# Ray Muzyka

> Ray Muzyka is a seed investor at ThresholdImpact (Edmonton) backing Health Care and Software. See 25 investments, check sizes, portfolio. Updated Aug 2026.

- Type: Angel Investor
- Fund: [ThresholdImpact](https://shizune.co/investors/profile/thresholdimpact)
- Location: Edmonton, Canada
- Total investments: 25
- Last investment: May 2023
- Lead investor: 8%
- Last updated: Aug 2026
- LinkedIn: http://www.linkedin.com/in/raymuzyka
- X (Twitter): http://twitter.com/RayMuzyka

Ray Muzyka is a seed investor at ThresholdImpact in Edmonton focused on Health Care and Software. Originally trained as a medical doctor, Dr. Ray Muzyka cofounded BioWare, a video game development studio focusing on story and character, in the early 1990s. He practiced emergency/family medicine for two years full time, with medicine transitioning to part-time over the following decade as he focused on his role as BioWare’s CEO. BioWare wasacquired by Electronic Arts in 2007, and Dr. Muzyka took on the roles of Senior Vice President at Electronic Arts and General Manager of EA’s BioWare division, which grew over the next five years to span eight development locations worldwide with about 2000 staff (1400 full time). He retired from video games in October 2012, with his third “career chapter” at ThresholdImpact, where he focused on sustainable, profitable impact investing: mentoring and angel investing in information technology, new media, and medical innovations with social entrepreneurs. An active angel investor and entrepreneurial mentor, Dr. Muzyka is a member of the Young Presidents’ Organization, the A100, the Ashoka Support Network, and the Board of Governors of the University of Alberta (serving as Chair of the Human Resources Committee and on the Learning and Discovery Committee and as a member of the University of Alberta Advancement Council). He is Chair of the University of Alberta’s entrepreneur Venture Mentoring Service, a venture advisor at iNovia Venture Capital, and a member of the Alberta Research and Innovation Advisory Committee and the Alberta Premier’s Advisory Committee on the Economy. He also serves on a number of private company boards. He previously served on the board of the Academy of Interactive Arts and Sciences from 2001-2008 and was on the Board of Trustees of the Stollery Children’s Health Foundation from 2012-2015. He was inducted into the Academy of Interactive Arts and Sciences’ Hall of Fame in 2011 and received the International Game Developers’ Choice Awards 2013 Lifetime Achievement Award. Dr. Muzyka received the inaugural Alumni Innovation Award in 2015 from the University of Alberta. He additionally was named as the 2017 Allard Chair in Business at the MacEwan University’s School of Business and as an Honorary Paul Harris Fellow by Rotary Club International in 2016, in recognition for his philanthropic efforts. Other awards include entry into Canada’s Top 40 under 40 and Ernst and Young’s 2001 Entrepreneur of the Year (IT, Prairies).He obtained his Bachelor of Medical Science from the University of Alberta in 1990, his Doctorate of Medicine from there in 1992, and his MBA from the University of Western Ontario (Ivey School of Business) in 2001.

## Round sizes

| Stage | Round size |
| --- | --- |
| Seed | $320k–$1.8M |
| Pre-Seed | $320k–$1.9M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Health Care | 10 | 40% |
| Software | 6 | 24% |
| Information Technology | 3 | 12% |
| Sports | 2 | 8% |
| Hardware | 2 | 8% |

56 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 12 | 48% |
| Pre-Seed | 5 | 20% |
| Convertible Note | 2 | 8% |
| Series A | 1 | 4% |
| Funding Round | 1 | 4% |

