Pycap Acquires Equity in Canadian Medtech Company SMYLS
Toronto, [September 2, 2025] — In a meaningful expansion of its Venture Capital Portfolio, Pycap — a renowned Canadian venture capital firm and Startup Visa Accelerator — has announced it has acquired an equity position in SMYLS, strengthening its early-stage investments in impactful tech-enabled healthcare innovation.
Who is Pycap?
Pycap, based in Toronto, Ontario, runs a dual-focused model as both a Startup Visa (SUV) Accelerator and a Venture Capital and Private Equity investment entity, boasting over $20 million in Assets Under Management across multiple investment vehicles.
Through its SUV Accelerator, registered as a designated entity with the Canadian federal government, Pycap empowers immigrant founders to scale their startups in Canada while facilitating their path to permanent residency Pycap. As of now, its equity portfolio includes 18 companies — a diverse mix of high-growth ventures across sectors like AI-driven health tech, agritech, IoT, fintech, and cleantech.
Adding SMYLS to its portfolio underscores Pycap's commitment to nurturing startups that blend cutting-edge technology with tangible societal value.
Spotlight: SMYLS — Simplifying Uninsured Physician Billing in Canada
SMYLS is a Canadian-born, modern cloud-based SaaS solution designed to simplify the complexity of uninsured and block billing for family physicians.
Origins & Mission
SMYLS was born from a practical need: the co-founder’s spouse, a physician, struggled with cumbersome uninsured billing at her clinic. This sparked the creation of a user-friendly solution by a team of experienced technologists determined to streamline billing for medical practitioners.
Core Capabilities & Value Proposition
SMYLS’ solution offers robust, intuitive features that transform practice operations:
Rapid Invoicing & Payment: Physicians can invoice and accept payments in as little as 15 seconds.
Automated Block Billing & Renewals: SMYLS enables clinics to offer service packages and automate renewals—reducing admin burden and improving cash flow.
Flexible Pricing Controls: Practices can customize services and pricing for each physician, offering tailored billing arrangements.
Fast Setup: Designed to be “up and running in less than 24 hours,” accompanied by onboarding support materials such as templated letters, signage, and billing pads.
Integrated Communication & Payments: SMYLS supports invoicing via email or SMS, with integrated credit-card processing and secure payment handling.
Real Revenue Impact: Users report increases in annual revenue exceeding $100,000 per physician, helping bridge the gap created by inflation-lagging provincial reimbursements.
Security & Compliance
SMYLS takes data security, privacy, and regulatory compliance seriously:
Data Security: Hosted on Microsoft Azure with encrypted data in transit (TLS 1.2) and at rest (AES-256). Daily encrypted backups and secure infrastructure ensure resiliency and compliance.
Privacy & Legal Compliance: Fully compliant with Canadian privacy laws, GDPR, HIPAA, PCI standards, and more. SMYLS handles billing data responsibly—clients retain ownership of all patient data.
Operational Security: The platform enforces account-level access permissions, optional two-factor authentication, automatic log-out, and strict data retention policies.
Canadian Roots & Founding Team
Headquartered in Toronto, Ontario with a secondary office in Vancouver, British Columbia, SMYLS is solidly Canadian. Its origins stem from Canadian physician practice needs, and it is founded and led by Canadians committed to bettering healthcare administration in Canada.
While the site doesn’t list individual founder names, the narrative and physical locations underscore deep Canadian identity and ownership.
Why This Equity Investment Matters to Pycap
Strategic Healthtech Investment: SMYLS aligns beautifully with Pycap’s focus on healthtech innovation within its VC portfolio.
Canadian Social Impact: By facilitating more efficient physician billing, SMYLS helps strengthen family medicine—making it more sustainable, efficient, and accessible.
Accelerator Synergy: As a SaaS platform with clear growth potential, SMYLS could benefit from Pycap’s accelerator resources—expert guidance, immigration assistance, and network expansion.
Robust Market Opportunity: With tangible revenue impact per physician and streamlined operations, SMYLS addresses a widespread pain point across Canadian healthcare.
