Alberta startups earned a slight edge over BC in venture funding for the first half of 2024.
The federal government is investing $15.6 million in 16 projects to boost technology commercialization in Alberta.
The investment is being made through Prairies Economic Development Canada (PrairiesCan), the federal regional development agency for Alberta, Manitoba, and Saskatchewan. Each of the 16 projects will be supported by a non-profit organization, some of which are well-known to Alberta’s tech sector, such as A100, InterGen, and HaloHealth.
“This is all about ensuring Alberta businesses have what they need to innovate from start to finish in order to compete within Canada and around the world.”
PrairiesCan Minister Dan Vandal
A100, which is a support and mentoring organization for tech founders, is receiving roughly $269,000 to enhance the Start Alberta platform. Start Alberta connects tech companies and investors in the province while offering real-time data for founders, investors, and other tech sector stakeholders. The platform was launched by A100 and the Venture Capital Association of Alberta.
Until last year, A100 was exclusively focused on the Alberta tech ecosystem, but in November 2023, the organization announced plans to expand its platform throughout Western Canada.
Another Alberta tech organization set to receive funding is Calgary-based scaleup fund and talent matching program InterGen. The organization will use the $1.3-million federal investment to provide mentorship and educational and experiential programs that connect less experienced entrepreneurs with seasoned professionals to help digital technology businesses in Alberta expand into new markets, grow revenue, and attract investors.
InterGen has invested in several Alberta tech companies through its scaleup fund, including ZayZoon, Athennian, and StellarAlgo.
Toronto-headquartered angel investment group HaloHealth is receiving $260,000 to establish operations in Alberta. The firm provides advisory and business development services to healthtech startups, and has participated in funding rounds for Canadian companies like Clinify, Felix, and Wisedocs.
Earlier this year, HaloHealth led a funding round for Calgary-based RetinaLogik, which has developed a portable eye test device for optometrists and ophthalmologists.
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Health Cities is receiving nearly $600,000 for two projects. One is focused on strengthening the healthtech ecosystem in Alberta through more meetings and events, and the second is designed to execute the Alberta Age Smart Home Care Project. That initiative will test and validate health technologies in private residences to give startups and researchers real-world data on their technologies.
Health Cities focuses on helping startups and technology developers de-risk, develop, and validate healthcare solutions. The organization is based in Edmonton, but works with companies across Canada.
Also among the 16 organizations to receive funding are several Alberta universities. The University of Calgary is receiving $2.35 million to establish a cybersecurity solutions training centre. The University of Alberta is also receiving a total of $2.88 million to establish an advanced manufacturing hub, deliver its Lab2Market Validate program to help researchers and experts validate business ideas, and establish a network that will allow businesses to develop and test technologies to work on 5G networks.
Alberta is home to a growing tech sector that is quickly beginning to outpace more established ecosystems in Canada. A recent report from the Canadian Venture Capital Association indicated that startups in the province raised more venture funding in the first six months of this year than their counterparts in British Columbia.
In a statement, Minister for PrairiesCan Dan Vandal noted the federal investments announced today are aimed at building on Alberta’s existing track record in commercializing tech products.
“This is all about ensuring Alberta businesses have what they need to innovate from start to finish in order to compete within Canada and around the world,” the minister added.
Feature image courtesy of abdallahh via Flickr.