early-stage seed funding

Yonge Street Media: Crowdmark, moderated marking and helping teachers grade better

June 19, 2013
Susanne Staer
Crowdmark

Yonge Street Media, a weekly online magazine that covers talent, innovation, diversity and quality of life stories in the Toronto region, covered Crowdmark‘s efforts to disrupt the way teachers grade and interact with students in their Innovation section on Wednesday, June 19, 2013.

Crowdmark graduated from the UTEST program earlier this spring. Last week, the company announced it has raised $600,000 in seed funding and completed two successful proof-of-concept pilot projects. Its co-founders are from the University of Toronto.

Here’s an excerpt from Hamutal Dotan‘s article (emphasis ours):

It is the bane of every teacher’s existence: grading. Though essential, it’s also repetitive and time-consuming. It is also increasingly prone to concerns about inequity: from grade inflation to inconsistent standards across different classrooms, sometimes parents, students, and even teachers themselves have a hard time deciding just what the grades they have assigned actually mean.

Aiming to help with both those problems is Toronto startup Crowdmark. Founded by two University of Toronto mathematics experts–the department’s associate chair, James Colliander, and graduate student Martin Muñoz–Crowdmark provides teachers with a suite of tools to facilitate faster grading, and enables teachers to handle large volumes of grading collaboratively.

Five UTEST companies to tackle critical healthcare challenges

Program’s second cohort includes eQOL, E-Twenty Development, Root2Crown, Treata Smart Solutions and TrendMD

TORONTO (May 14, 2013) — Five companies tackling pervasive healthcare challenges — such as assessing dental health, helping patients and medical personnel navigate hospitals with greater ease, staying current with medical literature, or creating digital tools to help care for the elderly or those with chronic health conditions — have been admitted to the University of Toronto Early Stage Technology (UTEST) program’s second cohort.

UTEST, supported by the University of Toronto’s Connaught Fund, Innovations & Partnerships Office (IPO) and MaRS Innovation (MI), is part of a growing system of incubators and commercialization support services at U of T.

Two companies in UTEST’s second cohort, E-Twenty Development Inc. and Treata Smart Solutions Inc. are participating in Canada 3.0 at the Metro Convention Centre May 14 and 15, 2013, in Toronto.

This announcement was covered in PE Hub.

Each company will receive up to $25,000, incubation space in the MaRS Discovery District, mentoring and business strategy support to develop protectable intellectual property, launch their products and gain market traction. They are also eligible to become clients of MaRS Discovery District’s ICE or Healthcare practices.

UTEST seeks scalable, enterprise-focused software applications interested in building business-to-business customer bases — and preferably operational products with a short term to market. The program is co-directed by Kurtis Scissons (U of T IPO) and Dr. Lyssa Neel (MI).

The second cohort has big shoes to fill. UTEST’s first cohort has collectively secured over $1.2 million in follow-on funding and currently employs 29 highly skilled people (HQPs). Each company also filed solid patent protection and most have secured customers. Notably, Whirlscape’s Indiegogo campaign secured over $87,000 in crowd-sourced product funds from nearly 10,000 users, and was featured in the Financial Post, TechCrunch, Mashable and The Verge, among other global media outlets.

Dr. Raphael Hofstein in Biotechnology Focus: Building a catalytic reaction across Canada’s Life Sciences Sector

Biotechnology Focus, a compendium of the Canadian life sciences industry, has published a guest column by MaRS Innovation President & CEO, Raphael Hofstein. The article explores the role of catalysis…

What does MaRS Innovation’s funding extension mean for Toronto’s academic entrepreneurs?

Every six weeks, MaRS Innovation’s marketing and communications manager writes a guest post for the MaRS Discovery District blog profiling MI’s activities or one of our start-up companies. You can read the original post on the MaRS blog.

Created in 2008, MaRS Innovation (MI) bridges the chasm between the early-stage technologies emerging from its 16 member institutions and successful startup companies and licensable technologies.

By offering early-stage funding in tandem with hands-on management, business development, mentorship and intellectual property protection strategy, MI acts as a commercialization agent for its members and researchers.

Earlier this year, the Networks of Centres of Excellence of Canada awarded MI $14.95 million to continue its mandate as a Centre of Excellence for Commercialization and Research (CECR), matched by $25 million from membership fees and private sector investments.

So what does that success mean for MI’s ability to serve the needs of academic entrepreneurs based in Toronto?

XLV Diagnostics Inc. awarded $500,000 to develop digital mammography technology

TORONTO, ON (Feb. 19, 2013) – XLV Diagnostics Inc., a start-up company working to commercialize a faster, cheaper and better digital mammography technology, has received a $500,000 investment from FedNor.

Over 600 million women living in developing countries have inadequate access to breast screening for early cancer detection. In the developed world, many radiology departments are replacing traditional film and screen systems with digital technologies. In both cases, better digital mammography technology promises to solve logistical challenges and save money.

XLV’s solution has the potential to provide image quality that equals or surpasses that which is currently in use, making images easy to analyze, manipulate and transfer much like digital photographs. It will also substantially decrease the cost of digital mammography machines.

MaRS Innovation awarded $15 million to further commercialize world-leading Canadian innovations

February 6, 2013
Susanne Staer
Awards

Networks of Centres of Excellence recognizes strength of partnership between MI and its 16 member institutions

TORONTO, February 5, 2013 — How do you make sure the brilliant ideas emerging from Toronto’s academic research community get the best possible chance to succeed?

