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Life Sciences Innovation Fund
Canada
Money for human health related solutions
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|openingDateJanuary 26, 2023
grant_single|financingType
Grant and Funding
grant_single|eligibleIndustries
- Manufacturing
- Professional, scientific and technical services
- Health care and social assistance
grant_single|grantors
- Ontario Centre of Innovation (OCI)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Access up to $500,000 in co-investment funding to take your human health related IP from the conceptual stage through to commercialization.
grant_single_labels|projects
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.
grant_single|admissibleProjectsExample
$ 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
grant_single_labels|admissibility
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.
grant_eligibility_criteria|who_can_apply
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.
grant_eligibility_criteria|who_cannot_apply
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.
grant_eligibility_criteria|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
grant_eligibility_criteria|zone
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.
grant_single_labels|criteria
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.
grant_single_labels|register
- Step 1: 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.
- Step 2: 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.
- Step 3: 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.
- Step 4: 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.
- Step 5: Submit Application
- Ensure all application documents are completed and assembled according to LSIF guidelines.
- Submit the completed application to the appropriate contact at OCI.
- Step 6: Confirmation of Submission
- Expect a confirmation email from OCI upon successful submission of your application.
- Keep the confirmation email for future reference.
grant_single_labels|otherInfo
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.
