Eight Ontario Startups Receive $1.2 Million Investment from the Government of Canada

Ontario Genomics’ BioCreate business accelerator has announced the addition of eight new biotech companies to its program, which aims to support start-ups in commercializing innovative solutions in various sectors including food and agriculture, health, and cleantech. This initiative is backed by a five-year, $5.6 million investment from the Government of Canada through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).

The eight new start-ups are as follows:

1. I-RNA (London): Focuses on precision medicine to enhance the detection and treatment of diabetic retinopathy.
2. Kulture Rebellion (Toronto): Develops healthy microbial strains for the functional beverage market.
3. Launch Bioindustries (Mississauga): Upcycles food waste into compostable bioplastics and coatings.
4. New Code Oncology (Toronto): Creates AI technology to quickly identify rare and complex cancers.
5. NuvoBio (Ottawa): Utilizes an AI platform to accelerate and minimize risks in peptide drug discovery.
6. Synakis (Toronto): Bioengineers treatments for eye diseases such as retinal detachment and glaucoma.
7. Tessella Biosciences (Hamilton): Develops bio-printed dissolvable bandages tailored for burn wounds.
8. VascuBio Innovation (Toronto): Focuses on bioengineering tissues to aid the research and healthcare sectors.

BioCreate operates with a competitive acceptance rate of 11%, indicating its rigorous selection process. Since its inception in 2023, the program has achieved significant milestones, including facilitating $71.9 million in funding for participating companies, generating $26.2 million in sales revenue, and creating or maintaining 122 jobs.

Elizabeth Gray, Senior Director of the BioCreate Program, emphasized Canada’s commitment to enhancing and diversifying its economy. She noted that BioCreate is instrumental in providing high-potential companies with the necessary funding and mentorship to accelerate their commercialization efforts, benefiting both Canada and the global market.

The Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for FedDev Ontario, reinforced the role of BioCreate in rapidly bringing Ontario innovations to market. He highlighted the initiative's contribution to building a stronger, more competitive economy for Canadians by supporting these promising start-ups.

For more insights on the newly incorporated companies as well as an overview of the existing 24 companies within the accelerator, visitors are encouraged to explore the BioCreate website.

Ontario Genomics is dedicated to investing in researchers and start-ups to catalyze industrial biotechnology in food and agriculture, medicine, and cleantech. With over 600 partnerships and $3.5 billion in investments over 25 years, Ontario Genomics collaborates with governments, industries, and innovators to transition ideas from laboratories to real-world applications.

FedDev Ontario has been committed to advancing and diversifying the southern Ontario economy since 2009. The agency offers funding and business services to stimulate innovation and growth, resulting in the development of innovative technologies, enhanced productivity, job creation, and overall community advancement across the region. More information on the agency's impact can be found through its various communication platforms.