Participated · Seed · Feb 2025

Variational AI builds Enki™, a foundation model tailored to small-molecule drug discovery that uses far less compute and data than foundation models in other domains. The company says Enki was trained on a proprietary dataset covering almost 600 targets and generates diverse leads with strong potency and selectivity. Partners synthesize and test around 20 novel molecules from multiple scaffolds per project over a few weeks, and Variational reports a sub-micromolar hit rate of over 50% with a 90% rate of synthetic success. The founding machine-learning team comes from Google, Microsoft, MIT, Caltech, and D-Wave Quantum and works with established drug-discovery leaders. Variational AI is based in Vancouver, BC, and is actively hiring. The company completed an oversubscribed $5.5 million seed extension to support market expansion of its compute-efficient foundation model. Variational AI develops state-of-the-art generative AI to accelerate the discovery and optimization of novel small molecules for drug development. The company uses data-efficient machine learning to rapidly generate novel, diverse compounds optimized for multiple properties to reduce drug attrition. It works with leading biopharmaceutical partners and is developing an internal pipeline across disease areas. Variational AI was founded in September 2019 and combines AI/machine-learning and business specialists. The company plans to use new funding to accelerate discovery programs in COVID-19, cancer, and other disease areas, and to expand its team and advisory board. Operationally, the seed funding improves its ability to hire leaders in medicinal chemistry, cheminformatics, and machine learning and to recruit a Scientific Advisory Board.

Participated · Series A · Jul 2024

PulseMedica is developing an ophthalmic medical-device platform that uses 3D computer vision, real-time tracking, and femtosecond laser technology for non-invasive, automated imaging and treatment of eye floaters and other vitreoretinal disease. The company is advancing a floater imaging device and is conducting laser safety and feasibility studies to enable a first-in-human clinical trial. Recent funding is being used to accelerate clinical validation, support ongoing studies, and expand the technical and business teams in preparation for commercialization and regulatory approvals. Since 2020 PulseMedica has raised over CA$16M, including a CA$6.5M investment from a multinational strategic in 2023; it announced CA$12M raised to date as part of its pre-Series A financing. Product development progress includes seven prototype devices and the filing of 14 patents. PulseMedica is attracting interest from potential lead investors for an upcoming Series A round. PulseMedica is a University of Alberta spinoff building a fully automated platform that images the eye, determines treatment locations, and delivers therapy using lasers instead of injections. The company aims to demonstrate the safety and accuracy of its imaging and laser delivery systems through a first clinical trial beginning in June. That trial will test the system on 10–15 Edmonton patients with diabetic retinopathy. PulseMedica is finishing device build and pursuing Health Canada approvals ahead of the study, and has recently expanded its team and established a medical advisory board of ophthalmologists. The startup is working out of the MNP Tower in downtown Edmonton and plans to move to a larger space this summer. Financially, PulseMedica raised an oversubscribed $2.6M seed round and previously raised $1M in a 2020 pre-seed plus roughly $1M in grants. Once it accumulates clinical data the company expects to pursue a Series A targeting about US$10M, with a goal of making the technology available to clinicians by 2024.

Participated · Seed · Jun 2024

ResVR develops 3D visualization proptech software for homebuilders that showcases all the options and upgrades for each floor plan. Led by founder and CEO Nathan Nasseri, the company plans to launch follow-up products later this year for designing home exteriors and showcasing new communities for land developers. The team is distributed across Canada, Europe, Asia and Brazil, which the company says enables rapid development and client support. ResVR closed aggregate financings totaling CAD1.7M, comprising CAD1.43M in pre-seed and seed funding and CAD270K in non-dilutive capital. The equity financings were led by Inverted Ventures and Weave VC, with participation from Bluesky Equity, InRoad Ventures, ThresholdImpact, Startup TNT and a Canadian angel group including Aaryn Flynn; Alberta Innovates ($170K) and NRC-IRAP ($100K) provided the non-dilutive funds. The company intends to use the proceeds to expand operations, scale its customer base and accelerate product development, and it has validated its roadmap through programs including Alberta Catalyzer, 500 Global, Plug and Play and Creative Destruction Lab.

