Four Startups Selected for the MGH Foundation’s Impact Investment Program

From left to right: Juno Technologies present their pitch to a full house.

On July 25, a full house of donors, doctors, investors, researchers, entrepreneurs, and other distinguished guests gathered at the Clinical Innovation Platform (CLIP) headquarters to hear pitches from six healthtech startups. Selected from more than 20 applicants to participate in this CLIP Summer Demo Day, these startups were vying for funding through the Montreal General Hospital Foundation (MGHF)’s unique impact investment program for healthcare startups – the first of its kind in Quebec.

This program is possible thanks to the generous support of National Bank, the John Dobson Foundation, Birks Family Foundation, and many others.

Four startups were selected for an impact investment, pending due diligence by the Foundation. They are:

The MGHF impact investment program offers convertible loans for startups wanting to scale their healthcare innovations to the benefit of patients in Quebec and Canada. The CLIP is a unique healthtech startup incubator at the heart of the Montreal General Hospital (MGH-MUHC) and the Research Institute of the McGill University Health Centre (RI-MUHC), enabling its members to make the most of the collection of resources and services available through the CLIP and its hospital-based ecosystem.

From left to right: Stephanie Riddell, President & CEO, MGH Foundation; Dr. Jake Barralet, Scientific Director, CLIP.

Transformative Initiatives to Benefit Patients

After warm welcomes from Stephanie Riddell, President & CEO, MGH Foundation and Dr. Jake Barralet, Scientific Director, CLIP, the audience was captivated by these diverse startup presentations and the transformative potential of each one.

Among other selection criteria, the four innovative startups selected for this round of MGHF impact funding align with the program’s meaningful mission. From Breaking Bone’s ultrasound bone micro fracturing to Juno’s commitment to relieving menstrual pain; Ora Medical’s remote rehabilitation to Sonaro’s 3D cardiovascular ultrasound, they all can benefit patients.

“Our Foundation is proud to support these exciting healthcare and medtech startup companies,” says Alexander King, Vice-President, Development at the MGH Foundation, who is responsible for the Foundation’s Impact Investment Program. “These innovations have the potential to transform the lives of patients.”

Alexander King, Vice-President, Development at the MGH Foundation, addresses the audience.

A Unique Impact Investment Program

The audience also enjoyed detailed and inspiring updates from two of the CLIP startups that have already received funding from the MGHF’s impact investment program:

AFX Medical, an AI-assisted, neuro-oncology software company co-founded by Dr. Simon Ducharme (the MGHF is also among the funders of his Centre for Precision Psychiatry project);
and Momentum Health, a remote scoliosis management technology company co-founded by Philippe Miller.

Each presented how their companies have evolved since their MGHF funding, and showcased how their work will benefit patients.

Thank you to the CLIP, and to our esteemed donors, partners, investors, and the passionate founders of these diverse startups. We are honoured you are part of our inspiring journey as we continue to support transformative initiatives conceived and guided by our medical leaders that have a significant impact on patient lives.

Let’s transform healthcare together!