ViTRAK Systems Inc., a Charlottetown startup commercializing a pressure-sensitive floor tile system, has raised as much as $2 million in funding from P.E.I. investors.

The company said in a press release yesterday the investors included the Regis Duffy Bioscience Fund and associated companies, but gave few other specifics of the funding round.

Founded by CEO Crystal Lavallée, the company has developed Stepscan, a patented electronic floor tile system that can be used to analyze people’s gait when they walk across it. The system can analyze the mobility and balance in patients or research subjects by measuring such factors as under-foot pressure distribution, stride, sway, and speed. The target market is researchers, clinicians, even physiotherapists.

Last year, the company signed its first client, and the press release announcing the latest funding said it will use the money to enhance its product and support sales and marketing in Canada and the U.S.

ViTRAK also said it has opened its new facility on Walker Drive in Charlottetown, where the floor tiles will be manufactured.

 “Our patented software can offer clinicians and patients the opportunity for early diagnosis and treatment by providing new clinical insights, thus permitting new developments in rehabilitative engineering for the future,” said Lavallée in the statement. “This will ultimately benefit the patient population suffering from mobility impairing diseases.”

Ron Keefe, President of the Regis Duffy BioScience Fund, Regis Duffy and Earl Duffy will join the board of ViTRAK.

ViTRAK had previously raised $850,000 from P.E.I. angels, and in 2011 won a two-year, $1.4-million loan from the Atlantic Canada Opportunity Agency’s Atlantic Innovation Fund.

The ViTRAK funding is typical of the leading startups in P.E.I. There has never been a pure venture capital investment on the island that has been publicly announced. But the Island has a loyal band of angel investors and its startup founders have been successful in putting together seven-figure funding rounds.

The Regis Duffy BioScience Fund, established by the founder of Charlottetown drug manufacturer BioVectra, last year joined a $1.5 million funding round for Neurodyn Inc., the Charlottetown biotech developing early treatments for neurological diseases.

 

Entrevestor receives financial support from government agencies that support start-up companies in Atlantic Canada. The sponsoring agencies play no role in determining which companies are featured in this column nor do they have the right to review columns before they are published.

Have your say, post a comment

  • Ginger Shwimmer

    Sometimes we also need some understanding for us to learn how to deal with things. - Nova Science Publishers

  • esting

    After a pivot earlier this year, they are beta-testing a new business called PizzaGO, an online site that lets local pizzerias take orders quickly and easily.
    192.168.1.1