{"id":3790,"date":"2020-12-09T16:12:25","date_gmt":"2020-12-09T21:12:25","guid":{"rendered":"https:\/\/www.medteq.ca\/aifred-health-closes-4-million-seed-financing-to-improve-mental-health\/"},"modified":"2020-12-09T16:13:39","modified_gmt":"2020-12-09T21:13:39","slug":"aifred-health-closes-4-million-seed-financing-to-improve-mental-health","status":"publish","type":"post","link":"https:\/\/www.medteq.ca\/en\/aifred-health-closes-4-million-seed-financing-to-improve-mental-health\/","title":{"rendered":"Aifred Health closes $4 million seed financing to improve mental health"},"content":{"rendered":"<ul>\n<li><b><i>Seed Financing co-led by MEDTEQ+ and BDC Capital<\/i><\/b><\/li>\n<li><b><i>Fully funds Aifred&#8217;s North American regulatory approval clinical trial for AI decision support<\/i><\/b><\/li>\n<li><b><i>New Board of Directors and key additions to Executive<\/i><\/b><b>\u00a0Team<\/b><\/li>\n<\/ul>\n<p><strong><span class=\"xn-location\">MONTREAL<\/span>,\u00a0<span class=\"xn-chron\">Dec. 8, 2020<\/span>\u00a0\/CNW Telbec\/<\/strong> &#8211; Aifred Health, a\u00a0<span class=\"xn-location\">Montreal<\/span>-based digital healthcare company, today announced the closing of a\u00a0<span class=\"xn-money\">$4 million<\/span>\u00a0seed financing. The financing will fund the North American regulatory approval clinical trial designed to test the safety and effectiveness of\u00a0 Aifred&#8217;s artificial intelligence technology to recommend personalized therapeutic treatment choice for patients suffering from clinical depression.\u00a0The clinical trial is scheduled to start in Q1\/2021 in major U.S. and Canadian hospitals and will enroll approximately 350 patients. \u00a0The goal of this trial is to validate Aifred&#8217;s hypothesis that patients treated with approved medication for clinical depression by physicians using Aifred&#8217;s AI technology will experience greater\u00a0improvement in their depression symptoms compared to patients treated with standard of care.<i>\u00a0<\/i><\/p>\n<blockquote><p>&#8220;I am thrilled with the close of our latest round and incredibly appreciative of the support we have received from our new and existing investors, particularly as we managed the challenges of the pandemic,&#8221; says\u00a0<span class=\"xn-person\">Marina Massingham<\/span>, President &amp; CEO, Aifred Health who continued: &#8220;This funding ensures we remain on schedule for our clinical trial next year and that our AI technology becomes accessible for the treatment of depression as rapidly as possible while we concurrently roll out and commercialize the best-practice module of our technology to help physicians better treat patients with clinical depression.&#8221;<\/p><\/blockquote>\n<p>The\u00a0<span class=\"xn-money\">$4 million<\/span>\u00a0raise was co-led by MEDTEQ+ and BDC Capital, with additional support from the Desjardins Group, Highline Beta and other private and institutional investors including follow-on investments from most of the investors in the Company&#8217;s 2019 pre-seed financing.<\/p>\n<blockquote><p>&#8220;Mental health is a growing concern, and the \u00a0pandemic is increasing the stress and anxiety people are facing. We believe that Aifred&#8217;s technology has the potential to help doctors and psychiatrists better treat the growing number of people affected by depression directly from their offices or via telemedicine,&#8221; commented\u00a0<span class=\"xn-person\">Michelle Scarborough<\/span>, Managing Partner, Strategic Investments and Women in Technology Venture Fund.\u00a0 &#8220;At BDC, we champion\u00a0<span class=\"xn-location\">Canada&#8217;s<\/span>\u00a0leading role in digital health technology and the important role of gender diversity in leading innovation. Aifred brings both to the table.