Through the first half of 2024, the province of Alberta surpassed BC—for the first time—in terms of investment dollars attracted, drawing a total of $383 million across 41 deals.
“The second quarter of 2024 continued the momentum we saw earlier in the year, with steady venture capital investment,” stated Kim Furlong, chief executive of CVCA, at the time.
Following this up, Start Alberta recently recognized the top areas for venture capital flow in the province through 2024.
Ahead of Fintech but behind Energy was Health, according to data from the organization.
Within Alberta’s health sector, an array of upstarts are innovating tech-forward solutions, Start Alberta found—and many are raising capital to do so.
Below, we highlight a handful of the firms recognized by the org as having raised rounds of capital in 2024.
Flora Fertility
With infertility impacting one in six individuals and treatment costs often exceeding $50,000, access to fertility services has become a critical health issue.
Flora Fertility offers a pioneering solution: a personalized, portable fertility insurance product, allowing individuals to own their policies independently of employment. This model diverges from traditional loan-based or group offerings, offering policyholders greater control over their reproductive health, regardless of location or job status.
Flora Fertility, a Calgary-based insur-tech company, closed an over-subscribed pre-seed funding round, raising $1.5 million to support the launch of a private fertility insurance product across the U.S. and Canada.
The funding round was led by Toronto’s Highline Beta and supported by co-investors such as Cartography Capital from the Bay Area, Everywhere Ventures based in New York and LA, and a strategic network of angel investors from the insurance, tech, and financial services sectors.
Orpyx Medical
Calgary-based Orpyx Medical Technologies, a leader in diabetic foot ulcer and amputation prevention, secured $20 million in growth capital in September.
The funding round was led by Perceptive Advisors, whose Portfolio Manager, Sam Chawla, praised Orpyx as an innovator in DFU prevention.
Orpyx’s flagship product, the Sensory Insole system, is a cutting-edge solution that integrates multi-modal sensor technology into custom orthotics. This system provides continuous remote monitoring of critical factors such as plantar pressure, temperature, and patient activity, aiming to prevent severe foot complications in individuals with diabetes and neuropathy.
With this new funding, Orpyx plans to expand its commercial initiatives, delivering life-changing solutions to patients and healthcare providers, ultimately improving outcomes for those most vulnerable to the serious complications of diabetes.
OraQ
Calgary-born health-tech startup OraQ secured a $2.6 million seed funding round, led by AngelMD, an Alberta-based angel physician group.
Founded by dentists-turned-tech entrepreneurs Dr. Amreesh Khanna, Dr. Mike Parchewsky, and Wayne Madhlangobe, OraQ’s mission is to empower forward-thinking dental professionals to make the best decisions for their patients and their practices.
The investment aims to commercialize OraQ’s clinical decision support platform, which utilizes artificial intelligence to analyze dental and medical records, assisting dentists in assessing patient risk more effectively.
The funding will enable OraQ to expand its reach, refine its technology, and bring its clinical decision support platform to more dental professionals across North America.
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