MedCurrent Corp, a Toronto-based provider of clinical decision support systems, has raised up to $2.8 million in funding. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) invested $800,000, with most the balance expected to come from undisclosed angel investors. The round’s proceeds will be used by MedCurrent to develop and market its technology, which enables physicians to determine the most appropriate imaging procedures for patients. The company has previously been backed by BDC Capital and MaRS Investment Accelerator Fund.
FedDev Ontario Supports Innovative Medical Imaging Technology
TORONTO, ONTARIO–(Marketwired – July 15, 2016) – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Today, the Honourable Carolyn Bennett, Minister of Indigenous and Northern Affairs and Member of Parliament for Toronto-St. Paul’s, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced funding of up to $800,000 for MedCurrent Corporation.
The Government of Canada is committed to providing the right resources for businesses to innovate and grow so that they can create good quality jobs and build a stronger economy for all Canadians.
With this funding, MedCurrent Corporation will focus on furthering the development and marketing of its clinical decision support tool. Leveraging a patient’s relevant clinical history and evidence-based guidelines, this technology reduces the provision of unnecessary medical testing by enabling health care providers to determine the most appropriate imaging procedure (such as MRIs, CT Scans or Ultrasounds) required for each patient. MedCurrent Corporation’s solution will help improve the quality of patient care and reduces the costs associated with imaging overutilization.
This repayable contribution is provided through FedDev Ontario’s Investing in Business Innovation initiative.
“MedCurrent’s innovative tool will help health care providers offer the best care to patients and reduce the need for unnecessary imaging. We are proud to support companies like MedCurrent Corporation who are working to develop innovative technologies.”
•The Honourable Carolyn Bennett, Minister of Indigenous and Northern Affairs and Member of Parliament for Toronto-St. Paul’s
“The Government of Canada is committed to building Canada as a global centre for innovation. The work being done by MedCurrent Corporation is a great example of how a company can use innovation to advance medical technologies, and strengthen the medical cluster in southern Ontario.
•The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
“MedCurrent is great example of a southern Ontario company with superior technology successfully competing in the global market. As a small privately-held company, FedDev Ontario funding provides us with the necessary capital and security to compete and win around the world. ”
•Dr. Stephen Herman, Founder and CEO, MedCurrent Corporation
•MedCurrent Corporation, founded in 2004, focuses primarily on developing Clinical Decision Support software to help healthcare systems improve patient outcomes while managing costs. It currently has customers in three countries and is rapidly expanding.
•Through this project, MedCurrent Corporation is expecting to create 14 jobs while maintaining six jobs.
•FedDev Ontario’s funding will leverage up to $2 million in private investments, of which $1.62 million is from accredited Angel Investors in southern Ontario.
Investing in Business Innovation initiative
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Photo courtesy of MedCurrent Corp