Plus: Peloton competitor Tonal cuts 35% of workforce.
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Tissue engineering startup Spiderwort raises $17.1 million CAD to move to clinical trials (BETAKIT)
“Spiderwort was founded on asking big questions and taking big risks and that work is now paying off,” said Andrew Pelling, Spiderwort’s CSO.
PointClickCare valuation tops US$5-billion as private equity invests more in Canadian software giant (THE GLOBE AND MAIL)
U.S. private equity firm Hellman & Friedman LLC and JMI Equity picked up between US$200-million and US$300-million worth of shares in PointClickCare from early investors and employees in a deal that closed on April 22, the company said.
Welbi raises $3 million CAD to take its senior engagement software south of the border (BETAKIT)
CEO and founder Elizabeth Audette-Bourdeau said she came up with the idea of Welbi after her grandfather suffered a stroke. He couldn’t hear properly on the phone, knew no one in the residence, and had no motivation to leave his room. His health became worse, and he passed away a few months later.
Peloton competitor Tonal cuts 35% of workforce as it prepares for possible recession, IPO (CNBC)
The company employs about 750 people today, compared with a little more than 110 before the Covid-19 pandemic, Chief Executive Officer Aly Orady said in an interview. Orady also emphasized the need to be profitable, particularly as the company eyes an initial public offering. Tonal hasn’t been profitable in the past, he said.
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Companies secure collective $1 million after Startup TNT Summit V (BETAKIT)
Across Edmonton, Calgary, and Saskatewchan, 10 side deals were made in addition to the three winners. The majority of the angel investments went to Saskatchewan startups with $391,500; followed by Calgary startups receiving a collective $342,000 and Edmonton startups receiving a collective $313,000.
Market downturn dampens digital health funding, M&A in 2022. These sectors raked in the most cash (FIERCE HEALTHCARE)
Funding isn’t the only thing slowing down this year, according to Rock Health’s report. And after 23 public market exits in 2021, digital health public exits came to a halt in the first half of 2022 as zero startups went public, and a few publicly listed digital health companies returned to private holdings, including health IT company Cerner.
Hackers are smart but lazy. Here’s how startups can take advantage (BETAKIT)
When multi-factor authentication became widely available, many believed it was enough to stop all hacker attacks. Now, even multi-factor authentication is being targeted by hackers
Spain’s Impress Raises $125M As Teeth Alignment Procedures Become More Common (CRUNCHBASE)
It’s one of many startups in the orthodontics space tackling pandemic-fueled cosmetic dissatisfaction called the “Zoom Effect.” The never-ending Zoom meetings have allowed people to pay more attention to what they look like, and are now more conscious about otherwise-forgotten crooked teeth or small gaps.
ACTO secures $23.5 million CAD as pandemic tailwinds increase demand for life sciences education (BETAKIT)
The startup claims to have seen accelerated growth since 2020, specifically with large enterprise customers like AstraZeneca, as easily-accessible, remote-based learning options for pharma reps and healthcare providers have become increasingly popular amid the pandemic.
Primary care company Forward cuts 5% of workforce amid ‘extremely tough’ market conditions (FIERCE HEALTHCARE)
“Due to the extremely tough market conditions, we laid off a small group of people, representing about 5% of Forward’s headcount. We were very sad to lose these folks and we’re supporting them with severance and outplacement services,” a company spokesperson said via email.
Haleo raises $5.2 million seed extension to expand virtual sleep clinic (BETAKIT)
Founded in 2015 by Bradley Smith, Haleo offers a virtual care solution for sleep. Using its mobile app, licensed therapists are able to provide care to workers with insomnia or other sleep disorders. The startup claims that 94 percent of the people that went through its program no longer experience clinically significant symptoms of insomnia.
Mental health chatbot Wysa raises $20M (MOBIHEALTH NEWS)
The Series B comes a little over a year after Wysa announced a $5.5 million Series A fundraise. The startup also recently received FDA Breakthrough Device Designation to use its chatbot with adults who have chronic musculoskeletal pain and related depression and anxiety.
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