Last week, Bill Gates announced that the Gates Foundation will shut down operations by 2045. The organization, which he established in 2000, has directed more than $100 billion (U.S.) toward various philanthropic endeavours, many of them in the realm of global public health. And while Gates does plan to invest an additional $200 billion (U.S.) into his foundation over the next two decades, its eventual ending will likely create a chasm in funding for crucial initiatives that have dramatically improved (or even saved) the lives of people around the world.
This news points to a bigger issue: developing world-changing health-care solutions requires sustainable long-term funding, but it can be a struggle to convince investors to allocate their capital to this area, especially when it comes to health-related innovations, which inevitably come with a certain amount of risk. Jacki Jenuth, a partner and chief operating officer at Lumira Ventures, a venture capital firm with a focus on life sciences, says that for those financing health tech in Canada, “depth of capital and continuity of capital” are major hurdles, as is finding domestic sources of funding.
To tackle the conundrum of inconsistent, inadequate capital, Jenuth suggests the key might lie in creative collaborations between funders such as family foundations and philanthropic organizations. For instance, the Cancer Breakthrough Fund, a joint effort from Lumira and the Terry Fox Foundation, will help close the gap for donors who want to make a more long-term impact and invest in research and other initiatives that are further along in development, says Jenuth. This partnership leverages Lumira’s network of funders as well as the Terry Fox Foundation’s reputation and depth of knowledge.
Jenuth believes that high-level changes could make a difference. She says Canada should create better tax incentives to encourage investment in health innovation, allow VC firms to work with pensions and other funds that scale capital, and amend patent legislation to reduce barriers for clinical trials, which would help ventures become more competitive on the global stage. Despite the existing obstacles, Jenuth sees great opportunities for prospective investors: in Canada, life sciences ventures see the greatest returns of any sector. This growth is related to societal shifts: as people live longer, more complex chronic conditions are emerging, and there is increased demand for new drugs, procedures and medical devices to improve the quality of life for aging and ailing individuals.
Carney’s cabinet includes an eye on AI
When Prime Minister Mark Carney unveiled his new cabinet this week, it included Toronto Centre MP Evan Solomon, who was appointed Canada’s first federal minister of artificial intelligence and digital innovation. Under previous governments, AI was included in the Industry portfolio; PM Carney’s decision to establish this new ministerial post could be seen as a reflection of his belief in the economic potential of AI, a theme that came up on the campaign trail.
Mobility Unlimited Hub expands
The Mobility Unlimited Hub, launched by the Toyota Mobility Foundation (TMF) in 2024 in partnership with MaRS Discovery District, provides scale-up support and resources to startups developing personal mobility solutions. The TMF has just put out a call for submissions from ventures around the world to join its second cohort. Applications close June 12.
Woman-owned ventures LevelUP
As the culmination of a 12-week business accelerator program, Innovation Cluster Peterborough and the Kawarthas hosted its third LevelUP Pitch Competition, where two female-owned companies came out on top. The panel of judges awarded the $10,000 grand prize to Her Yes Club, a platform for parents and home daycare providers, while second place (and $5,000) went to Happy Cramps, a Toronto company developing a naturally derived patch to relieve menstrual pain.
New AI integration for online shoppers
Toronto-based Ecomtent, a startup that provides artificial intelligence search functionality for online retailers, has powered up a new integrated relationship for Shopify and ChatGPT. Companies who use Ecomtent’s services will be able to reach a wider audience by having their product listings featured in ChatGPT Shopping.
Breakthroughs in reproductive health screening
Major news for anyone who cringes at the thought of a speculum: the FDA has approved the Teal Wand, an at-home test that screens for HPV, the virus that causes nearly all cervical cancers. It’s a significant development in the search for alternatives to standard Pap smears — the clinical default for HPV screening. While the Teal Wand was previously vetted for use by doctors, the latest approval will allow individuals to collect and send in samples from the comfort of their own home. This technology is part of a larger trend in tech to give women more agency in monitoring their own health. Waterloo-based startup CELLECT, for instance, recently won more than $44,000 in the Odlum Brown Forum pitch competition. The company aims to use nanomaterials embedded in menstrual products to capture and preserve DNA and other indicators from blood, which would then be used to screen for HPV and other diseases.
By the numbers
$1 million: The amount that Ayrton Energy received as a grand prize winner of the Liveability Challenge 2025. The money will help the company launch a project in Singapore — its first in the region.
$20 million: How much Montreal’s Exterra Carbon Solutions has raised in its Series A fundraising round. The cleantech company wants to transform legacy mining waste into sustainable materials that capture CO2.
$110 million: The amount raised by Vancouver-based Active Impact Investments for its third early-stage climate tech fund. The fund invests in startups developing solutions for circular and shared economies, clean energy and transportation, infrastructure and carbon solutions, and sustainable food and water.
Rebecca Gao writes about technology for MaRS. Torstar, the parent company of the Toronto Star, has partnered with MaRS to highlight innovation in Canadian companies.
