Bio-Stream pulls money out of Thin Air

Bio-Stream Diagnostics has shared its experience securing hundreds of thousands of dollars in non-dilutive funding while participating in the Funding Catalyst program from Thin Air Labs. The pre-revenue company is working to offer lab-quality blood and urine testing at home. Thin Air Labs's role, in part, was to quiet the noise and match Bio-Stream to the right programs. "Everybody knows there are grants and they've heard about them," CEO John Murphy said in a testimonial. "But what Thin Air Labs does is get real. (The Funding Catalyst program is) how they practically go after them, and then actually close and get the money into the bank."

Thin Air's support in securing funds helped Bio-Stream concentrate on non-financial milestones. Over roughly six months, Bio-Stream grew from seven to 12 team members and advanced its hardware toward a more market-ready solution, noted the Health Innovation Hub, of which Bio-Stream is a member. Murphy and Bio-Stream are among advocates for the community at the Edmonton Research Park — also home to the Critical Medicines Production Centre from Applied Pharmaceutical Innovation — which tracks with further comment from the Health Innovation Hub about the Thin Air collab. "This is a great example of why building innovations in Alberta can work so well. We have the tools, we have the talent, and we have the collaborative ecosystem!"

Finding funding through Thin Air Labs is certainly helpful, though it's no guarantee. The organization said it helped True Angle, an Edmonton-based medical device company, secure more than $1.8 million in non-dilutive funding after it participated in the Funding Catalyst program in 2021. But True Angle's website is no longer live, and founder Jana Rieger has moved on. It's not easy to make a go of it in a highly regulated sector where the pre-revenue period tends to be long. But you've got to start somewhere, and connections make a difference, as well as the money, Murphy suggested, citing trade missions he has been able to participate in. "These opportunities come together, and then we're able to take advantage of them and just move our company forward at a quicker pace and more professionally," Murphy said.