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News Details
May 13, 2008ONTARIO INVESTS IN TECHNOLOGY START-UPSThe Ontario government is helping to bring to market the award-winning CPRGlove™ developed by a Burlington-based healthcare company.
Atreo Medical Inc.'s CPRGlove™ interactively guides users on how to most effectively perform life-saving Cardio-Pulmonary Resuscitation (CPR). The technology will improve the survival rates of the nearly 350,000 annual out-of-hospital cardiac arrests that occur within Canada and the United States.
Ontario's $500,000 investment in the company is one of two new grants awarded through the province's Market Readiness Program, which helps innovative Ontario companies grow to the point where they can attract investment from other sources.
Toronto-based Metabacus Inc. will also receive $500,000. It has created a tool that will allow semiconductor designers to create new computer chips in half the time and at half the cost. Metabacus will bring this technology to market, aiming to set a new standard for how all chips are designed.
QUOTES
"Companies like these are on the vanguard of the Ontario economy, turning local expertise into companies poised to tackle global markets," said Minister of Research and Innovation John Wilkinson.
"OCE has supported both Atreo and Metabacus by funding the development of their technologies from the early stages of development to market readiness. Thanks to Ontario's support for the Market Readiness Program, the Investment Accelerator Fund will help these companies cross the bridge from a great idea to a thriving business," said Mark Romoff, president and CEO, Ontario Centres of Excellence.
"Atreo is a great example of the role mentorship and training plays in moving to market. MaRS assisted them with their business plan and helped them develop strategic relationships. We're very pleased to see the progress they've made. They are well on their way to turning a brilliant idea into a successful company." said Dr. Ilse Treurnicht, CEO, MaRS.
QUICK FACTS
- The Market Readiness program is jointly delivered on behalf of Ontario by the Ontario Centres of Excellence (OCE) (in PDF format) and MaRS, with the support of the National Angel Organization - Ontario (NAO-O).
- The market for a CPR training and assistance device like the CPRGlove™ is growing. According to Atreo Medical, approximately 13 million North Americans receive CPR training each year, with numbers expected to climb to 20 million by 2010.
- Correctly administered CPR can double the chance of survival for out-of-hospital cardiac distress.
- Metabacus Inc's technology will tap into the growing $1.6 billion electronic design automation market.
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