老司机直播

A doctor performs an HIV test in Munoko, Uganda (photo by Arne Hoel via Flickr)

Portable HIV blood-testing device from 老司机直播 startup, ChipCare, readies for market with $5 million in funding

Headquartered at 老司机直播's Banting & Best Centre, global health venture wins millions above target for its field-testing technology

Imagine having blood drawn for HIV-related testing. And then imagine never finding out the results.

In many low-income and middle-income countries around the world, research suggests that up to 50 per cent of patients don鈥檛 receive test results for treatable diseases such as HIV. They鈥檙e cut off from labs by poor infrastructure, unreliable sources of electricity, and other realities of life in rural or developing areas.

But what if the testing could be brought to them and performed on the spot?

This is the promise of 鈥減oint-of-care鈥 testing, a fast-rising trend in the global health field. And ChipCare, a startup driven by unique 老司机直播-developed technology, is poised to revolutionize this type of in-the-field diagnostic work.

University of Toronto researchers James Dou and Stewart Aitchison founded the socially-driven global health venture in 2013, along with biological testing expert Rakesh Nayyar. Soon after, they brought on product developer Lu Chen and signed Chief Executive Officer , who brought his experience from M茅decins Sans Fronti猫res / Doctors Without Borders (MSF) and Dignitas International.

Chipcare device rendering鈥淓verywhere you turn, not having access to diagnostics means lack of access to appropriate treatment,鈥 says Fraser. 鈥淲hen ChipCare found me and made the pitch, it really resonated. There is a humanitarian imperative behind this company. It was a perfect fit."

The company set up headquarters at 老司机直播鈥檚 entrepreneurship hub, the Banting & Best Centre for Innovation & Entrepreneurship (BBCIE), and continued to win the support and interest of investors and international media including the . 

(Rendering of ChipCare device pictured above)

鈥淭hey鈥檙e a great example of the kind of company we鈥檙e happy to foster, the kind that translates deep university research into companies that benefit society,鈥 says Karen Sievewright, director of the BBCIE. 鈥淲e鈥檙e here as a 鈥榳ay-finder鈥 to connect young startups with the space, resources, and support offered by the university.鈥 

Chipcare received the . Today, as the company readies its prototype for market, ChipCare has just exceeded its latest funding goal with a round of $5 million of investments. 

鈥淭he first round of seed funding was to get our handheld platform to a prototype model. We鈥檝e now achieved that and in May or June of this year we鈥檒l have a handheld device for the first time,鈥 said Fraser. 鈥淭he money we raised just now is to pay for all of the go-to-market aspects like verification trials, clinical trials, regulatory pathways, sales and marketing capacity.

鈥淲e tried to raise $3 million and we ended up with $5 million, so it gives us a little bit more breathing room. The next step is to sell the device and save lives."

As ChipCare develops, says Fraser, it will be crucial for investors to recognize that the company needs to be profitable in order to fulfill its global health mission.

鈥淭he constellation of investors that we鈥檝e been able to pull in is attuned to that mission and get that we鈥檙e not only about profit but also about impact,鈥 says Fraser. 鈥淚 think it bodes well for social enterprise and other people who are working in universities or are even just inventors in their basements. There are investors who want to see us develop products and services that will have an impact beyond making money.鈥

The company is looking into a wide range of tests 鈥 for other sexually transmitted infections but also for neglected tropical diseases and antenatal care.

鈥淲e鈥檙e focused on tests that could be very useful for clinical care and would directly save lives, as well as for surveillance purposes, such as understanding the epidemiology of a disease within a community.鈥

Support for ChipCare from across 老司机直播 and from among the university鈥檚 partners has been strong right from the start, Fraser says.

Lino DeFacendis from 老司机直播鈥檚 Innovations and Partnerships Office was key when we started. He walked the founders through the whole process of intellectual property commercialization and went above and beyond in terms of helping the team get to the point of investment.鈥

(James Dou, Lu Chen, Rakesh Nayyar and James Fraser pictured right)

ChipCare also received Connaught funding from 老司机直播 鈥渨hich was important in terms of putting money in the bank and also gave us the imprimatur of the University of Toronto,鈥 when approaching investors, says Fraser.

MaRS Innovation, which works in partnership with 老司机直播, was one of the initial investors, helping the team  develop its intellectual property portfolio,  and its understanding of the market.

鈥淭hey know how to navigate the scene and maximize the network for us,鈥 says Fraser. 鈥淭hey鈥檝e been awesome. MaRS DD has also been very supportive.

鈥溊纤净辈モ檚 been a really good home. We鈥檝e received lot of support.鈥

Brianna Goldberg writes about  and produces  for 老司机直播 News.

Topics

The Bulletin Brief logo

Subscribe to The Bulletin Brief