Ontario Minister Visits DAYLI Partners to Support First Korea-Canada Healthcare Fund
Ontario Minister Visits DAYLI Partners to Support First Korea-Canada Healthcare Fund
  • Julia Yoo (julia@koreaittimes.com)
  • 승인 2019.10.14 12:20
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DAYLI Partners, one of the leading biotech venture capital firms in South Korea, is collaborating with TIAP (Toronto Innovation Acceleration Partners), a technology commercialization organization for leading hospitals and research institutes in Ontario, to establish a global venture capital fund focused on biotech and healthcare AI (Artificial Intelligence) in Canada. The two organizations signed a memorandum of understanding in February this year to form a strategic partnership. The fund, with a target size of $20 million USD, is expected to launch by the end of the year and has already attracted other investment groups such as adMare BioInnovations.

Economic Development, Job Creation and Trade Minister Vic Fedeli and the DAYLI Partners’ investment team met on Oct. 14 to discuss the first-ever global healthcare fund between Ontario, Canada and South Korea. 

“Ontario is open for business and opens for jobs, and our plan is producing results,” said Fedeli. “Ontario is proudly home to a vibrant, innovative life sciences sector that includes world-renowned institutions, researchers and manufacturers. Collaborations like this one leverage Ontario’s strengths in medical technologies vital for advancements in the field while creating good jobs in Ontario.”

“As we expand globally, we are impressed by TIAP’s capability to discover and grow new biotech assets in Canada that will help us achieve sustained growth at a global level.”, stated CEO Seung Ho Lee, DAYLI Partners.

The joint investment team will identify, invest, and grow seed-stage companies primarily in Ontario, with a portion of the fund allocated to Korean companies with high potential to expand to Ontario. The fund plans to invest in AI and digital healthcare, therapeutics, diagnostics, and medical devices. Canada is one of the global hotbeds for AI, with the Vector Institute for Artificial Intelligence at the University of Toronto cofounder by Dr. Geoffrey Hinton, the “Godfather of Deep Learning.” The fund expects a growing number of companies in Ontario to apply AI technologies to transform drug discovery and disease diagnosis.

“The venture capital expertise of DAYLI Partners matched with TIAP’s pipeline and commercialization success will give a boost to the province by creating scalable commercial companies,” said Dr. Lincoln Kim, TIAP

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