Digital Funding Fuels AI Innovation in Healthtech

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Canada’s Global Innovation Cluster for digital technologies (DIGITAL) is committing $10.5 million to four innovative projects from Canadian startups focusing on the integration of artificial intelligence into healthcare.

The initiatives target various healthcare improvements: accelerating clinical trials, enhancing the connection between patients and doctors, streamlining file management for home care workers, and advancing wound treatment methods. When combined with investments from private sector partners, the total value of these projects rises to approximately $26 million.

Cue Health, a San Diego-based biotech company known for supplying rapid COVID-19 test kits to prominent clients like the NBA and Google, is laying off all employees and shutting down operations on Friday. The closure follows a warning issued by the U.S. Food and Drug Administration (FDA) a week prior, advising consumers to discard Cue’s COVID-19 test kits due to potential false results. On Thursday, Cue Health announced it had ceased selling these tests, which were its only fully FDA-approved commercial product.

Startupfest, the Montreal-based technology festival, has unveiled a comprehensive agenda for its upcoming event scheduled to be held at the Grand Quay from July 10 to July 12 this summer. Esteemed speakers and mentors slated to participate include Shopify President Harley Finkelstein, Indigo CEO Heather Reisman, and BetaKit Chair Satish Kanwar.

The event will offer a platform for startups, investors, and stakeholders from Canada’s tech landscape to engage in educational talks, workshops, and networking sessions, continuing its tradition of fostering collaboration and innovation within the industry.

London Drugs Ltd., the Vancouver-based retailer, has confirmed that sensitive employee data has been leaked more than three weeks after a cybersecurity breach forced the temporary closure of its stores. The breach, orchestrated by the Russian malware group LockBit, resulted in the posting of hundreds of files on the dark web on Thursday, following the expiration of a ransom deadline set by the attackers. Among the leaked files were those containing financial and personal information about the company’s employees, including details related to sexual harassment complaints, immigration applications, relationship disclosures, and termination letters. Despite the ransom demand from LockBit, London Drugs had previously stated its unwillingness and inability to comply with the extortion attempt.

Saskatoon-based technology hub Co.Labs has secured just over $2.5 million in funding from the federal government to ensure the continuity of its annual Prairies tech event. This funding is intended to further advance the growth of Saskatchewan’s tech ecosystem, with a specific focus on organizing the Uniting the Prairies conference over the next three years. Additionally, the funding will support the establishment of a new Expert in Residence (XiR) program, designed to offer strategic guidance to high-performing founders and high-growth companies within the region.

UK-based drug discovery startup LabGenius has successfully secured a £35 million Series B funding round, spearheaded by the venture capital arm of pharmaceutical company Merck, M Ventures. This round also saw participation from prominent investors including Octopus Ventures, LG Corp, Atomico, Kindred Capital, Lux Capital, and Obvious Ventures. With this latest injection of capital, LabGenius's total funding reaches an impressive £58 million.

The primary focus of this funding will be to further enhance LabGenius's machine learning-driven discovery platform, making it even more robust and comprehensive. Additionally, the company plans to leverage this investment to forge strategic partnerships and bolster its drug development efforts targeting solid tumors.