Canadian Digital Physical Therapy Company Raises $1.2M to Help Patients Go from Pain and Agony to Pain-Free

Tenzr Health was founded in 2017 by Lukas and his co-founder, a graduate student interested in developing a tracking technology to monitor stroke victims’ use of the hand. The two collaborated to develop proprietary technology. Then the struggle to find investors started.

Finding knowledgeable investors willing to invest in the healthcare industry is tricky.  But, finding investors willing to back the development and marketing of a hardware component is extremely difficult. According to Lukas, “99% of investors won”t even touch hardware.” Then, too, Tenzr faced the obvious obstacle any start-up faces; lack of a track record.

After participating in several other accelerator programs, Lukas enrolled in the Newchip program a few months ago. 

He is still learning and participating, but he has already raised over $1 million for Tenzr. More importantly, Lukas has established a new network of connections that includes mentors as well as possible investors. 

Lukas’ involvement in the Newchip program has also helped him establish specific, quantifiable short-term and medium-range goals.

For the short-term, Tenzr wants to “have at least a dozen paying patients on the platform go from agony and pain to pain-free.” Reaching this goal would prove the clinical efficacy of the system and convince investors that it works. It would also propel them to their second goal: treat 1000 patients in the first year of commercial launch. 

A critical part of their corporate strategy is to raise a second round of seed capital. This capital would help Tenzr enter the US market and reach another one of its goals.  

“The thing that interested me about Newchip was its focus on fundraising. Raising capital, in my view, is a lagging metric. Pretty much you raise capital because of what you’ve achieved in the past.”

About Tenzr Health

Tenzr Health develops sensors, software, and services for musculoskeletal care, a field commonly known as digital-physical therapy. Tenzr is located in British Columbia, Canada, and does business under the name of Tenzr Health. The company focuses on treatment for upper limbs. Specifically, it addresses anything that affects the use of the hand, such as tennis elbow, carpal tunnel syndrome, wrist fractures, tendonitis, and impairments due to a stroke or spinal cord injury.

During graduate school, biomedical engineer and co-founder Lukas Karim Merhi worked in several labs that researched a variety of technological innovations. Lukas was convinced that these products, when developed, would help patients recovering from stroke and other ailments regain their hand function. 

He decided to pursue commercialization when he realized that many of these well-researched biomedical innovations weren’t being brought to market. Instead, they were hidden in the pages of dusty lab notebooks. Lukas determined he would do what he could to make at least some of these innovations come to life.

If you’d like to read more success stories in the medical industry check out our story on Med-x!

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