Montreal located AlayaCare, a MedTech start-up has announced on 27th August, 2020, that is has bagged CAD 15M in growth capital financing led by CIBC Innovation Banking.
The investments were made to the startup as debt financing which AlayaCare claims to deploy for expansion in Northern American and Australian region.
The startup claims to utilize the funds to invest in Research & Development and Merger & Acquisition strategy. The company says that the capital came at the key time for the start-ups because majority of the world is stuck into the pandemic and resulting lockdowns.
Founder and CEO of AlayaCare said, “What was in progress in ten years, quickly evolved in ten days.”
Established in the year 2014, by Adrian Schauer, the start-up created an end to end healthcare software platform which is utilized to support home and community care agencies to manage the daily operations. They offer traditional in-home as well as virtual care solutions which consist of financial management, remote patient monitoring, clinical documentation, a mobile app, back-office operations and family portal.
The latest funding of CAD 15 million follows a CAD 47.9 million extension in series C round in the month of January this year, the first portion of which had been annouced in July 2019.
The extension brought company’s Series C to CAD 115.8M. Notably, however, the initial Series C investment consists of a CAD 18M secondary buyout of the company’s early investors.
As per the report of Canadian Venture Capital and Private Equity Association, the life sciences companies of Canada bagged 29% (i.e. US$ 722 million over 47 deals) of the overall capital allocated in quarter 1 and quarter 2. Comparatively, in the year 2019, life sciences companies received only 17% (i.e. US$ 1.1 billion invested over 177 deals).
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