EDC’s Export Guarantee Program helps Clarius grow globally

EDC’s Export Guarantee Program helps Clarius scale up production and export globally

Clarius Mobile Health Corp. is an imaging artificial intelligence (AI) and medical device company with a head office and manufacturing facility in Vancouver, BC. Founded in 2014, they make handheld ultrasound scanners that are accurate, easy-to-use and affordable, improving access to medical care in any setting. 

Challenge

Accessing working capital to finance their first major contract

With a unique product, Clarius caught the attention of the medical community in Canada, the United States and internationally. They began to land more orders, but didn’t have the liquidity to scale up their operations and fulfill contracts. 

How EDC helped

Export Development Canada (EDC) worked with Clarius’ financial institution (FI) through our Export Guarantee Program (EGP), which helps exporters maximize their access to working capital. We provided a 50% guarantee on two EGPs—one on a five-year term loan and the other on an operating line—giving Clarius the operating funds they needed to expand.

Results

By sharing the risk with the financial institution, the EGP allowed them to structure the loans with conditions that ensured Clarius maintained enough cash reserves. This helped the company access funds while mitigating the risk of running out of cash. EDC also helped Clarius make global connections, expanding their exports to 60 countries and counting.

This content was partially created using generative artificial intelligence (GenAI).