Toronto-based healthtech startup Synex Medical has raised $6.99 million CAD in a seed funding round held in October 2020, led by Accomplice. Existing investors Radical Ventures and angel investor Naval Ravikant also participated in the funding round.
Proceeds from the funding round will be used by the startup to increase its headcount and in expanding its operations to the United States, starting with Boston.
Founded in 2017 by Ben Nashman, Synex Medical has developed a wearable device that informs the user how their body is performing. The device allows the user to monitor the metabolite concentrations in their body in real-time, without having to penetrate the skin. Synex Medical’s technology is based on magnetic resonance, the principle used in magnetic resonance imaging (MRI) as well. The technology aims to non-intrusively and precisely measure critical blood metabolites like glucose, lactate and ketones.
CEO Ben Nashman said that despite the onset of COVID-19, the startup made significant progress in the last 5-6 months and they are looking forward to making the best use of the talent and research in Boston, especially with Accomplice backing it. He quoted, “Daily I eat and drink, sleep and exercise, and do a hundred other things that affect how I feel and perform. But I do all of this without any idea what’s really going on inside my body. It’s like driving a car without a speedometer or fuel gauge.”
Synex Medical is one of the numerous Canadian biotech startups hopeful of leveraging predictive analytics to reduce health care costs.
Cambridge, Massachusetts-based Accomplice is a venture capital firm that invests in technology startup companies mainly in their seed round. Accomplice binds the community to empower and fund the best founders through platforms like AngelList, Boston Syndicates, and Maiden Lane.
A majority of Accomplice’s investments are in Boston, with others all over the U.S., in Canada, and in the E.U. It was previously known as Atlas Venture and had announced in October 2014 that it was splitting its technology and life sciences franchises. The technology group rebranded as Accomplice and the life sciences group retained the name Atlas Venture.
Speaking about Synex Medical, Jeff Fagnan, general partner at Accomplice said, “Giving people a painless, easy, yet data-rich way to get insights into how their bodies work is an amazing vision. Ben and his team have an opportunity to make a real contribution to our society’s health, and we’re excited to support them.”
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