Three Health-Tech Startups Selected for MGHF Impact Investment Program

The innovators behind this year’s successful startup pitches, from left to right: Modulate, OneCare, NeedleAID. Right: Jonathan Elkas, Senior Director, Strategic Initiatives & Partnerships, MGHF.

Six promising health-tech startups took the stage before a full house to showcase innovations that could transform the future of healthcare. Organized in partnership with the Clinical Innovation Platform (CLIP), a unique incubator at the heart of the Montreal General Hospital and Research Institute of the McGill University Health Centre (The Institute), this showcase marked the final step of the Montreal General Hospital Foundation (MGHF)’s Impact Investment Program selection process for this year’s round of applicants.

The MGHF’s Impact Investment Program for healthcare startups offers convertible loans to selected startups that want to scale their healthcare innovations to the benefit of patients in Quebec and Canada, and who develop their ideas through the CLIP.

This initiative brings our Foundation’s mission to life: to inspire the philanthropic community to invest in transformative initiatives, conceived and guided by our medical leaders, that have a significant impact on patient lives.

Out of more than 40 applications, six startups were meticulously selected by our Funding Oversight Committee for the coveted chance to present at 2025’s demo day event and be considered for funding through the program. Three were then chosen for possible impact investment, pending due diligence by the Foundation:

Modulate presents their startup, which uses AI and 3D printing technology to create better back braces.

OneCare brings precision medicine to mental health by developing cutting-edge blood-based diagnostics by analyzing subtle biochemical signatures in the blood of patients and applying advanced deep-learning algorithms.

NeedleAID revolutionizes sharps waste management and accident prevention in healthcare facilities by providing solutions for reducing needlestick injuries, lowering waste costs, modernizing waste management with data-driven analytics, and enhancing sustainability in healthcare.

Modulate uses cutting-edge AI and 3D printing technology to create better back braces for everyone by generating an accurate 3D digital twin of a patient to create a shape that’s biomechanically optimized for their unique morphology and scoliosis.

New Innovations to Benefit Patients

“Thank you to CLIP, The Institute, our generous donors, partners, investors, and the dedicated founders of these promising startups,” says Jonathan Elkas, Senior Director, Strategic Initiatives & Partnerships, MGHF. “We are tremendously grateful to our Funding Oversight Committee for their time and expertise. The quality of applications meant the committee had their work cut out for them this year. We were impressed by all applicants and encourage those not selected this year to reapply for the program and other funding opportunities.”

“We are glad to partner with the Montreal General Hospital Foundation on this innovative program which provides selected health-tech startups with the impact investment they need to develop, grow, and succeed,” says Jake Barralet, PhD, Scientific Director, CLIP. “The CLIP is a unique startup incubator focused on clinical validation and prototype development, and our members can make the most of the collection of resources and services available through the CLIP and its hospital-based ecosystem to help shape tomorrow’s healthcare.”

Startup Demo Day guests enjoyed an update from a previous impact investment recipient Nura Medical. Co-founder and CEO Georgia Powell shared highlights of the company’s evolution since receiving this funding, and explained how their point-of-care medication platform is already benefitting patients.

The MGHF’s Impact Investment Program is possible thanks to the generous support of National Bank, the John Dobson Foundation, Birks Family Foundation, and many other anonymous donors.

Let’s transform healthcare together!