Toronto-based healthtech startup Nanology Labs has raised a $3 million seed round of funding. The round was led by commercialization venture firm FACIT, with participation from Creative Destruction Lab Angels, Ontario Brain Institute, Ontario Center of Innovation, and MEDTEQ.
The fresh capital will be used by Nanology Labs to advance the development of its smart nanomedicine, called T-MX, which is designed to overcome tumour hypoxia, a common cause of resistance in cancer treatment.
According to Mohammad Amini, CEO and co-founder of Nanology Labs, the startup’s polymer-lipid platform develops nanoparticles that are transported into human cells. Its T-MX product specifically is designed for cancer cells and generates molecules that “reprogram” hypoxic tumours. The product is aimed to boost immunogenic cell health and makes it easier for solid tumours to be destroyed by radio, chemo, and immunotherapy.
In 2019, Nanology Labs received an undisclosed investment from the FACIT Prospects Oncology Fund. In 2018, the startup was one of six to receive $50,000 from the Ontario Brain Institute as part of its early-stage neuro-technology entrepreneur awards.