The medical technology (medtech) industry is a rapidly evolving field, which includes the development of a wide range of innovations in medical devices, diagnostic tools and monitoring, digital health solutions, and more. The industry aims to improve patient care, streamline healthcare delivery, and enhance the overall efficiency of medical practices. With increasing developments in AI, wearable devices, robotics, and personalized medicine, the medtech sector is experiencing growth in Canada and globally.
Currently, over 2000 medtech companies are established in Canada, supported by research institutions, funding opportunities such as and a growing ecosystem of startups. With significant advancements being made in medical and diagnostic imaging, cardiovascular devices, robotic surgery, wearables, and assistive and rehabilitative devices, Canadian medtech companies, and particularly startups, are redefining healthcare. Read on to learn more about nine startups innovating and improving outcomes in the medtech sector.
- FluidAI Medical, a Kitchener-based company and NorthSpring Capital portfolio company, received over $25 million in funding in 2024. The company is a medical device startup focused on developing medical devices to detect postoperative leaks and improve patient outcomes.
- Providing services including virtual healthcare and telemedicine for chronic diseases, the Montreal-based Dialogue went public in 2021 following a $43 million Series B round. Now acquired by Sunlife Financial, the company has grown significantly since its founding in 2016.
- Founded in Toronto, BlueDot uses AI to detect, assess, and respond to global disease threats. Having worked alongside the MaRS Investment Accelerator Fund and Toronto Innovation Acceleration Partners, the company is currently using Large Language Models (LLMs) to further improve infectious disease intelligence.
- Swift Medical, based in Toronto, provides a digital platform for wound care management, with imaging, documentation, analytics, and remote care functionalities. The company recently received funding from the Global Innovation Cluster for digital technologies (DIGITAL) in 2024, following a USD$8-million financing round led by BDC Capital.
- Based out of Vancouver,Incisive Genetics has developed a non-viral delivery platform for CRISPR-based genetic therapies. Founded in 2018, the company received $2.5 million in seed funding in 2021, and a further $12 million in 2022.
- Waterloo-based KA Imaging works with portable dual energy subtraction X-ray technology to improve sensitivity in identifying diseases. The company has received funding from FedDev, NorthSpring Capital, and the Ontario Together Fund in the past, with recent funding received in 2024 from the LA-based MedTech Innovator.
- Toronto-based Xpan has developed devices to enable minimally invasive surgeries, and secured FDA 510(k) clearance in 2023 following successful human clinical procedures in the US. The company has most recently raised $195,000 in seed funding in 2022.
- Richmond Hill’s Cheelcare works on the design and manufacturing of robotic assistive mobility devices which enable advanced functionality of wheelchairs in terms of movement, field of view, storage, and customizability. Cheelcare received funding from MaRs Discovery District in 2024, with previous funding from Georgian Angel Network and Ontario Centres of Excellence (OCI).
- Adaptiiv received almost $1 million in debt financing from ACOA in 2023, and has collaborated with HP Inc. and Varian on past projects. The Nova Scotia-based company works on integrated software to enable customized 3D printed devices for cancer treatment.
As healthcare and medicine continue to evolve, the importance of integrating new technologies into existing models of care has become increasingly clear, with the potential to significantly advance diagnostics, improve patient outcomes, increase access to care, and share information across networks. Contact NorthBridge if your company is interested in accessing funding available for projects in the medtech sector.
