News Summary

Two Canadian startups, ProteinQure and AssistIQ, have each secured more than $10 million in Series A funding to enhance their AI-driven healthcare solutions. Toronto-based ProteinQure, which raised $11 million, is advancing its AI-powered drug discovery platform aimed at identifying new proteins for cancer and rare disease treatments. The company plans to conduct its first clinical trial for a drug candidate targeting triple-negative breast cancer by 2025, involving patients from Canada and the US, including at Toronto’s Princess Margaret Cancer Centre. On the other hand, Montréal-based AssistIQ has raised $11.5 million to expand its AI-based hospital supply management platform. AssistIQ aims to help hospitals manage costs and improve efficiency by tracking the usage of medical supplies. The company is expanding into the US, having secured partnerships with healthcare providers in New York and Kentucky. These developments reflect a growing interest in AI technologies to alleviate pressures on healthcare systems.