Ontario Awards $5 Million to 10 Health Tech and Biotech Startups
Ontario is investing $5 million in 10 emerging life sciences companies through the latest round of its Life Sciences Innovation Fund (LSIF), a program designed to help homegrown health technology and biotechnology ventures bring new medical innovations to market.
The funding, announced by the Ontario government, will provide up to $500,000 to each recipient company to support commercialization efforts, business growth, and job creation. The initiative forms part of Ontario’s broader Life Sciences Strategy, which aims to strengthen the province’s position as a global hub for health innovation and biomanufacturing.
The selected companies are developing a range of technologies spanning artificial intelligence, cancer diagnostics, drug discovery, pharmacy infrastructure, reproductive healthcare, and next-generation therapeutics.
“Through strategic investments like the Life Sciences Innovation Fund, our government is advancing Ontario’s leadership in this vital sector by accelerating the path to market for made-in-Ontario technologies,” said Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade.
Companies Receiving LSIF Funding
1. Esphera SynBio Inc. (Ottawa and Hamilton)
Esphera SynBio is developing its ExoGen™ platform, which enables the creation of in vivo immunotherapies aimed at treating cancer and chronic diseases.
2. Kare Chemical Technologies (Mississauga)
The pharmaceutical manufacturer is advancing a patented platform designed to develop non-psychoactive alternatives to opioids for pain management, obesity, and neurodegenerative conditions.
3. Myomar Molecular Inc. (Sudbury)
Myomar is building what it describes as the first non-invasive, urine-based diagnostic test for monitoring muscle degeneration and improving muscle health management.
4. MyStoria Inc. (Kitchener)
The digital health startup is developing a care coordination platform that helps patients organize medical records and navigate reproductive healthcare services.
5. mDETECT Inc. (Kingston)
mDETECT has developed a DNA-methylation liquid biopsy technology intended to improve the early detection and ongoing monitoring of metastatic cancers, including lung, breast, and prostate cancer.
6. NodeAI (Hamilton)
NodeAI is creating an AI-powered platform that assists clinicians in identifying lymph nodes, predicting malignancy, and improving biopsy guidance for cancer care.
7. ScriptRunner Innovations Inc. (King City)
The company is building AI-powered pharmacy infrastructure that streamlines operations and enables pharmacies to offer an Amazon-like prescription delivery experience.
8. Stoked Bio (Hamilton)
Stoked Bio combines machine learning with biological research to discover new therapeutics targeting drug-resistant infections, microbiome-related diseases, cancers, and Parkinson’s disease.
9. Synakis Corp. (Toronto)
Synakis is developing treatments for retinal disease, retinal detachment, and glaucoma, with the goal of improving outcomes for patients with ocular disorders.
10. Synmedix (Hamilton)
Synmedix is developing a new generation of antibiotic therapies designed to combat drug-resistant infections while preserving the health of the microbiome.
According to the province, the Life Sciences Innovation Fund has generated nearly $63 million in private-sector co-investment since its launch and has contributed to the creation and retention of approximately 1,400 jobs across Ontario’s life sciences ecosystem.
The government also announced that an additional $15 million will be invested over the next three years to continue the program, following its renewal in the 2025 Ontario Budget.
“Ontario has the research strength, talent and entrepreneurial drive to lead in life sciences and LSIF is helping turn that advantage into real-world impact,” said Claudia Krywiak, president and CEO of the Ontario Centre of Innovation.
The latest funding round highlights Ontario’s continued focus on scaling domestic health technology and biotechnology companies, as the province looks to strengthen commercialization pathways and expand its role in the global life sciences sector.