About Medical Devices sector in Canada
The Medical Devices sector in Canada comprises 715 companies, including 314 funded companies having collectively raised $2.94B in venture capital money and private equity. Out of these, 135 are Series A+ funded.
Medical Devices sector in Canada has seen 45 acquisitions and 37 IPOs. This represents almost 11.5% of all such companies - which is higher than the 5.0% exit rate of tech companies in general.
This sector includes companies engaged in R&D for developing medical devices for the diagnosis and treatment of various medical conditions.
Medical devices used for treatment, screening, and diagnosis of diseases are included in this sector. Healthcare Service Providers, Digital Health Software Solutions (Apps and Web-based solutions), Traditional Medical Devices are excluded.
Top Medical Devices Companies in Canada
There are 715 Medical Devices startups in Canada which include Muse, Conavi, Profound Medical, Clarius, Kardium. Out of these, 314 startups are funded, with 135 having secured Series A+ funding.
Over the past 10 years, an average of 23 new companies have been launched annually. Notably, several of these startups have been founded by alumni of University of Toronto, University of Waterloo and Cornell University.
Here is the list of top Medical Devices startups in Canada
1. Muse
Developer of EEG-powered meditation and sleep headbands. These devices measure brain activity, heart rate, breath, and body movement, providing real-time biofeedback to users. The accompanying app allows users to track their progress and utilize guided meditation and sleep optimization features. The technology aims to improve focus, reduce stress, and enhance sleep quality through neurofeedback training. The headbands utilize EEG and fNIRS sensors for comprehensive brain and physiological data collection.
Key facts about Muse
- Founded Year: 2007
- Location: Toronto (Canada)
- Stage: Series C
- Total Funding till date: $58.6M
- Investors: OMERS, Export Development Canada and 21 Others
- Latest Funding Round: Series C, Feb 18, 2025, $*****
- Tracxn Score: 68/100 What is this?
- Competitors Rank: 1 of 470 Competitors
2. Conavi
A catheter-based ultrasound system for cardiac imaging. The company has developed, Foresight ICE System, a catheter-based ultrasound system capable of providing both 2D and 3D ultrasound images of cardiac anatomy around the circumference of the catheter's tip.
Key facts about Conavi
- Founded Year: 2007
- Location: Toronto (Canada)
- Stage: Public
- Total Funding till date: $27.7M
- Investors: FedDev Ontario, MaRS Discovery District and 5 Others
- Latest Funding Round: Post IPO, Apr 23, 2025, $*****
- Tracxn Score: 66/100 What is this?
- Competitors Rank: 1 of 42 Competitors
Developer of image guided prostate ablation system for cancer treatment. The company uses proprietary technology and provide TULSA-PRO is an AI-powered, MRI-guided, incision-free robotic ablation system for the ablation of prostate tissue.
Key facts about Profound Medical
- Founded Year: 2008
- Location: Toronto (Canada)
- Stage: Public
- Total Funding till date: $37.7M
- Investors: Genesys Capital, BDC and 10 Others
- Latest Funding Round: Post IPO, Dec 19, 2025, $*****
- Tracxn Score: 66/100 What is this?
4. Clarius
Clarius is a developer of portable wireless ultrasound system. It has developed portable wireless devices that uses high sensitivity transducers with AI for ultrasound imaging which are then transferred to the mobile for real-time viewing. The device can be connected to iOS and Android devices. The device can be used for primary care, emergency, pain management, OB/GYN, anesthesia, breast scan, sports medicine, etc.
Key facts about Clarius
- Founded Year: 2014
- Location: Burnaby (Canada)
- Stage: Series B
- Total Funding till date: $21.9M
- Investors: Export Development Canada, Pender Growth Fund and 3 Others
- Latest Funding Round: Series B, Mar 10, 2022, $*****
- Tracxn Score: 65/100 What is this?
- Competitors Rank: 2 of 202 Competitors
5. Kardium
Kardium is developing the Globe mapping and ablation system. It's an investigational medical device, used in the diagnosis and treatment of atrial fibrillation. It provides mapping, stimulation, and RF ablation of cardiac tissue.
Key facts about Kardium
- Founded Year: 2007
- Location: Vancouver (Canada)
- Stage: Series C
- Total Funding till date: $471M
- Investors: Fidelity Investments, T. Rowe Price and 10 Others
- Latest Funding Round: Series C, Jul 08, 2025, $*****
- Tracxn Score: 63/100 What is this?
- Competitors Rank: 1 of 16 Competitors
Companies founded year-on-year in the Medical Devices sector in Canada
48 Medical Devices startups in Canada were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | - |
2025 | 1 |
2024 | 2 |
2023 | 15 |
2022 | 15 |
2021 | 20 |
2020 | 48 |
2019 | 47 |
2018 | 47 |
2017 | 39 |
Stage-wise distribution of Medical Devices sector companies in Canada
Out of the total 715 Medical Devices companies in Canada, 314 have secured funding. Among them, 135 have reached Series A or higher, and 103 to Series B or beyond.
