The Atlantic Canada Opportunities Agency is lending a total of $1.4 million to four Halifax companies that aim to improve people’s health.
The federal economic development agency issued a statement Thursday saying it is lending the money through the Regional Economic Growth through Innovation, or REGI, program.
Novalte is borrowing $500,000 to enhance its technology, which interacts with smart devices to allow disabled people to perform tasks like operating a TV, switching lights on and off or changing the angle of a bed. Many Novalte users would be unable to perform these tasks without assistance, so the technology enhances their independence.
The funding will create six new jobs to expand its development and support team.
"Our mission at Novalte is to provide the greatest degree of independence for the clients we serve and help them break down barriers that impede their full use of technologies available,” said Novalte CTO and Founder Michael Cullen in a statement. “We have found that this also aids with the operational efficiency within our customers’ facilities."
Boondoc Technologies, which operates closed social networks for medical professionals, is receiving $499,500 to market its two social networks – The Rounds for doctors and QID for pharmacists.
ACOA said the funding is expected to create five jobs.
“Our goal is to ensure healthcare providers can connect and collaborate with accurate information to provide exceptional care and improve global healthcare outcomes,” said Boondoc CEO Tim Rice. “The Rounds is modernizing how healthcare professionals connect, because we believe sharing knowledge saves lives. With ACOA’s support, The Rounds is planning to launch in the United States this year.”
FIVAMed will receive $231,000 to help cover the costs of manufacturing, marketing and obtaining regulatory approvals for its intravenous fluid monitoring device FIVA FLOW. ·
The company’s new product will bring smart features to a manual IV drip machine for hospitals and clinics with advanced technology. It will be marketed and sold across North America and in the European Union. The project is expected to create two new jobs.
“In the midst of this challenging time, FIVAMed is excited to provide a reliable, low-cost tool to health care providers that will reduce risk and ease stress in an already challenging environment,” said FIVAmed CEO Ben Garvey. “Along with several COVID-19 innovations released over the past year, we are proud to be able to bring this new generation of our Fluid Intravenous Alert device to the market.”
PhotoDynamic is receiving $200,000 to develop a commercialization plan and apply for regulatory approval for its orthodontic oral hygiene product. The company plans to enter the professional orthodontic market this fall. Its product, called PD Foam and PD Tray, removes plaque using a process that combines light and an extract from a plant that grows wild in Nova Scotia.
“PhotoDynamic has had an exciting year,” said CEO Martin Greenwood. “We’ve completed the commercialization of our oral hygiene technology, and under the leadership of our new VP of Marketing, Jason Tutty, we’re ready to test-launch with orthodontists in Canada and the United States.”
Disclosure: ACOA is a client of Entrevestor.