Accelerate Fund III, an early-stage angel co-investment fund, led the investment in a recent funding round by biotechnology company True Angle Medical, whose Mobili-T technology helps patients with dysphagia or swallowing disorders.
The oversubscribed funding round raised $1.64 million, which will be used to "grow the team, deepen knowledge on customer needs and improve product and market fit." The51, WATCT, Startup TNT, Thin Air Labs, Aeonian, and Birchcliff Partners also invested.
"The team (at True Angle Medical) has demonstrated they can bring medical products to market on time and on budget, and we're excited about what other applications may be possible with their proprietary sensor fabrics and skills at microsizing health devices," said Arden Tse, investment manager for Accelerate Fund III.
Accelerate Fund III has invested in True Angle Medical. (Courtesy of the University of Alberta)
True Angle's Mobili-T device is a home-based pocket-sized device that helps patients regain their ability to swallow. Company founder and CEO Dr. Jana Rieger said she initially created the device because regularly visiting a clinic is costly and time-consuming.
"We desperately wanted to give our patients a more convenient exercise option, and wanted a way for clinicians to support more positive health outcomes. So we developed a device and app that allows patients to practice their swallowing exercises anytime, and on the go," she said.
Earlier this spring, True Angle Medical was recognized as Edmonton startup of the year for 2021 by the National Angel Capital Organization (NACO). Rieger said the award recognizes the positive impact that the company's Mobili-T product has on the quality of life of patients.
The device is now being used in the U.S., and has attracted $3.4 million in grant funding and $2.5 million in investment since 2014. Last fall, the University of Alberta spinoff company also landed a $150,000 investment following a pitch to angel investors at Startup TNT's investment summit.