Founded - 715
Funded - 314
Series A+ - 135
Series B+ - 103
Series C+ - 92
Company Stage | No. of companies |
|---|---|
Founded | 715 |
Funded | 314 |
Series A+ | 135 |
Series B+ | 103 |
Series C+ | 92 |
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Funding Trends in the Medical Devices sector in Canada
Total funding year-on-year in the Medical Devices sector in Canada
The Medical Devices sector in Canada saw a total funding of more than $2.4B in the last 10 years. The most amount of funding was in 2025 at more than $506M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $506M |
2024 | $260M |
2023 | $122M |
2022 | $159M |
2021 | $205M |
2020 | $296M |
2019 | $287M |
2018 | $127M |
2017 | $270M |
Recent Funding Rounds in Medical Devices in Canada
In the year 2025, till November 2025, Medical Devices companies in Canada have raised $460M in equity funding across 33 rounds.
In the same period last year (i.e. till November 2024), Medical Devices companies in Canada had raised $211M across 16 rounds.
So, 2025 has seen a 117.95% rise in funding in Medical Devices companies in Canada as compared to 2024.
Here are some recent, important funding rounds in Medical Devices companies in Canada:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Unattributed | 2932 | Nov 07, 2025 | - | |
Seed | 2849 | Oct 28, 2025 | - | |
Series D | 8834 | Oct 14, 2025 | and 3 more | |
Seed | 2326 | Sep 24, 2025 | and 1 more | |
Seed | 6431 | Aug 19, 2025 |
Top Investors in Medical Devices in Canada
Versant Ventures is the top investor in Medical Devices companies in Canada based on number of companies invested.
Here are some top investors in Medical Devices companies in Canada:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Basel (Switzerland) | - | |
Toronto (Canada) | ||
Toronto (Canada) | ||
Sunnyvale (United States) | ||
Montreal (Canada) |
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M&A activity in Medical Devices sector in Canada
In the year 2025, till February 2025, 1 acquisition happened in Medical Devices sector in Canada. Last year, in 2024, a total of 2 acquisitions happened in Medical Devices sector in Canada.
Here are some recent, important acquisitions in Medical Devices sector in Canada:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Feb 11, 2025 | ||
Business Acquisition | Nov 29, 2024 | ||
Business Acquisition | Sep 06, 2024 | ||
Business Acquisition | Oct 10, 2023 | ||
Business Acquisition | Jun 07, 2023 |
Acquisition trends in Medical Devices sector in Canada
Here are the acquisition trends in Medical Devices sector in Canada:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 1 |
2024 | 2 |
2023 | 5 |
2022 | 4 |
2021 | 4 |
2020 | 1 |
2019 | 1 |
2018 | 2 |
2017 | 4 |
IPOs in Medical Devices in Canada
In the year 2024, till October 2024, 1 IPO happened in Medical Devices sector in Canada.
Here are some recent, important IPOs in Medical Devices sector in Canada:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Oct 16, 2024 | Toronto Stock Exchange - Venture Exchange (TSX-V) | |
Nov 08, 2022 | Canadian Securities Exchange (CSE) | |
Jun 17, 2022 | Frankfurt Stock Exchange (FRA) | |
Jun 02, 2022 | Toronto Stock Exchange (TSX) | |
Feb 24, 2022 | Canadian Securities Exchange (CSE) |
Colleges which produce the most Medical Devices companies in Canada
Companies founded by alumni from top colleges in the Medical Devices in Canada
Most number of Medical Devices startups in Canada have been founded by alumni from University of Toronto, University of Waterloo and Cornell University.
College | No. of companies |
|---|---|
University of Toronto | 27 |
University of Waterloo | 17 |
Cornell University | 3 |
Massachusetts Institute of Technology | 3 |
Queen's University | 3 |
Stanford University | 3 |
Technion Israel Institute Technology | 3 |
McGill University | 2 |
National University of Singapore (NUS) | 2 |
University of Pennsylvania | 2 |
Total funding in Medical Devices companies founded by alumni from top colleges in Canada
In the last 10 years, Technion Israel Institute Technology graduates' Medical Devices companies in Canada have raised the most funding among top colleges. University of Toronto alumni are second, and University of Waterloo alumni are third.
College | Total Funding |
|---|---|
Technion Israel Institute Technology | $473M |
University of Toronto | $154M |
University of Waterloo | $74.3M |
York University | $58.6M |
Stanford University | $52.6M |
Harvard University | $32.5M |
University of Pennsylvania | $32.5M |
Wharton School | $32.5M |
McGill University | $30.5M |
Queen's University | $30.5M |
Top News in Medical Devices in Canada
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Zephyrus Innovations™ Receives US FDA 510(k) Clearance for VaporShield™ CSTDPR Newswire•Dec 16, 2025•Zephyrus Innovations
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Kane Biotech Completes U.S. FDA 510(k) Submission for revyve Antimicrobial Wound CleanserFinancial Post•Sep 17, 2025•Kane Biotech
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Conavi Medical submits Novasight imaging system to US FDA for clearanceFinancial Post•Sep 16, 2025•Conavi
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Cardiac MRI Alternative Gets FDA Nod – Ventripoint CEO on U.S. and China Sales PlansMining Stock Education•Aug 13, 2025•FDA, VentriPoint
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Sonic Incytes Receives FDA Clearance for Velacur ONE for Liver Disease ManagementFinancial Post•Aug 13, 2025•Sonic Incytes
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FUJIFILM VisualSonics Launches Vevo F2 LAZR-X20 Photoacoustic Imaging PlatformFinancial Post•Jun 26, 2025•VisualSonics
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Mount Sinai Deploys Flosonics’ Wearable Ultrasound FloPatch to Optimize ICU CareHIT Consultant•Jun 17, 2025•Flosonics Medical
