The federal development board for Southern Ontario has injected $5m to accelerate the growth potential of TIAP's early-stage health sciences portfolio.
Multi-institution commercialisation firm Toronto Innovation Acceleration Partners (TIAP) has been awarded C$6.5m ($5m) in grant money from the Federal Economic Development Agency for Southern Ontario.
Founded in 2008 as Mars Innovation, TIAP has invested in over 70 companies based on the health science intellectual properties of its 14 affiliate institutions and research centres in the Canadian province of Ontario.
The unit has earmarked the cash to strengthen the growth potential of its portfolio, bringing in more management expertise for investees in a bid to secure innovation-driven dividends for the regional economy.
TIAP’s covid 19-related portfolio includes disease containment technology developer BlueDot, whose artificial intelligence models reportedly predicted the earliest known coronavirus outbreak in the Chinese city of Wuhan late last year.
Other investees include vascular disease drug developer Vasomune Therapeutics and clinical collaboration app Hypercare.