By C. Perera, JadeTimes News
INOVAIT and the Government of Canada have announced a $10.7 million investment in AI enhanced image guided therapy through the second iteration of INOVAIT's Focus Fund program. IGT involves using medical imaging to plan, perform, and evaluate medical interventions. INOVAIT supports Canadian innovators who leverage AI to enhance the precision and efficiency of IGT, thereby improving healthcare outcomes.
Kullervo Hynynen, Co Executive Director of INOVAIT and Vice President of Research and Innovation at SRI, emphasized Canada's strong capabilities in medical imaging and AI research. He highlighted the need to capitalize on these strengths to advance technologies that improve clinical outcomes and healthcare efficiencies.
Seven promising projects will integrate machine learning into IGT technologies under the current Focus Fund program. Focus Fund members will invest an additional $21.3 million in these projects, bringing the total investment in the Canadian IGT sector to $32 million. This funding aims to attract further investments in Canadian technology companies, create jobs for highly skilled professionals, and solidify Canada’s position as a global leader in image guided therapy and AI innovation.
François Philippe Champagne, Canada’s Minister of Innovation, Science, and Industry, noted that INOVAIT’s Focus Fund is a natural progression for promising pilot projects in IGT and helps attract key investments for innovative Canadian technology companies. He expressed anticipation for the advancements in the field through AI and machine learning integration.
Selected projects receiving funding include
Profound Medical
This project will enhance outcomes for men undergoing MRI guided transurethral ultrasound ablation by leveraging AI throughout the stages of prostate cancer treatment.
MIMOSA Diagnostics
This project will deploy a handheld multispectral imaging tool for nurses in long term care homes to assess and treat residents at risk of developing or having active pressure injuries.
Pam Damoff, Parliamentary Secretary to the Minister of Foreign Affairs, concluded that INOVAIT’s initiatives provide a platform to connect, educate, and invest in the most promising ventures, thereby pushing boundaries and improving health outcomes.