6 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Canada | 12 | 48% |
| United States | 7 | 28% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Leadoptik | Leadoptik is a California-based company is currently operating in stealth mode. | $5.2M | Seed | May 22, 2023 |  |
| Leadoptik | Leadoptik is a California-based company is currently operating in stealth mode. |  | Seed | Apr 06, 2022 |  |
| Leadoptik | Leadoptik is a California-based company is currently operating in stealth mode. | $1.8M | Seed | Feb 01, 2022 |  |
| Rehabtronics | Rehabtronics is a technology development firm that focuses on solutions for physical rehab. | $1.6M | Venture - Series Unknown | Nov 18, 2021 |  |
| Gray Oncology Solutions | Gray Oncology Solutions has a vision of an oncology workflow where each patient’s journey through their cancer treatment is personalized for them, and statistically optimized to provide the best possible clinical outcomes. In pursuit of this vision, we’re developing resource allocation software focused on optimizing the functional efficiency ofentire cancer centers resulting in reduced patient wait-times, higher patient throughput, reduced stress and ultimately, superior patient care. | $999.9K | Pre-Seed | Aug 05, 2021 |  |
| Modality.AI | Modality.ai is an AI-powered platform that detects health conditions using conversational AI. Through dialogue and video, Modality.AI interacts conversationally with the patient to provide health assessment anywhere, anytime. Its system analyzes multimodal data which allows continuous screening and assessing of patients’ health. | $1.7M | Seed | Jul 30, 2021 |  |
| Dynami Battery Corp | Dynami pioneered, developed, and patented the most advanced electrode production platform to boost lithium battery performance, achieving 5X faster batteries that use 7% less minerals for the same battery capacity. By 2030, Dynami will be synonymous with the lithium battery electrode gold standard. | $725K | Seed | Jun 23, 2021 |  |
| Aura Health | Aura is a digital wellness ecosystem that provides personalized content & community from therapists & coaches around the world | $1.2M |  | May 01, 2021 |  |
| Arbutus Medical | Every hospital in the world is faced with a major challenge - the rising cost of heathcare - we want to do something about it. Arbutus Medical’s purpose is to develop a portfolio of “frugal innovation” devices that save costs for hospitals and improve access to orthopedic surgery for 5 million patients by 2030. Arbutus Medical's flagshipproduct is a radically affordable orthopaedic power tool system that is used in North American Trauma Centers, veterinary hospitals, military deployments, NGO missions, and hospitals in over 30 low- and middle-income countries worldwide. | $1.2M | Seed | Jul 29, 2020 |  |
| DrugBank | DrugBank augments human intelligence to improve the world’s health. Our suite of products are powered by the world’s most complete and up-to-date pharmaceutical knowledge database. It includes everything there is to know about drugs and how they work in the body. We enable companies to improve healthcare delivery through precision medicine orclinical software applications, as well as uncover insights through data science in drug discovery. Our knowledge base can be integrated into software solutions to help achieve clinical intelligence. Companies can easily scale their usage through our API and launch faster with flexible data modules. By providing users with advanced insights and the right information at the right time, users are empowered to make better health decisions.Our extensive, structured datasets are used to discover novel drug candidates, identify drug repurposing opportunities, and build predictive machine learning models. Companies working with data science can find answers quickly and get drugs to market faster with our evidence-based drug information. Lastly, our publicly available resource, DrugBank Online, is free-to-use with limited datasets available for download for academic and non-commercial researchers. DrugBank has been cited in over 13,000 academic publications and is used by millions of researchers and health professionals globally. | $92.5K | Seed | Jul 15, 2020 |  |

10 of 25 investments shown.

## Co-investors
- [Threshold Impact](https://shizune.co/investors/profile/threshold-impact) — VC Fund, 4 deals together
- [Nimbus Synergies Inc.](https://shizune.co/investors/profile/discovery-park-technology-fund) — VC Fund, 3 deals together
- [Applied Ventures](https://shizune.co/investors/profile/applied-ventures) — VC Fund, 2 deals together
- [Bluesky Equities](https://shizune.co/investors/profile/bluesky-equities-ltd) — VC Fund, 2 deals together
- [Creative Destruction Lab](https://shizune.co/investors/profile/creative-destruction-lab) — VC Fund, 2 deals together
- [SOSV](https://shizune.co/investors/profile/sosv) — VC Fund, 2 deals together

## About ThresholdImpact

VC Fund · Edmonton, Canada

Sustainable, Profitable Impact Investing in disruptive information technology, new media and medical innovations with passionate, capable social entrepreneurs.ThresholdImpact was founded to take on a brand new entrepreneurial challenge. We believe strongly in the power of free enterprise to enable sustainable, positive change.We mentor,consult/advise, and invest in disruptive innovations in information technology, new media and medical innovation with capable, passionate entrepreneurs – ideally with clear social goals. We seek socially responsible, sustainable, profitable ‘impact investments’. There’s a good description of the goals of impact investing here, at Wikipedia.Impact investment, or social entrepreneurship, can range from simply thinking about social goals in parallel along with the usual for-profit business goals, all the way to a dedicated focus on a social entrepreneurship portfolio with the social impact defined as the primary goal.

1 contacts available at ThresholdImpact.

| Name | Title | Profile |
| --- | --- | --- |
| Ray Muzyka | CEO & Founder | https://shizune.co/investors/profile/ray-muzyka |

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## FAQ

### What does Ray Muzyka invest in?

Ray Muzyka invests primarily in Health Care, Software and Information Technology startups, most often at Seed and Pre-Seed stage. Most of the 25 investments tracked by Shizune back companies in Canada. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Ray Muzyka's check size?

Ray Muzyka typically joins rounds of $320k–$1.8M at Seed and $320k–$1.9M at Pre-Seed. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Ray Muzyka participates in.

### When did Ray Muzyka last invest?

The most recent investment recorded for Ray Muzyka closed in May 2023. Shizune tracks 25 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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