TORONTO, Sept. 23, 2024 /PRNewswire/ – INOVAIT, the pan-Canadian innovation network supporting advancements and commercialization in image-guided therapy (IGT) and artificial intelligence (AI), is excited to announce the latest recipients of its Pilot Fund. This competitive funding program is awarded to compelling medical technology projects that harness the transformative power of AI, machine learning, and big data analytics in IGT to advance medical innovation and streamline care.
INOVAIT has committed just under $730,000 to support six new projects involving collaborations between small- and medium-sized enterprises, hospital research centres, and academic institutions, creating jobs and launching healthcare innovation across the country.
The combined value of the six projects is over $2.2M, contributed by all participating companies, organizations, and partners. INOVAIT is proud to offer this non-dilutive financial support to Canada’s most innovative technologies in IGT. Funding was provided coast to coast to projects that demonstrated the highest commercialization potential and economic impact, including projects in British Columbia, Alberta, Manitoba, Ontario, Quebec, Nova Scotia, and Newfoundland.
Kullervo Hynynen, co-executive director of INOVAIT, proudly stated, “INOVAIT’s financial support promotes the practical application of research and development efforts, speeds up market readiness of innovations, generates high-impact jobs for Canadians and fuels the sector overall.” He added, “To date, INOVAIT has selected 88 IGT-AI projects for funding, leading to an expected infusion of $128 million into the burgeoning Canadian image-guided therapy sector.”
Sound Blade Medical leads one of the six announced INOVAIT Pilot Fund projects. In partnership with Dalhousie University, they are revolutionizing endoscopic healthcare through cutting-edge image-guided histotripsy and machine learning algorithms. Their INOVAIT Pilot Fund project focuses on advancing treatment and care for those suffering from obstructive sleep apnea (OSA). Current surgical options to treat OSA are performed blind, often leading to complications such as bleeding, infection, speech impairment, and tongue paralysis. Sound Blade’s project will further develop non-invasive, image-guided ultrasound ablation (histotripsy) technology as an alternative to tongue-base reduction surgery for OSA. With the help of AI, Sound Blade’s intra-oral image-guided ablation prototype will precisely and non-invasively liquify fatty tongue tissue, protecting vital neighbouring tissue and mitigating the complications associated with standard surgical OSA treatment.
“We are incredibly grateful to INOVAIT and the Government of Canada for their generous support,” said Jeremy Brown, CEO and founder of Sound Blade. “The INOVAIT Pilot Fund will accelerate our ability to bring innovative healthcare solutions to the market and improve patient lives.”
INOVAIT is able to enable projects like Sound Blade’s because of the support from the Government of Canada’s Strategic Innovation Fund (SIF).
“Our government understands the amazing potential of image-guided therapy and AI to revolutionize how Canadians receive medical care,” said The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry. “That is why we are excited to partner with INOVAIT to help support stakeholders working across this exciting new technological landscape and ensure that Canada remains at the forefront of cutting-edge medical innovations.”
For a complete list of companies funded to date through INOVAIT, visit www.inovait.ca/funding. For any inquiries regarding INOVAIT or its programming, please reach out to [email protected] .
About INOVAIT
Established in 2020, INOVAIT invests strategically in collaborative partnerships that build upon Canada’s strength in digital innovation and health science research to create a critical mass of world-leading image-guided therapy (IGT) companies focused on artificial intelligence, machine learning, and big data analytics. Led by the Sunnybrook Research Institute and supported by the Government of Canada’s Strategic Innovation Fund, the network brings together small, medium-sized, and large companies, research organizations, post-secondary institutions, and not-for-profit organizations to collaborate, connect, and work together. The network’s mission is to build a truly integrated IGT-AI ecosystem by fuelling continuous innovation, commercialization, and collaboration that revolutionizes healthcare globally.
About Sunnybrook Research Institute
Sunnybrook Research Institute (SRI) is the research arm of Sunnybrook Health Sciences Centre, an internationally recognized academic health sciences centre fully affiliated with the University of Toronto. With well-established programs in basic and applied sciences which span across three scientific platforms and ten clinical programs, SRI is developing innovations in care for the more than 1.3 million patient visits the hospital sees annually. Recognized as a Centre of Excellence in focused ultrasound, SRI has one of the most comprehensive and successful focused ultrasound research programs in the world, with technical, scientific, and clinical experts accelerating progress in the field.
SOURCE INOVAIT
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