To assist a local health startup in its continued efforts to grow and expand, the Honourable Andrew Parsons, Minister of Industry, Energy and Technology, today announced a non-repayable contribution of $149,500 from the Provincial Government to support research and development of an innovative new healthcare technology.
Led by CEO Deanne McCarthy, Swiftsure Innovations has created a device that aims to improve oral care for patients who require a ventilator. The purpose of the device is to reduce hospital-acquired infections such as ventilator acquired pneumonia (VAP), to decrease the length of mechanical ventilation, and duration of hospital stays for patients.
Based in Pasadena, Swiftsure Innovations has created a novel mouthpiece developed to allow safe rinsing of the oral cavity for patients on life support. This medical device will complement current oral care practices for patients. Once fully developed, this unique device is expected to be the health industry’s first irrigation/suction mouthpiece compatible for use with any standard endotracheal tube.
As part of its pre-seed funding round, Swiftsure Innovations has raised a further $1,050,000 in equity funding. This includes an inaugural investment of $250,000 from Venture Newfoundland and Labrador Limited Partnership Two, a venture capital fund supported by the Provincial Government through a $10 million investment announced on October 1, 2021.
In addition, Sandpiper Ventures, a seed-stage investment fund spearheaded by a group of female leaders from Atlantic Canada, also named Swiftsure Innovations as the first recipient of venture capital support. This fund addresses early stage financing needs for women in the province’s growing tech sector, and is supported by the Provincial Government through a $750,000 contribution announced on September 23, 2021.
Investments in the Newfoundland and Labrador’s tech and innovation sector mean more jobs and a stronger economy for the province.
Quotes
“Investing in innovation and technology is key to our province’s diversification efforts. Swiftsure Innovations is well-positioned in a developing market, and our support for its ongoing R&D work will play a role in the company’s continued development. I also congratulate Swiftsure for attracting significant venture capital investment, allowing her company to achieve further growth and development.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology
“The non-dilutive non-repayable contribution provided by the province allows us to leverage our equity capital and optimize research and development. We are committed to developing the best product possible, with patients and nurses in mind. It is our belief that rinsing the oral cavity of mechanically ventilated patients will have far reaching positive effects for patients and healthcare institutions.”
Deanne McCarthy
CEO, Swiftsure Innovations
“We’re happy to have Swiftsure as the first investment of our second fund and as our first investment on the west coast of the island. As a fund that invests exclusively in Newfoundland and Labrador innovation companies, we’re seeing that entrepreneurs from this province are standing out among Canadian and North American companies. We know great ideas can happen anywhere and we will be there to support them.”
Chris Moyer
President, Pelorus Venture Capital
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Learn more
Swiftsure Innovations
News Release: Fueling Entrepreneur Potential through Venture Capital
News Release: Powering High-Growth Female Entrepreneur Potential through Venture Capital
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Media contacts
Eric Humber
Industry, Energy and Technology
709-729-5777, 725-9655
erichumber@gov.nl.ca
Deanne McCarthy
Swiftsure Innovations
dmccarthy@SwiftSureInnovations.com
Chris Moyer
Pelorus Venture Capital
chris@pelorusventure.com