MaRS Innovation (MI), created in 2008, bridges the chasm between these early-stage technologies and successful start-up companies and licensable technologies. By offering early-stage funding in tandem with hands-on management, mentorship and IP strategy protection, MI acts as a commercialization agent for its 16 member institutions.

This announcement was covered by TechVibes, Yonge Street Media and CanTech Letter.

The Networks of Centres of Excellence (NCE) has recognized the increasing strength of this novel partnership by awarding MI $14.95 million in funding through the Centres of Excellence for Commercialization and Research (CECR) program.

UTEST program: Giving U of T students a new way to become their own bosses

February 6, 2013
Susanne Staer
Media Coverage

The Varsity's coverage of the UTEST program — The Varsity’s coverage of the UTEST program. Photographed at the bottom left is **Will Walmsley**, founder of Whirlscape.

“There is a path somewhere between extended study and becoming an office worker,” wrote The Varsity‘s Angela Brock, in “Be Your Own Boss: Student entrepreneurs combine creativity and business to forge new career paths” (February 3, 2012). “As it turns out, there are plenty of opportunities for those looking to flex their entrepreneurial muscles without straying too far from the bosom of U of T.”

Brock’s article describes UTEST, the joint U of T-MaRS Innovation program that helps students, faculty and recent alumni commercialize software ideas.

It also profiles Will Walmsley, founder of Whirlscape, and Tyler Lu, co-founder of Granata Decision Systems, about their UTEST experience leading companies created through the program’s first cohort.

University of Toronto Early-Stage Technology Program (UTEST) opens applications for second start-up company cohort

January 30, 2013
Susanne Staer
CoursePeer

Students, faculty and recent alumni with software ideas must apply by Feb. 22

Got a killer software-based idea? Are you passionate about turning that idea into a start-up company?

If you’re a current student, faculty member or recent graduate of the University of Toronto, consider applying to the University of Toronto Early-Stage Technology (UTEST) program.

Applications are now closed. Stay tuned for the third UTEST application call.

Created as a pilot in 2012 to help the U of T community bring their software-based ideas to market, UTEST is part of a growing ecosystem of incubators and commercialization support services.

UTEST accepts companies in the very earliest stages of idea generation— before they’re ready for traditional incubators — and awards each company up to $30,000 in start-up funds.

It also provides nascent software companies with office space in the MaRS Discovery District, mentoring and business strategy support.

“From a results standpoint, we couldn’t be more satisfied with first cohort of companies,” says Kurtis Scissons, co-director of UTEST at U of T. “In six months, they secured over $650,000 in follow-on funding. Each has filed solid patent protection and some are already gaining customer traction. They have also collectively created 21 highly-skilled jobs (HQPs).”

Update May 2013: Those figures now stand at $1.2 million and 29 jobs; most of the companies have secured customers.

OCE invests $250,000 in ScarX Therapeutics’ revolutionary anti-scarring medication

TORONTO, ON (Jan. 24, 2013) – ScarX Therapeutics, a start-up company commercializing a groundbreaking treatment to dramatically reduce post-operation scarring, is receiving a $250,000 investment from Ontario Centres of Excellence.

This story was covered in Yonge Street Media on January 30, 2013.

ScarX, a topical medication, emerged from Dr. Benjamin Alman‘s research. Alman, head of orthopedic surgery at the Hospital for Sick Children, is developing his invention in conjunction with MaRS Innovation.

Benjamin Alman, founder of ScarX Therapeutics. — **Dr. Benjamin Alman**, founder of ScarX Therapeutics. Photo courtesy of The Hospital for Sick Children.

Each year, doctors worldwide perform 240 million surgeries. Currently, no clinically-proven prescription therapeutic exists to reduce post-surgical scarring. Given this critical need for its technology, ScarX Therapeutics believes sales of the ScarX product could potentially reach into the billions of dollars.

“ScarX is a true game-changer when it comes to reducing the scarring associated with many surgeries,” said Dr. Tom Corr, president and CEO of Ontario Centres of Excellence. “Through our Market Readiness program, OCE is pleased to be supporting both the commercialization of this revolutionary research-based product and Ontario’s economy.”

Shotlst: “Track changes” for the physical world

Shotlst is one of six inaugural UTEST companies; next UTEST application round to begin shortly

UTEST-Shotlst co-founders Matt Ratto (left) and Mike Borg — Shotlst co-founders **Matt Ratto** (left) and **Mike Borg**. Shotlst was one of six companies accepted into UTEST‘s inaugural cohort. Photo courtesy of Jon Horvatin, University of Toronto.

What if you could turn on Microsoft Word’s “track changes” tool and apply it at will to the world around you?

Sound like science fiction?

Meet Matt Ratto, a professor in the University of T’s Faculty of Information, and Mike Borg, a recent graduate of the faculty. They’ve formed Shotlst, a new software company being incubated by the University of Toronto Early Stage Technology (UTEST) program.

The central metaphor of Shotlst is the “shot list,” a list of scenes a film director plans to get each day on a movie set. It serves to organize the cast and crew’s time and activity for the day.

With Shotlst, a user decides at the outset on “shots” that will be consistent throughout the life of a project.

For example, an architect might take pictures of a cardboard model of a building, 3-D renderings and, later, the actual construction site. These shots would serve as raw material that colleagues could use to annotate and collaborate using the software.