Kitchener-Waterloo-based healthtech startup NERv Technology announced in April 2021 that it has raised CAD 3.32 million in a seed round of funding led by existing investor SOSV, with participation from Graphene Ventures, OneValley, Northspring Capital Partners, Boutique Venture Partners, and Threshold Impact, multiple angel investors and physicians.
About the startup
NERv Technology was co-founded in 2014 by Youssef Helwa and Amr Abdelgawad. The startup has developed a sensory device that is aimed to help doctors monitor postoperative patients remotely, by detecting probable complications. The device can attach to catheters and wound drains, and detects leakages that can lead to dangerous, sometimes fatal complications.
CEO Helwa said NERv manufactures its own devices locally within the Canadian ecosystem, that is why they don’t outsource to international locations, whether that’s the States or China. Everything is done within Waterloo, hence the funding will help them build out their assembly and manufacturing line here.nThis month, NERv also shifted its operations to the Medical Innovation Xchange (MIX) in Kitchener-Waterloo. That hub was launched in 2019 by local tech startup Intellijoint Surgical. NERv was originally based at the University of Waterloo and the Velocity Garage.
The CEO stated that though the COVID-19 impact initially shut down NERv’s studies last year, the startup was among the first few permitted to restart trials once restrictions eased. It has also been able to grow its team from approximately 16 at the beginning of the pandemic to 24.
He also noted the pandemic had a major impact on surgeries in Canada. When interacting with doctors and surgeons, the NERv team learned of a major backlog in surgeries that was created by the pandemic. He said when surgeries resumed, patients were even sicker than before, and complications increased as a result.
He was quoted to have said, “There has been a big impact on patients and doctors, stress levels are through the roof, they’re dealing in situations that are harsh. It’s been very, very hard to witness and helped highlight how fragile the system could be.”
Most of NERv’s team is still working from home due to lockdown restrictions, however, some employees are permitted to work in MIX’s lab, as NERv is designated as an essential service. Along with obtaining regulatory approval, the CEO expects NERv to raise an additional round of financing next year to help with the commercialization of its technology.
Previously, the startup has raised $1 million in pre-seed funding in 2019, and has secured approximately $2 million in non-dilutive funding and government grants since its inception.
For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!
Next Story
[…] Next Story […]
[…] Next Story […]