Ethnocare secures $2.5M seed funding led by AQC Capital and Anges Québec - Private Capital Journal
Summary
CPE News (5.9.2023) Ethnocare has raised $2.5 million in seed funding led by AQC Capital and Anges Qu\xe9bec, including $670,000 in financial support from the Government of Quebecs Impulsion PME program, for which Investissement Qu\xe9bec acts as agent.Funding will be used for the commercialization of its first product and continue to develop next-generation orthopedic solutions that enable people living with physical limitations to reach their full potential.Founded by Marc-Antoine Malouin, Louis-Philippe Garneau, and Vincent Breton, Qu\xe9bec City based Ethnocare is the developed of Overlay, a technology solution that significantly improves the comfort and mobility of amputees. Inspired by sports technology, this revolutionary device uses air to manage variations in the residual limb volume of amputees, improving their comfort.QU\xc9BEC CITY, QC, May 9, 2023 /Private Capital Newswire (pcNewswire)/ Ethnocare Inc. today announced the closing of a $2.5 million round to fund the commercialization of its first product and continue to develop next-generation orthopedic solutions that enable people living with physical limitations to reach their full potential.Ethnocare was founded in 2020 in Quebec City. Inspired by sports technology, this revolutionary device uses air to manage variations in the residual limb volume of amputees, improving their comfort.The Ethnocare seed funding round was led by AQC Capital and Anges Qu\xe9bec and includes $670,000 in financial support from the Government of Quebecs Impulsion PME program, for which Investissement Qu\xe9bec acts as agent.We sincerely thank our partners, AQC Capital, Anges Qu\xe9bec, Investissement Qu\xe9bec, and our private investors for their confidence. This is why Ethnocare was born and why its members got to work developing its first product: the Overlay, a technological solution that significantly improves comfort for amputees and allows them to gain mobility.Recently, there have been a number of scientific advances in the field of prosthetics with respect to artificial feet and biomechanical knees, but even so, one issue remains:Residual limb volume varies throughout the day, leading to pain and adversely affecting users quality of life.Thats why Ethnocare created the Overlay. In addition, Overlay can be used with most existing equipment, greatly simplifying its market integration.This new product offers amputees an unprecedented customizable solution, greater freedom of movement, and better quality of life.Ethnocare has received numerous grants, and its inventions have been filed with U.S. and international patent agencies.Ethnocare technology roadmap Ethnocares vision is to become a global leader in orthopedic products by providing revolutionary solutions that make a difference in the lives of millions of people.