For Immediate Release
Sudbury Catalyst Fund invests $250,000 in IRegained
Sudbury-based startup aims to accelerate recovery of hand function after stroke
Sudbury, ON. The Sudbury Catalyst Fund, a $5 million seed capital co-investment fund based in the City of Greater Sudbury, is pleased to announce the closing of its investment of $250,000 in IRegained, a Sudbury-based medical technology company developing proprietary medical technology to help stroke survivors recover and improve their lost hand function.
"We are grateful for the support and confidence that the Sudbury Catalyst Fund Investment Committee has placed in IRegained," says IRegained CEO and co-founder Vineet Johnson. "The investment from the Sudbury Catalyst Fund, combined with matching funds from local angel investors, will be instrumental in providing IRegained with the fuel to accelerate the commercialization of our MyHand technology to help stroke survivors reclaim their lives."
With the mission to help 100 million stroke survivors with hand function disability resulting from brain injury, IRegained’s flagship product, the MyHand System, is a medical device intended for both clinical and home use that leverages the human brain’s intrinsic neuroplasticity repair mechanisms. This competitively priced, easy-to-use device recruits new pathways within the brain, enabling a patient’s brain to relearn how to control hand function, empowering stroke and traumatic brain injury survivors to reclaim unassisted use of their hands.
"In partnership with the Sudbury Catalyst Fund, NORCAT’s goal is to accelerate the growth of innovative companies that will drive future economic and social prosperity for Canada," says Don Duval, Sudbury Catalyst Fund co-managing partner and NORCAT CEO. "With a strong leadership team, differentiated IP and a meaningful value proposition, IRegained is poised to not only improve patient lives worldwide, but also contribute to Canada’s vibrant MedTech ecosystem."
Established to accelerate the growth of scalable tech start-ups, the Sudbury Catalyst Fund brings together a variety of partners and angel investors eager to build Northern Ontario’s entrepreneurial ecosystem by investing in and supporting a diversified portfolio of high-growth companies. Administered by Nickel Basin Federal Development Corporation, in collaboration with NORCAT, the City of Greater Sudbury, the Greater Sudbury Development Corporation and with financial support from the Federal Economic Development Agency for Northern Ontario (FedNor), the fund is focused on unlocking angel capital via co-investing in early-stage tech companies with high growth potential. The investment in iRegained is the fourth from the fund, following earlier investments in FORTAI, Verv Technologies and REPerformance.
"We are proud to close our fourth investment and support this promising Northern Ontario technology company," says Rainer Paull, co-managing partner of the Sudbury Catalyst Fund and Nickel Basin FDC Executive Director. "Innovative companies like IRegained are transforming the landscape of global healthcare delivery system, and the Sudbury Catalyst Fund is excited to be a part of their journey as they grow and scale."
ABOUT THE SUDBURY CATALYST FUND
The Sudbury Catalyst Fund is a unique $5 million seed capital venture fund administered by the Nickel Basin Federal Development Corporation in collaboration with the City of Greater Sudbury, FedNor and NORCAT. For more information, visit www.norcat.org/innovation/sudbury-catalyst-fund.html or nickelbasin.ca.
Media Contact: Lindsay Moorhouse| NORCAT|Manager, Marketing and Communications (705) 521-8324 ext. 337 | [email protected]