Altitude Accelerator proudly announces that Stoked Bio, led by CEO Jeff Skinner, has emerged as the winner of the First Look Pitch Competition. Over 50 startups applied for this opportunity, and Stoked Bio's innovative approach—leveraging advanced AI and high-throughput biology—focuses on the rapid discovery and design of new drugs for high-need clinical applications. The company's solutions target bacterial, fungal, and viral infections, as well as oncology needs, aiming to provide effective treatments more quickly and affordably. As the winner, Stoked Bio will receive $30,000 in prizes, comprising cash and in-kind services from several partners including Smart & Biggar, Pallet Valo, MNP, and Preference Capital.
The event also celebrated several outstanding contributions in the entrepreneurial ecosystem. The Mayor Patrick Brown Innovation Awards honored leaders in various domains:
Founder of the Year: Brad Schmidt, CEO of Panaxium, recognized for his pioneering efforts in advancing bioelectronic medicine. Panaxium is developing precision neuromodulation therapies that significantly enhance recovery outcomes for stroke and traumatic brain injury patients.
Funder of the Year: Paul Lishman, an investor with Brampton Angels, commended for his unwavering support of startup founders and as a major funding contributor to the Brampton Angels portfolio.
Recognizing this achievement, Pam Banks, Executive Director of Altitude Accelerator and Brampton Angels, stated, “Our intention with Founders & Funders, our inaugural event, was to provide early-stage companies direct access to angel investors. We strive to connect remarkable innovations with the necessary capital for scaling, highlighted through our vibrant and supportive community dedicated to advancing diverse ecosystems.”
Banks also announced the launch of a special purpose vehicle (SPV) designed to aggregate smaller investments from multiple investors into a unified fund for promising innovations. This initiative aims to address the significant need for early-stage investment in Western GTA. By allowing a greater variety of accredited and qualified investors, this SPV will reduce both risk and financial barriers. Consequently, it will raise critical early-stage capital for startups and offer new investors invaluable exposure.
Altitude Accelerator has partnered with Preference Capital to promote this SPV and handle the associated tax reporting. This pooling of resources allows investors to diversify across multiple startups, minimizing risk associated with individual investments. The initiative will benefit from oversight by leading Ontario venture capital groups, promoting a professional and transparent investment process.
Andrew Opala commented on the initiative, stating, “Our mission at Preference Capital is to lower entry barriers for new investors. By creating SPVs, we provide a unique opportunity for everyday accredited individuals to actively participate in professionally-led startup investments, diversifying risk and gaining crucial experience.”
Altitude Accelerator is a not-for-profit innovation hub and business incubator dedicated to commercializing impactful technology in Southern Ontario. It helps tech founders transition from idea to investment in an efficient, effective manner. Established through partnerships with institutions such as the University of Toronto Mississauga and the Mississauga Board of Trade, Altitude Accelerator is part of Ontario’s Regional Innovation Centre Network.
For media inquiries, contact Pam Banks at [email protected].
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