How much funding can be received?

Funds up to 500000% of admissible expenses.

What is the deadline to apply?

The deadline to apply is not specified.

Who are the financial supporters of the Life Sciences Innovation Fund?

Life Sciences Innovation Fund is funded by Ontario Centre of Innovation (OCI)

What are Life Sciences Innovation Fund's eligibility criterias?

Companies must be Ontario or Canadian incorporated for-profit entities headquartered in Ontario. Companies should be currently raising pre-seed or seed investments, with total round sizes ranging from $1 million to $5 million. Companies must have raised less than $3 million in third-party capital.

Life Sciences Innovation Fund

Last Update: March 16, 2025

Canada

Money for human health related solutions

Life Sciences Innovation Fund at a glance

Eligible Funding

Max. $500,000

Timeline

Open Date : January 26, 2023

Financing Type

Grant and Funding

Eligible Industries

Professional, scientific and technical services
Health care and social assistance

Grant Providers

Ontario Centre of Innovation (OCI)

Status

Open

Overview of the Life Sciences Innovation Fund program

Access up to $500,000 in co-investment funding to take your human health related IP from the conceptual stage through to commercialization.

Eligible projects & activities

This fund supports early-stage, Ontario-headquartered life sciences and healthcare technology companies in scaling their health solutions domestically and internationally. Eligible projects are focused on advancing innovation in areas critical to human health.

Scaling innovative solutions in cancer treatment.
Advancing developments in regenerative medicine.
Progressing neuroscience technologies.
Developing cutting-edge medical technologies.

Examples of admissible projects:

$ 400,000

Developing a bioengineered skin graft for burn victims employing advanced tissue engineering techniques

$ 200,000

Creating a mobile application for managing diabetes effectively using real-time glucose monitoring

$ 400,000

Developing AI-driven tools for early cancer detection using innovative machine learning algorithms

$ 400,000

Advancing a portable dialysis machine to improve accessibility for kidney disease patients

$ 350,000

Testing a new wearable technology aimed at monitoring neurological health conditions

$ 350,000

Developing regenerative medicine solutions to treat chronic wounds using stem cell therapy

Eligibility criteria of the Life Sciences Innovation Fund program

Eligibility for this grant is determined by specific requirements related to the company's incorporation, funding status, and location.

The company must be an Ontario or Canadian incorporated for-profit entity headquartered in Ontario.
The company must currently be raising pre-seed or seed investments, with total round sizes ranging from $1 million to $5 million.
The company must have raised less than $3 million in third-party capital.
OCI Ready for Market (R4M) Portfolio companies are not eligible.

Who is eligible?

Companies eligible for the Life Sciences Innovation Fund must be life sciences and healthcare technology companies related to human health. These companies need to be Ontario or Canadian incorporated for-profit entities with a headquarters in Ontario. They should be currently in the process of raising pre-seed or seed investments, with total round sizes ranging from $1 million to $5 million. Additionally, they must have raised less than $3 million in third-party capital.

Who is not eligible

There are specific types of companies that are not eligible to apply for the Life Sciences Innovation Fund (LSIF). These restrictions ensure that the fund is targeted towards companies that align with its mission.

OCI Ready for Market (R4M) Portfolio companies.

Eligible expenses

There are eligible expenses for this grant, including operating costs related to product development, research expenses, and commercialization activities.

Operating costs for product development
Research expenses
Commercialization activities

Eligible geographic areas

This grant is available to companies located in specific geographical areas determined by the funding body. The eligible locations are targeted to ensure alignment with regional development goals.

Companies that are Ontario or Canadian incorporated and headquartered in Ontario.

Eligibility criteria of the Life Sciences Innovation Fund program

There are evaluation and selection criteria for the Life Sciences Innovation Fund (LSIF).

Companies must be Ontario or Canadian incorporated for-profit entities headquartered in Ontario.
Currently raising pre-seed or seed investments with total round sizes ranging from $1 million to $5 million.
Have raised less than $3 million in third-party capital.

How to apply to the Life Sciences Innovation Fund program

Express Interest

Visit the Life Sciences Innovation Fund (LSIF) webpage.
Fill out the Interest Form to express your interest in the LSIF and evaluate if the fund is suitable for your business.

Review Fund Guidelines

Download and carefully read the Fund Guidelines document.
Ensure that your company meets all the eligibility and investment criteria outlined in the document.

Prepare Application Documents

Prepare all necessary documentation required for the application process, which may include business plans, financial projections, and investor pitch decks.
Ensure all documents align with the guidelines and objectives of LSIF.

Contact Investment Lead

Reach out to the Investment Lead, Mandhir Kalia, at mkalia@oc-innovation.ca for specific inquiries about the fund or application process.
Engage with the Program Manager, Sharon Sukhdeo, at ssukhdeo@oc-innovation.ca for additional program management support.

Submit Application

Ensure all application documents are completed and assembled according to LSIF guidelines.
Submit the completed application to the appropriate contact at OCI.

Confirmation of Submission

Expect a confirmation email from OCI upon successful submission of your application.
Keep the confirmation email for future reference.

Additional information

Here are additional relevant details for this grant:

The Life Sciences Innovation Fund emphasizes the commercialization of Ontario-generated intellectual property, talent, and expertise.
Companies that are part of OCI's Ready for Market (R4M) portfolio are not eligible for this fund.
OCI co-invests alongside angel and other investors to mitigate risks and support startups in readiness for investors and customers.