Chris Moyer, Director of Venture Newfoundland and Labrador LP, and the Hon. Bernard Davis, Minister of Tourism, Culture, Industry and Innovation joined founders and investors on October 24 at BreatheSuite’s office for the latest funding announcement.
BreatheSuite, a medical technology company founded by Brett Vokey, is developing an inhaler add-on to allow patients to use their inhaler properly without the need for separate training devices. The company participated in Memorial University’s MCE program, Bounce Innovation and the Genesis Centre’s Evolution program.
"Asthma and COPD patients rely heavily on inhalers to manage their health conditions. What is surprising is that 90% of inhalers are used incorrectly, resulting in patients not actually getting the medication their physician has prescribed. By using a digital health intervention, we aim to close that gap by teaching proper inhaler technique and adherence. Our mission is to empower chronic disease patients to manage their own diseases more effectively.” Says Brett Vokey, Founder and CEO at BreatheSuite.
Chris Moyer notes the significance of today’s announcements for the Fund, “At Pelorus we look for strong entrepreneurs with innovative ideas at the earliest stages of development. We lead the investment and bring together a strong syndicate of co-investors. Our investment in BreatheSuite is another example of our model in action as our $250,000 investment attracted local and international angel investors to close an investment round totaling $550,000.”
“Navigating the early stages of business development can be challenging for any entrepreneur. That is why today’s announcement is significant for BreatheSuite, as it allows the company to use venture capital to amplify their business model, and accelerate growth. The Government of Newfoundland and Labrador has invested in our start-up ecosystem and is committed to supporting entrepreneurship and innovation in the province with its programs and services,” said Minister Davis.
Venture Newfoundland and Labrador LP is a public/private venture capital fund created by Pelorus Venture Capital, the Province of Newfoundland and Labrador, BDC Capital Inc. and private angel investors. The Fund made its first investment in 2015 and has since invested over $7 million in Newfoundland and Labrador based technology start-ups. The goal of the Fund is to invest in and partner with entrepreneurs with innovative technologies, to help commercialize their products and services and grow their companies while providing venture returns for the Fund’s investors.