Participated · Series A · Oct 2023

FluidAI Medical (formerly NERv Technology Inc.) develops the Stream™ Platform, which combines advanced sensors and an AI-driven algorithm to help surgeons detect postoperative leaks earlier and improve clinical outcomes. Led by CEO Youssef Helwa and based in Kitchener, Canada, the company is focused on postoperative patient monitoring and plans to broaden its clinical indications. FluidAI intends to use its recent financing to expand into existing and new global markets, grow its team, and amplify R&D efforts. The company aims to introduce novel AI-driven solutions addressing a wider range of postoperative complications. Its current financial position was bolstered by a $15M Series A announced in October 2023. No operating metrics were disclosed in the article. NERv Technology has developed an all-in-one sensory platform (hardware and software) designed to help doctors monitor postoperative patients remotely by detecting leakages from catheters and wound drains that can lead to critical complications. The device attaches to catheters and wound drains and moved the company from prototype to a product-launch phase over the past year. NERv commenced clinical studies, including a multi-site feasibility study led by researchers from St. Michael’s Hospital and Hamilton Health Sciences, and has grown its team from about 16 to 24 employees. The startup manufactures devices locally in Waterloo and recently relocated operations to the Medical Innovation Xchange (MIX) to access lab space and commercialization expertise. NERv plans to use new funding to secure regulatory approval, complete clinical studies, and scale manufacturing and assembly locally, with expectations to seek Health Canada approval first and later pursue approval in the United States and Middle East. NERv Technology has built a sensory platform designed to detect anastomotic leakage—a postoperative leak of gastrointestinal contents into the abdominal cavity—capable of identifying leaks in a matter of minutes. The startup says its solution targets a major clinical problem: about 1.7 million high‑risk abdominal surgeries occur annually in the US, with complications arising in roughly 8% of patients and contributing to at least 13,000 deaths per year. NERv was co‑founded in 2014 by CEO Youssef Helwa and COO/co‑founder Amr Abdelgawad, both University of Waterloo engineering graduates; the executive team also includes CTO Abdallah El‑Falou and lead scientist Mohamed Okasha. The company has completed the first phase of preclinical studies and plans to begin regulatory submissions, clinical studies, and pilot programs as it approaches commercialization. Financially, prior to this round NERv had raised under $1M CAD from non‑dilutive sources and government grants. The new funding is intended to support further preclinical research and development of a flagship post‑operative surgery platform.

Participated · Equity · Feb 2023

Arbutus Medical develops TrakPak®, a single-use, pre-sterile procedure kit for bedside skeletal traction in trauma center ERs, and distributes surgical drills using its patented DrillCover Technology. The DrillCover creates a sterile enclosure around DEWALT® power tools, converting them into disposable sterile surgical drills and reducing the need for between-case sterilization. The company says its products have regulatory clearances from the U.S. FDA and Health Canada and that its devices have been used in 40 countries, enabling an estimated 85,000 surgeries. Arbutus is ISO13485 certified and aims to expand TrakPak adoption to improve ER efficiency, reduce costs, and broaden access to safe surgical care. The financing announced will fund the launch of the next-generation TrakPak in 2023 and support rapid scale-up. Arbutus Drill Cover, based in Vancouver, BC, develops a sterile cover that turns a hardware-store drill into a surgical tool. The device is intended to enable the use of consumer drills in surgical procedures. Arbutus was one of six Canadian healthtech companies selected for investment by Grand Challenges Canada. Grand Challenges Canada invested $1 million in Arbutus as part of a $5 million package across the six companies. Grand Challenges Canada, funded by the Government of Canada, worked with the companies through its transition-to-scale program to facilitate connections with private partners and public resources to secure additional funding. After each company went through the transition-to-scale program, the total investment reached $10 million.