Looking at the first half of 2025 so far, the word to describe it is ‘volatility.’ From President Donald Trump’s 51st state rhetoric to the on-again-off-again trade war. In the meantime, Canada elected a new government. This year has been anything but calm and in times of chaos investors seek stability.
One sector that is relatively stable, no matter what might be happening, is medicine. After all, whether the TSX is up or down, if we’re ill, we need healing. This makes healthcare a relatively safe harbour when things go sideways.
This is a sentiment that Dr. Renzo Cecere knows well. With over 25 years of experience as a heart surgeon at McGill University, Cecere has seen the space evolve. Eighteen months ago he decided to put his experience to use, and he co-founded the Vitruvius Innovation Group and Venture Studio, an organization dedicated to transforming the landscape of healthcare innovation.
The idea for Vitruvius began in 15 B.C.E.
Even as Cecere practiced–and continues to practice–medicine, he supervises Master’s and PhD students as they explore research projects. Over time, he noticed that some of these projects had commercial value. All they needed was guidance, a strategy and technical know-how to get to a minimum viable product.
What if there was a space that did all of that, and also offered other add-on services like website design and actual medical expertise?
As Cecere thought on this, he recalled Vitruvius, an ancient Roman architect who outlined three key principles for good architecture: firmitas (strength), utilitas (utility), and venustas (beauty). These principles, known as the “Vitruvian Triad,” emphasize that a building should be durable, functional, and aesthetically pleasing.
Cecere decided that this was the basis on which he wanted to build a Venture Studio, and so Vitruvius Innovation Group was born. The Venture studio differs from incubators and accelerators, in that Vitruvius Innovation Group holds equity in each of the companies under its umbrella, and Cecere joins the board as a co-founder. This ensures that he has skin in the game and an interest in the success of each of the companies.
We have an ecosystem that lets early-stage med-tech startups flourish. We allow for an exchange of ideas, which accelerates development speed. This also offers an opportunity to fail quickly
A diversified approach to healthcare
“We are an idea factory,” Cecere states.
The Venture Studio is equipped with design labs, regulatory experts, clinical advisors and funding strategists to accelerate development from concept to clinic. This is by design. As Cecere explains, part of the integrated services that founders can access include product development, prototyping, regulatory approval, intellectual-property strategy, clinical validation and go-to-market planning.
The group originally started with six companies but now has a portfolio of more than double that. The companies span a range of healthcare specialties. These include:
- Surgical Robotics
- Augmented Reality
- Cardiovascular Device
- Diagnostics & Imaging
- Drug Discovery
- Health Services
A fast-growing market, worth hundreds of billions
The market potential is growing. Vitruvius estimates that global markets for AI in healthcare and for educational technology are projected to exceed $200 billion and $400 billion by 2027, respectively.
Taking a broader lens, according to a report published in May 2025, the global medical devices market size was valued at US$542.21 billion in 2024, and is projected to grow to US$886.68 billion by 2032, exhibiting a CAGR of 6.5 per cent during the forecast period. The report notes that North America dominated the medical devices market with a market share of 38.17 per cent in 2024.
Meanwhile, according to the Canadian Government, in 2022, 16 per cent of total venture capital deals in Canada ($1 billion over 112 deals) went to life companies; which decreased from 26 per cent in 2020, amid the pandemic.
But despite this slowdown, Vitruvius is seeing early signs of success. For example, Vitruvius-backed HoloRay – an AR surgical guidance platform – raised $5 million at a $20 million valuation.
An alternative investment opportunity awaits
The pipeline for adding new companies is strong, as Cecere continues to work at his research labs and mentor new potential co-founders with great ideas.
“There are people with great ideas, who don’t know what to do with them. We help them get the idea off the ground. That’s a pipeline for us, and I want to capture that,” Cecere says.
The way he sees it, Vitruvius’ success lies in successful exits for companies, and for several of the portfolio companies, those discussions are underway. Many of the portfolio companies are revenue generating, one company is getting a licensing agreement for advancing of their product while another is in the middle of a due diligence exercise by a large global-backed medical device company.
For investors seeking to participate in this growth opportunity, Cecere sees two pathways. First, an investor can buy a stake in the Venture Studio itself. Second, if an investor is interested in a specific sub-niche within the healthcare space, she could invest in an individual company that attracts her attention.
For Cecere, the emphasis is on the alternative investment opportunities that exist in med-tech. “Depending on investor know-how, they can make their investment decisions, either in the studio itself, or the individual companies. It’s nice to have this mix,” Cecere says.
What next for Vitruvius?
Cecere continues to be a practicing doctor, and this helps in Vitruvius too. “As a doctor, I look for areas of improvement, from the time a patient sets foot in the hospital, till they are discharged. For every step of the trajectory, I know what can be improved. That is my advantage,” he says.
For now, Cecere is excited about the mix of products and companies in Vitruvius’ ecosystem. He is particularly enthusiastic about the growth of AI products that facilitate the delivery of healthcare, enabling patients to access healthcare more easily and efficiently.
“We have the potential to impact many lives at the same time, opening the door for better healthcare for many. This is a lofty goal, but that is my objective,” Cecere says.
Disclaimer: This story was created by Canadian Family Offices’ commercial content division on behalf of PBY Capital, a member and content provider of this publication.
PBY Capital Limited is registered as an exempt market dealer, portfolio manager and investment fund manager with Canadian provincial securities regulatory authorities, servicing family offices and their professionals. For more information, visit: www.pbycapital.com. The opinions and information provided in this article are solely those of the writer and are not to be construed as personal, legal, accounting, taxation, or investment advice, or as an endorsement of any entity.