Axela Inc. develops novel molecular diagnostic tools and partners with international companies and laboratories to commercialize clinical tests and instrument solutions. The company’s products can predict risk, diagnose, and monitor the progression of cancers, infections and other diseases by measuring more than 100 genes or proteins simultaneously. Axela is Toronto-based and has positioned its clinical analyzers as a core part of its commercial offering. The firm received a $708,333 repayable contribution from FedDev Ontario’s Investing in Business Innovation (IBI) program and a $2,125,000 venture capital investment from Covington Capital. These funds are being used to expand the capabilities of its clinical analyzers. The financing comes alongside IBI’s broader mandate to support early-stage, high-growth businesses with financial support and mentorship.

Total raised

$3M

Funding rounds

2

Latest round

Equity

Latest activity

Jul 2014