As reported by BetaKit, Toronto-based ProteinQure and Montréal-based AssistIQ have each secured over $10 million in Series A financing to advance their AI-powered healthcare platforms.
ProteinQure, which focuses on peptide-based drug discovery, raised $11 million to launch its first clinical trial for a drug targeting triple-negative breast cancer. Meanwhile, AssistIQ raised $11.5 million to scale its AI-driven supply management solution for hospitals, streamlining inventory tracking and reducing operational costs.
Source: venturecapitaljournal.com.
ProteinQure’s upcoming trial, scheduled for Q3 2025, will include 70–100 patients across Canada and the U.S., including at Toronto’s Princess Margaret Cancer Centre. CEO Lucas Siow told BetaKit this is the first Ontario-based AI drug to reach clinical trials. Unlike other Canadian biotech players like BenchSci or Deep Genomics, ProteinQure focuses specifically on peptide therapeutics—targeting hard-to-treat cancers with machine learning–engineered molecules.
AssistIQ, on the other hand, is tackling operational inefficiencies in hospitals. Its AI platform gives healthcare systems real-time visibility into supply usage, saving time for clinicians and cutting costs.
Source: assistiq.ai.
The company has already deployed its solution with partners including New York’s Northwell Health and Montréal’s CHUM Research Centre. With healthcare systems globally facing resource constraints, AssistIQ’s tools aim to replace outdated, hard-to-scale inventory systems with intelligent, adaptable solutions built for modern care environments.
