Behind the Deal: Spectra Plasmonics
Front Row Ventures’ goal is to support young founders by investing in Canada’s best student-led startups. Our multidisciplinary team is proud to provide financial assistance to companies whose innovations are impacting Canadian lives for the better.
One such venture is Spectra Plasmonics, a Queen’s University-based startup that is offering a groundbreaking technical solution to address the opioid crisis that is devastating communities. Their invention is designed to bring lab-grade drug detection, which currently takes upwards of 4 to 6 weeks, right to the palm of your hands, providing users with accurate chemical compositions almost immediately. The innovation promises to mitigate harm, save lives, and provide important data related to the crisis.
Founded in 2017, Spectra Plasmonics innovative technology quickly proved to be an industry leader. In late 2019 they were selected as one of three finalists of the hundreds of international applicants selected by Health Canada to continue developing a drug diagnostic technology to help with the ongoing opioid crisis. They also took home the grand prize from the DDQIC Summer Pitch Competition and won the prestigious Lee Kuan Yew Global Business Plan Competition in Singapore. Spectra Plasmonics is poised to be an influential, impactful and viable venture. Their early recognition and success at esteemed competitions caught the attention of Sean Monteiro, one of FRV’s investment associates and deal lead, who tracked Spectra Plasmonics’ progress.
Meet the Founders
Spectra Plasmonics’ founders collectively embody the innovative, academic, business, and work experience required to bring their product to fruition. Malcolm Eade, CEO of Spectra Plasmonics graduated from Queen’s Life Science program in 2018. Malcolm utilizes his knowledge, expertise, and leadership skills to advance Spectra Plasmonics’ focus on research concerning the company’s licensed technology. Christian Baldwin graduated from Queen’s Mechanical Engineering in 2018 and the MMIE program in 2019. As the COO at Spectra Plasmonics, he handles product development, manufacturing, marketing, and investor relations. The CFO, Tyler Whitney completed his Bachelor of Commerce in 2017 and his Economics degree in 2018. Tyler is responsible for the company’s financials, marketing, and sales.
Spectra Plasmonics’ creative team met at the Queen’s Innovation Connector Summer Initiative (QICSI) Entrepreneurship Program in 2017 where they initially planned to build a marijuana breathalyzer. In response to the climbing death toll and detrimental economic impact of the looming opioid crisis, they instead focused their time and energy in developing a fentanyl detection system. Malcolm, Christian, and Tyler have created great camaraderie through a positive attitude and a healthy dose of humour. At the same time, they are serious businessmen who are fully engaged and committed to prospective clients and the success of their innovation.
Spectra Plasmonics’ Solution
Spectra Plasmonics has developed a portable technology that accurately identifies added drugs, even at trace levels, and protects users from accidental overdoses. The tool requires minimal training to use and allows operators to detect fentanyl and other additives within minutes. This enables real-time data monitoring for communities to better tackle the opioid crisis. All of the data obtained is visualized using a drug dashboard connecting city legislators to information obtained from medical workers on the ground. This invaluable information can be used to create policies, procedures, and laws that respond effectively to the opioid crisis.
Our Investment
The team’s diverse skill set, determination, and business acumen make them competent to build, scale, promote and market their product. Their work with Kingston Street Health, which provides multi-disciplinary services to citizens at risk, has given them a clear understanding of the scale of drug addiction, and greater insight on an often stigmatized topic.
The rise in overdose deaths due to new mixtures of fentanyl and benzodiazepines demands an urgent need for this device. While finding a unique opportunity within the opioid market, Spectra Plasmonics’ ability to augment different Raman Spectroscopy detection devices enables them to discover chemical substances within different verticals such as food safety, pharmaceuticals, and bacteria.
Rather than focusing on reinventing different spectroscopy methods and creating bulky in-lab equipment, Spectra Plasmonics is looking to bring quick chemical detection to the field.
The team is creating partnerships and building relationships with groups that would utilize their product for deeper integration and ensuring the ideal user experience.
The drug screening market is $11.5B by 2025 and is growing at a CAGR of 10.1%. While not massive at first glance, coupling this with additional markets where their technology is applicable drastically increases future opportunities.
Going Forward
The Front Row Ventures team is beyond excited to be supporting Spectra Plasmonics’ team as they continue to grow their business. Spectra Plasmonics is conducting pilots with cities, such as Kingston, to show the benefits of their technology. They’re currently raising approximately $400,000 CAD and are looking to integrate the use of their technology across Ontario. From winning international pitch competitions in Singapore to partnership agreements with Austrian based companies, the team is on an upward trajectory that looks like it won’t stop.
You track Spectra Plasmonics’ progress by visiting their website and by viewing a demo of their technology as of October 2020.
If you’re interested in joining Spectra Plasmonics, they’re currently hiring a Product Engineer Intern. Click the following link to read more about the job posting.
If you are working on an idea that will disrupt an industry and think it will be part of the next wave of innovations. Visit our website and contact us at hello@frontrow.vc. We’d love to chat!
Many thanks to Shiyan Boxer for helping write this article.