&#8221;<\/p>\n<p>&#8220;Aifred Health&#8217;s approach to decision support for treatment choice powered by artificial intelligence, initially working in the area of clinical depression, has the potential to deliver on the great potential of real personalized medicine for the benefit of the patient, their families and public and private payors across the globe&#8221; noted\u00a0<span class=\"xn-person\">Robert Ritlop<\/span>, Director of Investments, MEDTEQ+ who continued: &#8220;As participants in the Pre-Seed round in 2019 and as co-lead for this Seed round, we are extremely excited to continue to support Aifred&#8217;s rapid growth and progress towards delivering better treatment choice decisions for the benefit of patients worldwide.&#8221;<\/p>\n<p>&#8220;As a leading life and health insurer in\u00a0<span class=\"xn-location\">Canada<\/span>, Desjardins is keeping a close eye on scientific progress in the field of mental health\u2014especially during the pandemic, when the number of people with pathologies has increased,&#8221; says\u00a0<span class=\"xn-person\">Martin Brunelle<\/span>, Vice\u2013President of Growth, Acquisitions and Development at Desjardins. &#8220;That&#8217;s why we decided to become a shareholder in Aifred Heath, a promising startup making a name for itself on the global stage by its participation in the IBM Watson AI XPrize.&#8221;<\/p><\/blockquote>\n<p>Concurrently, the company announced its new board of directors which includes\u00a0<span class=\"xn-person\">Donald Olds<\/span>, Chair,\u00a0<span class=\"xn-person\">Marina Massingham<\/span>, CEO,\u00a0<span class=\"xn-person\">David Benrimoh<\/span>, CSO &amp; Co-Founder,\u00a0<span class=\"xn-person\">Robert Ritlop<\/span>, MEDTEQ+ and\u00a0<span class=\"xn-person\">Steven Abrams<\/span>, Partner, BDC Capital.\u00a0 In addition,\u00a0 Aifred Health has expanded its executive team to include\u00a0<span class=\"xn-person\">Monique Champagne<\/span>, VP Clinical Research &amp; Regulatory, and\u00a0<span class=\"xn-person\">Joe Cirrincione<\/span>, CPA, VP Finance.<\/p>\n<blockquote><p>&#8220;Our new board and executive hires are significant indicators of our progress towards the regulatory approval and commercialization of our leading-edge AI technology and our evolution as a company.\u00a0 Monique and Joe collectively bring decades of experience in clinical development and the management of fast-growing digital health companies. Steve and Robert bring strong and experienced voices to our board as we chart our future growth and success&#8221; summarized\u00a0<span class=\"xn-person\">Donald Olds<\/span>, Chair of Aifred Health.<\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<hr \/>\n<p><b>About Aifred Health<\/b><\/p>\n<p>Aifred\u00a0Health, a\u00a0<span class=\"xn-location\">Montreal<\/span>\u00a0based healthcare technology company, is delivering clinician-focused solutions for the treatment of mental health including electronic access to best practices guidelines and a world-class AI approach to providing decision support for personalized\u00a0therapeutic choices for clinical\u00a0depression. \u00a0 Aifred&#8217;s AI model has been significantly validated by their participation in the\u00a0<span class=\"xn-money\">$5 million<\/span>\u00a0global IBM Watson AI X-Prize.\u00a0 More than 700 teams made an initial application, and after more than\u00a03\u00a0years of further review and expert due diligence, Aifred\u00a0Health is the only\u00a0<span class=\"xn-location\">Quebec\/Canada<\/span>\u00a0based company in the final 10 companies across the world.\u00a0 For more information please see\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004618-1&amp;h=1354512769&amp;u=http%3A%2F%2Fwww.aifredhealth.com%2F&amp;a=www.aifredhealth.