Propelling neurotech innovation: Ontario Brain Institute awards $700,000 in entrepreneurial funding support

TORONTO, Oct. 31, 2024 /CNW/ - The Ontario Brain Institute (OBI) is proud to announce $700,000 funding in support of neurotechnology innovation through its Neurotech Entrepreneurship to Validate Emerging Innovations (NERVE) program. Seven trailblazing entrepreneurs from across the country have each secured $100,000 in non-dilutive funding and will accelerate the development of their neurotech ventures by participating in a 12-month program that offers mentorship, business support, and expert training.

As Canada's single largest award to catalyze early-stage neurotechnology, NERVE helps entrepreneurs to propel their innovations from concept to commercialization. This year's cohort is addressing a broad spectrum of challenges in brain health, neurodiversity, and neurological disorders.

"The new NERVE entrepreneurs are pushing the boundaries of neurotechnology, and their solutions have the potential to create tangible improvements in the lives of those affected by brain-related conditions. The OBI team and I are proud to support these innovators as they turn cutting-edge research into life-changing technologies," said Dr. Tom Mikkelsen, President and Scientific Director of the Ontario Brain Institute.

Selected through a competitive pitch process earlier this summer, the 2024 NERVE recipients are:

• Nicholas Calvert, Yellowbird Diagnostics (Ottawa, ON), developing a PET radiotracer that improves the identification of cardio and neuroinflammatory diseases, allowing for earlier detection and improved treatment outcomes,
• Dion Kelly, Possibility Neurotechnologies (Calgary, AB), creating an accessible brain-controlled technology that empowers neurodiverse children to interact with the world using their thoughts,
• Kevin Betts, Proteus Neurodynamics (Port Coquitlam, BC), designing tunable EEG earbuds to improve language comprehension and development in children with autism,
• Lora Appel, CaregiVR (Toronto, ON), changing senior living by improving quality of life and reducing the burden on professional caregivers through personalized virtual reality technology,
• Asem Bala, Taylored Biotherapeutics (Calgary, AB), developing microbial-based therapeutics for mental health conditions,
• David Singh, Kelello Health (Toronto, ON), creating a measurement-based care platform to transform the delivery of mental health care, and
• Kamyar Rouindej, Hummingbird (Kitchener, ON), designing an assistive technology that allows individuals with disabilities to communicate and interact with others through the control of digital devices using vocal cord vibrations.

The Honourable Nolan Quinn, Ontario's Minister of Colleges and Universities, lauded OBI's NERVE program for playing a vital role in advancing the province's leadership in neurotechnology and fostering a vibrant, innovation-driven economy.

"By investing in the next generation of entrepreneurs, OBI is not only accelerating groundbreaking research but creating new opportunities for growth in our health and technology sectors," Minister Quinn said. "The work showcased through the NERVE program is just a sliver of the talent we have in here at home and across Canada. I am excited to see the impact these innovative tools and services will have in improving brain health and well-being for the people of Ontario and residents of other provinces."

As a key driver of neurotechnology commercialization, through the NERVE program, OBI continues to accelerate breakthrough solutions that aim to transform the lives of those living with brain-related conditions, positioning Canada as a global leader in brain health innovation. To date, OBI has invested over $5 million dollars into neurotechnology entrepreneurship, supported 85 entrepreneurs and helped move more than 25 brain-health related products to market. For more information, visit braininstitute.ca/nerve.

ABOUT:

The Ontario Brain Institute is a provincially funded, not-for-profit organization that accelerates discovery and innovation, benefiting both patients and the economy. Our collaborative 'team science' approach promotes brain research, commercialization and care by connecting researchers, clinicians, industry, patients, and their advocates to improve the lives of those living with brain disorders.

SOURCE Ontario Brain Institute

For more information: Renée Dunk, Senior Communications Lead (Ontario Brain Institute), [email protected], 416-562-2695; Allison Garber, Consultant (Ontario Brain Institute), [email protected], 902-221-5254