Ontario Doubles Down on Home-Grown Medical Innovation with $6.5M Investment in Life Sciences Startups

13 Ontario companies receive funding to advance medical technologies and create new jobs

TORONTO — Ontario is injecting new momentum into the province’s life sciences sector with a $6.5 million investment through its Life Sciences Innovation Fund (LSIF), the government announced Monday. Thirteen Ontario-based companies will each receive up to $500,000 to advance innovative medical technologies, scale their operations, and create high-quality jobs across the province.

The LSIF investment is part of the province’s broader strategy to boost self-reliance in health innovation and position Ontario as a global leader in medical research, development, and biomanufacturing.

“Ontario’s life sciences sector is a key driver of our province’s economy,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “By renewing the Life Sciences Innovation Fund, we are taking decisive action to build a more resilient and self-reliant economy.”

The 13 companies selected for LSIF support span diverse fields in biotechnology, medical devices, artificial intelligence, and digital health. Toronto is home to several of the funded startups, including PhenoTips, which streamlines genomic health record management, and Grey Matter Neurosciences, developing focused ultrasound tools to treat age-related brain diseases. Markham-based Bao Life Brand is combining AI with molecular skincare solutions, while Cornwall’s Cntrl+ Inc. offers a patented, FDA-cleared device for female incontinence.

NEW: To date, Ontario’s Life Sciences Innovation Fund has generated $48M in private investment and brought more homegrown medical breakthroughs to market in our vibrant life sciences sector.

Today, we’re building on that success with a $15M investment over 3 years to support… pic.twitter.com/zfZfZyFO8X

— Victor Fedeli (@VictorFedeli) June 9, 2025

Other recipients include:

• Clinclove Inc. (Toronto): Software platform transforming clinical trials

• Deep Breathe (London): AI-based lung ultrasound diagnostics

• Moonrise Medical (Hamilton): AI-guided vascular assessment systems

• Northern Vascular Systems (Toronto): Light-activated gel for aneurysm and tumour treatment

• Orb Therapeutics (Toronto): RNA-based therapies for genetic diseases

• Vessl Prosthetics (London): Empowering amputees with advanced prosthetics

• VITALL Intelligence (Uxbridge): App to centralize personal health records

• Marlow (Toronto): Female hygiene product innovator

• Yellowbird Diagnostics (Ottawa): Imaging dyes for enhanced disease detection

The announcement comes as the province renews the LSIF with a $15 million commitment over the next three years, following early success since the fund’s 2022 launch. To date, LSIF investments have already spurred more than $48 million in private-sector co-investment.

Claudia Krywiak, President and CEO of the Ontario Centre of Innovation, which administers the fund, praised the announcement. “This renewed investment empowers home-grown companies to bring health breakthroughs to market, create jobs, and cement our global leadership in life sciences,” she said.

Ontario’s life sciences ecosystem includes nearly 2,000 companies employing over 74,000 people and generating more than $11.8 billion in annual exports. With over 72,000 STEM graduates each year, the province boasts one of the most skilled workforces in the field.

Joel Ramjist, CEO of Northern Vascular Systems and one of the LSIF recipients, emphasized the importance of provincial backing: “It’s exciting to see investment funds like LSIF supporting breakthrough health technologies and helping companies like ours bring innovations from lab to market.”

As the global life sciences race accelerates, Ontario’s strategic support for research-driven businesses is positioning the province to lead in health innovation while boosting its long-term economic resilience.

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