The Sudbury Catalyst Fund has announced a $250,000 investment into IRegained, a Sudbury-based medtech startup that helps stroke patients recover hand function.
IRegained is the maker of the MyHand System, a medical device for home and clinical use that teaches a patient’s brain to relearn how to control hand function.
It’s designed to be easy to use and competitively priced, and the company said it’s goal is to help 100 million stroke survivors.
"We are grateful for the support and confidence that the Sudbury Catalyst Fund Investment Committee has placed in IRegained," said company CEO and co-founder Vineet Johnson, in a March 10 news release.
"The investment from the Sudbury Catalyst Fund, combined with matching funds from local angel investors, will be instrumental in providing IRegained with the fuel to accelerate the commercialization of our MyHand technology to help stroke survivors reclaim their lives."
Launched in 2020, the $5.3-million Sudbury Catalyst Fund is administered by the Nickel Basin Federal Development Corporation in collaboration with NORCAT, the City of Greater Sudbury, and the Greater Sudbury Development Corporation, with financial support from FedNor.
Focused on investments in early-stage tech companies, previous recipients of capital from the fund include FORTAI, Verv Technologies and REPerformance.
"In partnership with the Sudbury Catalyst Fund, NORCAT’s goal is to accelerate the growth of innovative companies that will drive future economic and social prosperity for Canada," said Don Duval, Sudbury Catalyst Fund’s co-managing partner and NORCAT CEO, in the release.
"With a strong leadership team, differentiated IP and a meaningful value proposition, IRegained is poised to not only improve patient lives worldwide, but also contribute to Canada’s vibrant medtech ecosystem."
