Toronto-based artificial intelligence (AI) drug development startup, Deep Genomics, has announced the appointment of Brian O’Callaghan as its new CEO. O’Callaghan brings extensive knowledge of biotechnology, pharma, and clinical research organizations to the company. He will replace founder and former CEO Brendan Frey, who will now assume the role of Chief Innovation Officer and continue to serve on Deep Genomics’ board of directors. The move supports Deep Genomics’ evolution into a biopharma firm.
Papa Loses Contract Renewals With MAjor Health Insurers
Eldercare startup Papa has suffered setbacks after several major US health insurers declined to renew contracts for the upcoming year. The decision follows a Bloomberg Businessweek report detailing allegations of abuse from both seniors and workers relying on Papa’s services. As a result, Papa is now losing some of the deals that constitute its primary form of business.
Inovia Capital Launches $34M CAD Discovery Fund
Inovia Capital, based in Montreal, has unveiled its first Discovery Fund, raising a total of $34 million CAD ($25 million USD). The fund aims to invest in emerging venture capital (VC) fund managers focused on pre-seed and seed-stage startups across North America. This move formalizes Inovia’s ongoing efforts to support emerging VC firms as they face fundraising challenges in the industry.
Digital Health Funding Slumped in Q2, Though Some Segments Remain Strong
PitchBook has released two new reports highlighting the continued decline in digital health and health IT funding throughout the second quarter of 2023. Despite investor interest, digital health venture capital (VC) deal flow hit a new low in Q2. However, the reports also reveal that certain segments continue to show strength. Private equity activity in the sector remains muted.
Council of Canadian Innovators Calls for AI Regulation Support
A new report from the Council of Canadian Innovators (CCI) emphasizes the need for Canadian companies to scale up in the artificial intelligence (AI) sector. While the country boasts personnel and leading research in AI, barriers to scaling up mean that benefits from public investment in AI research and training are flowing to firms outside of Canada. CCI suggests the establishment of a Parliamentary Technology and Science Officer to assist in developing appropriate AI regulation.
Canadian-Backed SPACs Struggle as Investors Withdraw Funds
Investors in Canadian-backed Special Purpose Acquisition Companies (SPACs) are withdrawing their funds, impacting the closing of merger deals. Several SPACs have liquidated and delisted from public stock exchanges after failing to secure merger targets. This includes Lava Medtech Acquisition Corp., backed by Toronto-based biotech VC firm Lumira Ventures.
CIOs Preparing for the Impact of Generative AI
Company leaders worldwide are considering both the potential opportunities and risks associated with generative artificial intelligence (AI). Coveo CEO Louis Têtu highlights the growth of AI-enabled experiences and advises CIOs to prepare for the significant impact of generative AI in their organizations.
Telehealth Prescribing and the Need for a Special Registration
Telehealth leaders and doctors are calling for a special registration for telehealth prescribing from the Drug Enforcement Administration (DEA). With a shortage of mental health providers, requiring patients to see doctors in-person for prescriptions for controlled drugs limits access to care and could harm patients, particularly in rural areas.
Elevate 2023 Unveils Full Schedule and Speaker List
Elevate Festival, a leading tech event, has announced its full schedule and list of speakers for this year’s event. Headliners include Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland, former CTV National News chief anchor Lisa LaFlamme, Sweet July founder and CEO Ayesha Curry, and retired astronaut and Elevate co-chair Chris Hadfield.
Digital Health Startup Akili Shifts Business Model
Digital health startup Akili is abandoning its prescription model and will focus solely on over-the-counter, direct-to-consumer sales for its digital therapeutics. This change in business strategy results in a workforce reduction of approximately 40%.
MedStack Supports Digital Health Startups with GDPR Compliance
Toronto-based healthtech startup MedStack has announced its compliance with Europe’s General Data Protection Regulation (GDPR). The company is now able to assist customers in meeting GDPR standards, which are regarded as the most stringent data privacy laws globally.
– BETAKIT: https://betakit.com/
– BNN BLOOMBERG: https://www.bnnbloomberg.ca/
– FIERCE HEALTHCARE: https://www.fiercehealthcare.com/
– THE LOGIC: https://thelogic.co/
– BIZJOURNALS: https://www.bizjournals.com/