The Forge launches CareKit Health onto Toronto Stock Exchange
A tech start up company that traces its beginnings to McMaster’s business incubator has been sold for $2-million.
CareKit Health – which has been operating at The Forge – develops technologies for home use including automated audio reminders and technology that sends real-time vital signs to health care providers. CareKit has been acquired by a British Columbia-based company, Moseda Technologies, an established technology company working to develop mobile health solutions.
The Forge is supported by McMaster and Hamilton’s Innovation Factory and its mandate is to help support new entrepreneurial start ups. It works from the University’s Innovation Park on Longwood Road and from a new storefront location on James Street North.
Leo Godreault founded CareKit in Hamilton, and moved into The Forge in September 2015. Both Giancarlo De Lio, CareKit Health CEO, and Godreault are experienced entrepreneurs with strong backgrounds in Information Technology and healthcare. Godreault is a graduate of the joint BScN program offered by McMaster University and Mohawk College.
“We are very proud of the CareKit team, and are pleased to see them going public on the TSX Venture Exchange, in our first go-public exit. This is great news for The Forge and for Hamilton,” said Monika Yazdanian, Director of The Forge.
The CareKit platform is designed to provide healthcare providers and families with real-time access to patient data collected in the home. The data will be collected via wearables, sensors, and a proprietary voice technology hub, with the goal of reducing emergency room visits and hospital readmissions by facilitating early intervention if a patient’s health status becomes unstable.
“CareKit Health is a young company but we have already secured contracts in the US, Canada and the UK,” said De Lio.
“Joining Moseda will give us the ability to rapidly increase our global presence and we are excited about the increased value our combined technology portfolios and talent will provide to our customers.”
Moseda acquired CareKit for $2 Million in Moseda shares and performance warrants. The company has a market cap of $8.8 million, as of February 10th, 2016.
“We are excited to be bringing CareKit Health’s team, technology, products and customer pipeline into Moseda,” said Dr. Lisa Crossley, CEO of Moseda. “CareKit’s focus on using technology to provide cost effective, high quality in-home healthcare fits perfectly with Moseda’s strategic focus on the Community Care market, which is expected to reach $43 Billion globally by 2019.”
As part of the agreement, De Lio has been named Chief Visionary Officer at Moseda and Godreault is the company’s new Vice President, Products.
