Toronto medtech spin-out ChipCare secures $5m in series A round.
ChipCare, a spin-out of Toronto University commercialising blood-testing kits, has raised $5m in an oversubscribed series A.
US-based investor Puffin Partners led the round, with support from fellow new investors Winfield Venture Group, Epic Capital, and various US and Canada-based angels. Existing backers Mars Innovation and Maple Leaf Angels both participated.
The company has now raised $8.25m including a 2013 seed round. Other investors include Grand Challenges Canada, Toronto University’s Connaught Seed Fund, the National Research Council of Canada Industrial Research Assistance Program and the Scientific Research and Experimental Development Tax Incentive Program, and Ontario Centres of Excellence.
The company is developing blood testing kits aimed at low-to-middle income countries, and is primarily focused on detecting HIV and other infectious diseases.
Vivek Goel, vice president for research and innovation at Toronto, said: “This is a vital new technology for public health. HIV/AIDS is still one of the world’s most challenging health issues. The ChipCare technology will have an important impact globally on getting people in remote locations the timely testing and treatment they need. This investment in ChipCare is also a clear indication that the Canadian innovation sector is growing and vibrant.”
