MedReddie Embarks on Next Phase of Growth with AC:Studio
It’s a moment of immense pride and excitement for us at MedReddie as we announce our progression to Phase 2 of the Accelerator Centre’s (AC) AC:Studio program. This advancement marks a significant milestone in our journey, reflecting our commitment to innovation and excellence in the medtech and healthtech sector.
Launched in June 2022 with a visionary $10-million investment from the Government of Canada, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), AC:Studio has emerged as a cornerstone for nurturing high-potential, early-stage companies like ours. The program’s goal to foster 100 such companies by March 2025, and its contribution to creating 1,000 new jobs, aligns perfectly with our mission to drive impactful change in the healthcare industry.
During Phase 1 of the program, we were among the 100 startups that received initial seed funding of $20,000, along with access to the AC’s award-winning mentorship programming. This support was instrumental in enhancing our capabilities and refining our vision for an AI-driven healthcare future.
The program’s impact has been substantial, not just for MedReddie but for the entire cohort. Collectively, we’ve raised $28 million in additional investment and generated $8 million in combined revenue, while creating 410 new jobs in southern Ontario. These numbers are a testament to the fertile ground AC:Studio has provided for startups like ours to flourish.
Looking ahead to Phase 2, we are exhilarated by the opportunity to receive an additional $30,000 in non-repayable seed funding from FedDev Ontario. This, coupled with another year of mentorship and tactical support from the AC’s network of mentors and service provider partners, sets the stage for MedReddie to reach new heights.
Our journey through AC:Studio has been more than just about funding and mentorship; it’s been a transformative experience. The entrepreneurial spirit and resilience we’ve encountered and fostered within ourselves are invaluable. As Jay Krishnan, CEO of the Accelerator Centre, rightly said, the program aims to identify and support startup founders with the potential to build globally successful businesses. We’re proud to be recognized as one of these promising ventures.
We extend our gratitude to the Honourable Filomena Tassi, Minister responsible for FedDev Ontario, and the Honourable Bardish Chagger, Member of Parliament for the Riding of Waterloo, for their support and belief in the potential of startups like ours. Their efforts in nurturing the Canadian innovation economy are commendable.
As we embark on this next phase of our journey, we are more committed than ever to making a significant economic impact through our innovative medtech solutions. The AC, with its unparalleled support system and resources, continues to be a pivotal part of our story. Together, we’re not just growing our company; we’re shaping the future of healthcare technology.
At MedReddie, we’re not just building a product; we’re nurturing a vision to transform healthcare. With the continued support of AC:Studio and our unwavering determination, we’re on a path to realizing this vision and solidifying our position as a leader in the healthtech industry.
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