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Deep Genomics, the genetic medicine startup founded by University of Toronto Professor Brendan Frey, was one of five Canadian companies that cracked the unveiled on Tuesday, a ranking of the world's most promising startups.

Frey tells CNBC his company has benefited from the thriving startup ecosystem in Canada and the openness of universities like U of T to let researchers take their intellectual property with them. 

Deep Genomics, which harnesses artificial intelligence to develop treatments for genetic diseases, has raised $20 million in funding and hired 40 employees. The company has recently declared a drug candidate for the genetic disorder Wilson Disease, CNBC says, and plans to announce nine more candidates next year. 

Collectively, the five Canadian startups named in the Upstart list have raised more than US$77 million in startup capital. Executives cite the country’s rich talent pool supplied by universities as one of the keys to their success.