ChipCare tests with $2.05m

ChipCare, a spin-out developing point-of-care diagnostics kits, has raised a CAD $2.05m ($1.99m) angel round from a consortium of backers including parent institution the University of Toronto.

Other backers in the round, one of Canada’s largest angel investments into a healthcare startup, included Maple Leaf Angels, Mars Innovation, Grand Challenges Canada, and the Canadian Government.

The funding will be used to fuel the ongoing commercialisation of ChipCare’s handheld diagnostics tool, which enables point-of-care evaluation. It’s mobility and relative inexpensive costs along with multiple simultaneous diagnostic ability will allow the technology to provide faster and more accurate test results for a number of conditions, including HIV and malaria.

James Dou, ChipCare co-founder, said: “This technology has the potential to save and improve the lives of millions around the world by bringing state-of-the-art blood testing to patients, instead of asking the sick to travel to labs that are often difficult to reach. The impact on in-the-field HIV diagnostics alone could be revolutionary; this financing is critical to our commercialization roadmap.”