Velocity Well being launches at Waterloo | Waterloo Information

Waterloo’s globally acknowledged startup program Velocity launched an initiative that goals to assist new corporations within the health-tech sector entry funding and get services within the arms of those that want them.

The initiative – Velocity Well being – was formally launched at a kickoff occasion on the College of Waterloo. The most recent stream of the Velocity suite of platforms was created to handle the important thing challenges health-tech startups face.

“I’m impressed to see and listen to how Velocity Well being is taking form,” mentioned Dr. Vivek Goel, president and vice-chancellor of the College of Waterloo. “Velocity helps to develop the impression and scope of the College of Waterloo and positioning our area as a world chief in addressing future well being challenges.”

Companions concerned with Velocity Well being alongside UWaterloo embrace the Grand River Hospital Basis, the Accelerating Medical Trials Consortium at McMaster College, the IMPACT program on the College of Calgary, the Medical Innovation Xchange, the College of Western Ontario and the MaRS Discovery District.

Velocity Well being is funded partially by the Authorities of Canada via the Federal Financial Growth Company for Southern Ontario (FedDev Ontario) and supported by the Metropolis of Kitchener.

These partnerships and Velocity’s help will enhance Canadians’ high quality of care, advance Canadian entrepreneurship globally and join and develop Canada’s innovation economic system.

Accelerating well being expertise

“There are two primary gaps within the health-technology realm proper now,” mentioned Moazam Khan, director of Velocity Well being. “One is gradual adoption by the sector of latest and rising applied sciences. The opposite is fundraising for early-stage well being expertise corporations.”

Moazam Khan, director of Velocity Well being.

Khan says that by being a part of Velocity Well being, new startups can get early-stage validation of their services, in addition to a spread of help and sources all through the corporate’s lifecycle, from ideation to scientific trials, market validation and commercialization.

“We’re making a neighborhood of well being expertise founders. It’s founders serving to founders,” Khan continued. “Velocity Well being is one in every of Canada’s first health-technology commercialization platforms. We’re establishing pan-Canadian partnerships so Canadian health-tech corporations can sort out the worldwide market.”

Vessl Prosthetics

One of many health-tech corporations at Velocity is Vessl Prosthetics. The corporate is getting down to make auto-adjusting prosthetics for amputees.

“What we recognized was that amputees’ legs will change dimension inside a socket that by no means adjustments dimension,” mentioned Sydney Robinson, CEO and co-founder of Vessl. “That may create stress extremes that usually result in blisters. What we’ve developed is an mechanically adjusting prosthetic socket to assist with consolation and match.”

Sydney Robinson, CEO and co-founder of Vessl Prosthetics.

Robinson mentioned that the corporate is actively working with amputees and amputee organizations in each stage of product growth. Inclusion is a driving power and “enter from amputees is the easiest way to know the issues they face.”

Cauchy Analytics

One other Velocity health-tech firm is Cauchy Analytics, which payments itself because the world’s first analytics platform for medical imaging.

“We’re miniaturizing and automating ultrasound sensors to gather information and enhance affected person outcomes,” mentioned James Lowman, Cauchy’s CEO. “Ultrasound has at all times been developed, such that you simply’re making a picture for a health care provider to interpret. However we all know that computer systems can see much more than any human can. So, we’re adapting ultrasound to try to cowl that hole.”

James Lowman, CEO of Cauchy Analytics.

Lowman mentioned that Velocity has been instrumental within the firm’s early phases, each by way of direct help and as an area the place they will work together with different founders. “We’ve nice advisors who know all about health-tech and navigate as an organization making an attempt to alter issues,” Lowman continued.

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Velocity helps founders develop sooner and farther, from concept to Collection A and past. Since 2008, Velocity has supported over 400 startups that raised over $4.3 billion USD in capital, generated over $26 billion in enterprise worth, and created over 5,000 jobs. Go to the Velocity web site to study extra.