovation and the University of Toronto, or contact UTEST co-directors Mike Betts and Kurtis Scissons for more information.

UTEST success stories Crowdmark, Granata Decision Systems and Whirlscape reflect the scope of ideas that come through the program and how the grow to address needs across many industries.

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ChipCare’s handheld analyzer attracts one of Canada’s largest-ever healthcare angel investments

Device could significantly improve HIV diagnostics in developing world

Chipcare CorporationOTTAWA, September 16, 2013 — An innovative, handheld point-of-care analyzer, developed by ChipCare Corporation, has secured one of the largest ever angel investments in Canada’s healthcare sector.

Phase II financing has closed, with an investment of $2.05M to support ChipCare’s continuing development and commercialization over the next three years.

Media coverage: Biotechnology Focus, TechVibes, BetaKit, Healthrender, Crunchbase, Toronto Star and VentureLab.

The financing evolved through a uniquely collaborative funding model among Canadian social angel investors, including Maple Leaf Angels, MaRS Innovation and the University of Toronto (Connaught Fund), with special financing leadership from Grand Challenges Canada and the Government of Canada.

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Crowdmark to save teacher marking time and government dollars

Ed-tech start-up completes successful EQAO and Canadian Open Math Challenge pilots

Crowdmark Logo: Grade BetterTORONTO, Canada (June 11, 2013) — Crowdmark Inc., a Canadian education technology start-up, is positioned to save cash-strapped Departments of Education millions by making massive-scale testing more efficient. Crowdmark has raised $600,000 in seed funding through the University of Toronto Early-Stage Technology (UTEST) program, MaRS Innovation and U of T’s Connaught Fund, among others.

This story was covered by Yonge Street Media, TechVibes, EdSurge and PEHub.

Dr. James Colliander, co-founder and CEO of Crowdmark
Dr. James Colliander, co-founder and CEO of Crowdmark.

The Crowdmark assessment interface, informed by decades of teaching experience and research by company co-founders, James Colliander (Professor of Mathematics) and Martin Muñoz (Researcher and Developer), at the University of Toronto, streamlines the complicated and time-consuming grading workflow for teachers.

Crowdmark archives student work and all grading feedback into individual digital portfolios that students and parents may access any time online and via mobile devices.

Through two separate pilot projects, Crowdmark has achieved proof-of-concept as a novel and scalable solution to the problem of assessment blockage that eats into already limited resources in education systems worldwide.

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