NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, September 16, 2013

An innovative, handheld point-of-care analyzer, developed by ChipCare Corporation, has secured one of the largest ever angel investments in Canada’s healthcare sector. Phase II financing has closed, with an investment of $2.05M to support ChipCare’s continuing development and commercialization over the next three years.

The financing evolved through a uniquely collaborative funding model among Canadian social angel investors, including Maple Leaf Angels, MaRS Innovation and the University of Toronto, with special financing leadership from Grand Challenges Canada and the Government of Canada.

“This technology has the potential to save and improve the lives of millions around the world by bringing state-of-the-art blood testing to patients, instead of asking the sick to travel to labs that are often difficult to reach,” said James Dou, ChipCare’s co-founder and Chief Technology Officer. “The impact on in-the-field HIV diagnostics alone could be revolutionary; this financing is critical to our commercialization roadmap.”

ChipCare’s Phase II project plan calls for a three-year development of the device to further refine its functionality, develop a more robust prototype and reduce costs, as part of the move to scale. The innovative financing model supporting this development was made possible, in part, with the leadership of the Government of Canada through Grand Challenges Canada.

“This initiative underscores our government’s commitment to support innovation, leverage private sector know-how, and harness venture capital expertise in pursuit of game-changing development and global health solutions. This project will make a difference by saving lives in developing countries and creating jobs here in Canada,” said the Honourable Christian Paradis, Minister of International Development.