VoxNeuro, a brain performance software developer, has successfully raised $4.5 million CAD ($3.4 million USD) in all-equity funding. The company plans to use the capital to expand its operations in the United States. VoxNeuro’s software measures brain performance and aims to enhance cognitive abilities. James Connolly, the startup’s chief business officer, stated that the funds will be allocated towards sales and marketing efforts, partnerships, and further development with institutions.
Halodoc, an Indonesian health tech company, has raised $100 million in a Series D funding round led by Astra Digital, a subsidiary of Astra International. Halodoc’s platform provides online integrated health services, including telemedicine, medicine ordering, and lab test appointment booking. With over 20 million monthly active users, the funding will be used to support the company’s expansion and enhance its services.
In other news, Silofit, a Canadian technology startup, has officially closed its doors, joining a growing list of tech companies in Canada that have had to cut costs or shut down amid a sector-wide downturn. Additionally, Fable announced employee layoffs, and Top Hat has also reduced its headcount. These companies are not alone in facing these challenges, as more Canadian startups navigate the difficult economic climate.
Chemify, a spinout from Glasgow University, has raised $43 million to digitize chemistry by using AI to design new molecules and automate their production in a lab. The company’s chemputer technology sets it apart from others in the field, as it extends to the manufacturing of newly invented molecules. This development has significant implications for AI drug discovery and the pharmaceutical industry.
Furthermore, Graphite Ventures, a Toronto-based investment firm, has announced the final close of its Fund IV at $110 million CAD. While Graphite is industry agnostic, it focuses its investments on B2B SaaS, FinTech, digital health, and capital-efficient hardware, with many companies utilizing AI and machine learning. The firm aims to expand its reach beyond Ontario to support startups across Canada.
Lastly, TytoCare, a New York City-based firm that provides a range of products and services for virtual primary care programs, has raised $49 million in growth financing. Despite recently laying off approximately 10% of its workforce, the company’s funding continues to grow, reaching a total of $205 million. TytoCare’s Home Smart Clinic enables healthcare providers and payers to operate successful virtual care programs.
These developments in the health tech sector indicate both the challenges and opportunities present in the industry. As companies secure funding, shutter their operations, or invest in cutting-edge technologies, the landscape continues to evolve. With advancements in brain performance software, online health services, and AI-driven chemistry, the health tech sector is poised for further growth and innovation.
