FedDev Ontario supports expansion of Toronto Innovation Acceleration Partners Programming

By AIT News Desk On Oct 12, 2020

Program to support scaling of health science ventures and strengthening commercialization capacity for the academic community in southern Ontario

The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced a FedDev Ontario contribution of $6.5 million to Toronto Innovation Acceleration Partners (TIAP). This funding will be used to leverage TIAP’s decade-long expertise in scouting and incubating health science technologies; to enable access to management talent for health science ventures; and to support the growth of health science companies into domestic anchor companies. By supporting venture creation in therapeutics, medical devices and health science AI from our academic members, and through new collaborations with Queen’s and McMaster universities, the program aims to broaden the life science innovation infrastructure in southern Ontario.

This commitment is made by the Federal Economic Development Agency for Southern Ontario through the Regional Innovation Ecosystem stream.

Based in Toronto, Ontario, TIAP is a not-for-profit organization founded in 2008. As a member-based organization, including the University of Toronto and affiliated teaching hospitals, TIAP’s mandate is to drive the venture creation and growth of their most promising research towards a market- and patient-ready state. TIAP is their partner to help identify, accelerate and invest in such opportunities. TIAP’s active portfolio consists of both early-stage assets and more than 70 companies in sectors such as therapeutics, medical devices and digital health/AI. The companies have raised in excess of $600M from global investors and created more than 1000 direct jobs.

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A number of TIAP portfolio companies, including BlueDot, Vasomune Therapeutics and Hypercare have proven critical to Canada’s response to the COVID-19 pandemic and are developing rapid diagnostic tests, therapeutics and software innovations that are critical to better health outcomes. These companies underscore the importance of continued investment in our health sciences innovation ecosystems in Canada.

“Supporting made-in-Canada health solutions is critical to solving the challenges we are facing today, while helping our economy recover. This investment from FedDev Ontario will help some of our most promising health companies advance their innovative technologies, while creating good jobs for Canadians and helping Canada stay at the forefront of health care innovation as we work to build back better and stronger.”

The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario

“TIAP is tremendously pleased that the Government of Canada has recognized the importance of our role in creating health science ventures in Ontario. With this new funding, we will be able to enhance our venture creation program and, with our Members, develop new, much needed health science companies here in Ontario. We are excited to be recognized as a leader in Canadian life sciences innovation, which has so much to contribute to the economy, health and well-being of Canadians.”