Wittington Innovation Fund, backed by Canada's billionaire Weston family, leads a $14 million investment in Grey Matter Neurosciences Inc., a startup developing focused ultrasound technology for treating Alzheimer's disease and other brain disorders. The investment aims to bridge the funding gap for domestic medical-device developers and commercialize groundbreaking research.
The Weston family, which controls publicly traded grocery giant Loblaw Cos. Ltd., owns billions of dollars worth of private assets through Wittington. Galen Weston, president of Loblaw, speaks to reporters in Ottawa, on March 8, 2023.After donating hundreds of millions of dollars to environmental causes and health research, Canada ’s billionaire Weston family is now backing innovative startups in both areas.
“The family for decades has funded research in the area of neurodegenerative disease, so we have a wealth of knowledge around that area,” said Jim Orlando, managing partner, Wittington Ventures, who is overseeing the fund. “Canada doesn’t have a strong track record of commercializing fantastic research. So we just decided it was time.”
The Wittington-led deal builds on long-standing relationships. Grey Matter’s CEO, third-time founder Jeffrey Coull, is a neuroscientist who has advised the Weston Family Foundation since 2019. The foundation granted $16.7-million to Sunnybrook in 2020 – to fund research into the very technology Grey Matter is now licensing from the institution. “When I came across this technology, I was really impressed with its potential,” Mr. Coull said in an interview.
INVESTMENT STARTUP ALZHEIMER's TECHNOLOGY CANADA
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