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This is an excerpt from an article originally published on BetaKit.
NERv Technology, a Kitchener-Waterloo-based startup offering a sensory platform designed for the healthtech sector, has closed a $3.32 million CAD ($2.65 million USD) seed round of funding.
The seed round was led by returning investor SOSV, with participation from Graphene Ventures, OneValley, Northspring Capital Partners, Boutique Venture Partners, and Threshold Impact. A number of additional undisclosed strategic investors, angels, and physicians also invested in the round.
NERv has been able to grow its team from 16 at the start of the pandemic to 24.
NERv has developed a sensory device that is aimed to help doctors monitor postoperative patients remotely, by detecting potential complications. The startup’s device can attach to catheters and wound drains, and detects leakages that can lead to critical, sometimes fatal, complications.
NERv was co-founded in 2014 by CEO Youssef Helwa and COO Amr Abdelgawad, two University of Waterloo engineering graduates. The startup’s executive team also comprises CTO Abdallah El-Falou and lead scientist Mohamed Okasha. The startup raised $1 million in pre-seed funding in 2019, and has raised approximately $2 million in non-dilutive funding and government grants since its founding.
Read the full story NERv Technology Raises $3.32 Million as it Prepares to Bring Medical Sensor Tech to Market on the BetaKit website.
NERv’s co-founding team includes Youssef Helwa, CEO, Amr Abdelgawad, COO, Abdallah El-Falou, CTO, and Mohammed Okasha. Youssef, Amr, and Abdallah are all University of Waterloo Alumni. Youssef earned his Bachelor of Applied Science (BASc) in Nanotechnology Engineering in 2015 and his Master’s of Applied Science (MASc) Electrical and Computer Engineering in 2017. Amr earned his Bachelor of Engineering (B.Eng.), Nanotechnology in 2015 as well, and his Master of Business, Entrepreneurship and Technology (MBET) in 2017. Mohamed earned his Honour’s Bachelor degree in Biochemistry and Biomedical Sciences from McMaster University.