19 December 2023

PRESS RELEASE – EncephalX, a bioengineering start-up led by Simon Lapointe (CEO), proudly announces the closing of its first financing round representing $1M. 

EncephalX works in the field of neurosurgical devices, mainly focusing on the commercialization of a cranial fixation plate that is installed directly with the patient’s bone flap when a decompressive craniectomy is required, an essential surgery for the treatment of severe head trauma. By combining the two standard surgical procedures, EncephalX’s solution enhances patients’ quality of life and significantly reduces the costs associated with treatment.

“I’m proud to say that not only did we secure our funding, which is an achievement on its own, we exceeded the amount initially targeted,” says Simon Lapointe, CEO of EncephalX.

Over the past year, EncephalX has made significant progress towards certification and commercialization. By hiring key employees and forging strategic partnerships, the company is now one step closer towards its goal of bringing its products to the market. This investment will be used to complete the pre-clinical stage and to obtain the regulatory approval for its clinical trials.

Key financial partners

This first financing round was co-led by ACET Capital and Sherbrooke Innopole, but also supported by several other partners such as Front Row Venture and neurosurgeons. Simon Lapointe emphasizes on the importance of the Friends and Family investment, which played a decisive role for the major investors.

Quotes

“ACET Capital is proud to support EncephalX in this first financing round. We have been able to witness the evolution of the company’s project, as well as the great involvement of the entrepreneurs throughout this process. The new technology developed by EncephalX will revolutionize the field of neurosurgery, while offering patients a better quality of life.”
–Dominic Denis, Investment Director at ACET Capital

“Sherbrooke Innopole is pleased to support EncephalX, a high-potential young company in the Life Sciences sector, in the development of its dynamic cranioplasty system for the treatment of intracranial hypertension. The centerpiece of its innovative technological solution, the unidirectional dynamic fixation plate, has the potential to revolutionize the neurosurgery associated with this syndrome, while promoting rapid patient recovery through a single surgical procedure – rather than the current two. We are proud to contribute, via our Pre-Seed Fund (Fonds Amorçage), to the advancement of this innovation towards technological maturity, enabling it to aspire to a major global market.”
–Martine Courtemanche, Director, Business Services – Life Sciences and Micro- nanotechnologies at Sherbrooke Innopole

“With the development of Ribbit, the EncephalX team has literally revolutionized cranioplasty. They have innovated to solve a major problem, which is exactly what FRV looks for in the companies it invests in. We are very proud to support this passionate, resilient and ambitious team by being part of this oversubscribed financing round, which will bring them one step closer to clinical trials.”
–Emmanuelle Coppinger, Managing Partner at Front Row Ventures

About ACET Capital

ACET’s mission is to identify innovative and ambitious technological projects, to support entrepreneurs in their development and to propel promising new companies with a positive societal impact. Through its own investment funds, ACET Capital, ACET supports start-up companies that are close to commercialization, or just beginning this phase. These funds, designed to take an equity stake in companies and create leverage, aim to support, through an appropriate financial structure, the early stages of a company’s launch and the implementation of its commercialization strategy.

About Sherbrooke Innopole

Sherbrooke Innopole is the paramunicipal economic development organization for the industrial and high-value-added services sector. Its mission is to accelerate the development of companies from the five key sectors – Advanced Manufacturing, Quantum and Information Technologies, Cleantech, Life Sciences and Micro- Nanotechnologies – and ensure that Sherbrooke has an attractive and innovative business environment. It is mainly financed by the City of Sherbrooke through the Bureau de coordination du développement économique.

About Front Row Venture

FRV is Canada’s leading university-focused and student-operated venture capital fund. We invest in Canada’s most daring founders. By students, for students.

Source: EncephalX