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.aifredhealth.com<\/a><\/p>\n<p><b>About MEDTEQ<sup>+<\/sup><\/b><\/p>\n<p>MEDTEQ<sup>+<\/sup>\u00a0(<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004618-1&amp;h=2157016984&amp;u=https%3A%2F%2Fwww.medteq.ca%2F&amp;a=www.medteq.ca\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.medteq.ca<\/a>) is the pan-Canadian Consortium for Industrial Research and Innovation in Medical Technology. Its mission is to accelerate the development of innovative technological solutions to improve patients&#8217; health and quality of life. MEDTEQ<sup>+<\/sup>\u00a0supports their validation and integration in the healthcare system and their impact, both locally and globally, by bringing together the complementary skills of industrial and academic partners, and with those of healthcare providers. MEDTEQ<sup>+<\/sup>\u00a0relies on the financial support of the Government of\u00a0<span class=\"xn-location\">Quebec<\/span>, the Government of\u00a0<span class=\"xn-location\">Canada<\/span>\u00a0(delivered through the Centres of Excellence for Commercialization and Research (CECR)), the private sector and complementary partners to foster research-industry relations.<\/p>\n<p><b>About BDC Capital<\/b><\/p>\n<p>BDC Capital is the investment arm of BDC,\u00a0<span class=\"xn-location\">Canada&#8217;s<\/span>\u00a0bank for entrepreneurs. With over\u00a0<span class=\"xn-money\">$3 billion<\/span>\u00a0under management, BDC Capital serves as a strategic partner to the country&#8217;s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004618-1&amp;h=1973996939&amp;u=http%3A%2F%2Fwww.bdc.ca%2Fcapital&amp;a=bdc.ca%2Fcapital\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">bdc.ca\/capital<\/a><\/p>\n<p><b>About Desjardins Group<\/b><\/p>\n<p><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004618-1&amp;h=2318996170&amp;u=https%3A%2F%2Fwww.desjardins.com%2Fca%2Findex.jsp&amp;a=Desjardins+Group\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Desjardins Group<\/a>\u00a0is the leading cooperative financial group in\u00a0<span class=\"xn-location\">Canada<\/span>\u00a0and the sixth largest in the world, with assets of\u00a0<span class=\"xn-money\">$359<\/span>.9\u00a0billion. It has been rated one of\u00a0<span class=\"xn-location\">Canada&#8217;s<\/span>\u00a0Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across\u00a0<span class=\"xn-location\">Canada<\/span>. Ranked among the World&#8217;s Strongest Banks according to\u00a0<i>The Banker<\/i>\u00a0magazine, Desjardins has one of the highest capital ratios and\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3004618-1&amp;h=3373514256&amp;u=https%3A%2F%2Fwww.desjardins.com%2Fca%2Fabout-us%2Finvestor-relations%2Ffixed-income-investors%2Fcredit-ratings%2Findex.jsp&amp;a=credit+ratings\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">credit ratings<\/a>\u00a0in the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seed Financing co-led by MEDTEQ+ and BDC Capital Fully funds Aifred&#8217;s North American regulatory approval clinical trial for AI decision support New Board of Directors and key additions to Executive\u00a0Team MONTREAL,\u00a0Dec. 8, 2020\u00a0\/CNW Telbec\/ &#8211; Aifred Health, a\u00a0Montreal-based digital healthcare company, today announced the closing of a\u00a0$4 million\u00a0seed financing. The financing will fund the North [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1978,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-3790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financement"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aifred Health closes $4 million seed financing to improve mental health | MEDTEQ+<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.medteq.ca\/en\/aifred-health-closes-4-million-seed-financing-to-improve-mental-health\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aifred Health closes $4 million seed financing to improve mental health | MEDTEQ+\" \/>\n<meta property=\"og:description\" content=\"Seed Financing co-led by MEDTEQ+ and BDC Capital Fully funds Aifred&#8217;s North American regulatory approval clinical trial for AI decision support New Board of Directors and key additions to Executive\u00a0Team MONTREAL,\u00a0Dec. 8, 2020\u00a0\/CNW Telbec\/ &#8211; Aifred Health, a\u00a0Montreal-based digital healthcare company, today announced the closing of a\u00a0$4 million\u00a0seed financing. 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