January 26, 2021 -Kitchener, Ontario
As the world continues to deal with the impacts of COVID-19, the Government of Canada remains focused on keeping Canadians safe and healthy, while continuing to ensure businesses and individuals have the support needed during this global health and economic crisis. Investments in innovative life science technologies are critical to ensuring the best care for Canadians while supporting local businesses to succeed as we navigate new realities.
Expanding global capabilities with local economic impacts
Today, Raj Saini, Member of Parliament for Kitchener Centre, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a FedDev Ontario investment of $500,000 for Cloud DX Inc. (Cloud DX), a medical technology company that delivers Remote Patient Monitoring solutions for global healthcare providers.
Hospitals and medical clinics across North America use Cloud DX's innovative Connected Health Kit™ to remotely and securely monitor patients' vital signs, blood pressure, temperature, respiration and more as an alternative to traditional face-to-face outpatient programs, especially for patients in remote communities.
With FedDev Ontario support, Cloud DX will expand in Canada and the United States and upgrade its next generation Cloud DX Connected Health platform to seize new opportunities resulting from the growing demand for Remote Patient Monitoring driven by COVID-19. These technologies will offer a safer alternative to in-office care as social distancing measures remain in place.
This project will leverage an additional $4 million in private sector investment, and significantly increase Cloud DX's international customer base and export sales. In addition, the company expects to create 15 skilled jobs in Waterloo Region, growing its team to 41 employees.
Quotes
"This FedDev Ontario investment reinforces our government's dedication to supporting the well-being of all Canadians while investing in the economic growth and success of communities like Waterloo Region. I look forward to the accomplishments of our local innovators, like Cloud DX, as they create skilled jobs for our community and develop cutting-edge medical technology at such a crucial time for this country."
- Raj Saini, Member of Parliament for Kitchener Centre
"By investing in the innovation of life sciences companies like Cloud DX, our government is supporting new technologies that will keep patients safe and connected, while also supporting our businesses and our communities and creating good jobs. Together we will help our economy come back stronger."
- The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"Cloud DX is honoured to receive this continued strong support from FedDev Ontario as we advance our innovation strategy and bring to market an affordable, highly accessible solution for virtual care and digital medicine. With COVID-19 still a tremendous threat, it is more vital than ever that doctors and nurses have access to highly accurate diagnostic and monitoring tools to keep patients well at home, out of hospitals and away from emergency rooms. We are particularly pleased to accept this support in order to grow our sales in the U.S. market, where remote physiological monitoring is fully reimbursed by U.S. Medicare. Showing that made-in-Canada technology is already making a difference for patients in the United States as well as at home in Canada is the fulfillment of our long-term strategy to come a global leader in virtual care."
- Robert Kaul, Founder and CEO, Cloud DX
Quick facts
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Established in 2014, Cloud DX empowers patients to transmit information securely while also receiving diagnostic results from the comfort of their own homes. Its complete remote patient monitoring platform incorporates proprietary medical devices, mobile apps, clinical dashboards, artificial intelligence and EMR integration.
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In 2017, Cloud DX received the "Bold Epic Innovator Award" as one of three winners of the Qualcomm Tricorder XPRIZE-a high-profile international innovation competition.
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In June 2020, Cloud DX was awarded $1.75 million in NGen funding to support fast-track regulatory approval and transition to manufacturing of its next-generation Remote Patient Monitoring products.
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Cloud DX was recently awarded co-investment from the Digital Technology Supercluster to pilot the Stronger Together project, alongside Vancouver-based Curatio Inc. Stronger Together is delivering peer support, coaching and remote monitoring to patients undergoing surgeries, as well as people suffering from chronic illnesses, including COVID-19.
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Since November 2015, FedDev Ontario has invested over $161 million in more than 130 projects in Waterloo Region towards total project costs of nearly $480 million.
