Subject: FINANCING AGREEMENTS
Alberta Innovates invests $13.6 million to strengthen Alberta's technology sector
EDMONTON, Alberta, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Alberta Innovates is announcing more than $13.6 million to go to 19 partners, across Alberta, through the Alberta Innovates Ecosystem Development Partnerships Program. Alberta Innovates is investing this new funding to support Alberta's small and medium-sized technology companies and strengthen the province's emerging technology ecosystem.
Smart Technology Innovations (ST Innovations) is one of the ecosystem development partners that will receive support. Led by Dr. Vivian Mushahwar, ST Innovations is receiving over $1.8 million to provide health technology development and validation to Alberta small and medium-sized enterprises. Using the state-of-the-art equipment, resources, skills and expertise at the University of Alberta's SMART Network, ST Innovations will advance Alberta-based digital and health technologies from concepts to prototypes, right through the validation stages of health products, ultimately ensuring market fit. This project will help create Alberta as a cluster for digital and health technology product development and validation to attract investment and talent globally.
Dr. Mushahwar joins 19 other innovation ecosystem providers around the province, who will work to provide skills, resources, mentoring and supports to innovators and entrepreneurs looking to advance their ideas and companies. Projects range from the Alberta Science Park, by the Alberta IoT, to a hub for neuroengineering solutions at the University of Lethbridge. Partners will have up to 36 months to implement their projects.
The Ecosystem Development Partnership Program invests in non-profit and for-profit entities. The projects support activities by:
- providing communities, services and supports for inventors and entrepreneurs,
- supporting key markets with the ability to implement and adopt innovations,
- accelerating the development and/or application of emerging technologies and technology companies, and
- building capacity, platforms and/or networks.
QUOTES
"Alberta's technology sector is growing, creating jobs and attracting investment. The Ecosystem Development Partnerships Program will build on that momentum, further strengthening and diversifying Alberta's economy. Our investment in this program will ensure that Alberta is one of the most innovative jurisdictions in Canada."
Minister Nate Glubish, Technology and Innovation
"A healthy entrepreneurial ecosystem has strong support from the entire spectrum. Alberta Innovates' Ecosystem Development Partnership program creates a healthy business environment by addressing gaps in the innovation continuum. From ideation to commercialization, connecting with rural and under-represented communities, and bringing specialized knowledge into the ecosystem, this program will spur entrepreneurial growth in every part of Alberta."
Laura Kilcrease, CEO, Alberta Innovates
"ST Innovations is pleased to receive support from the Ecosystem Development Partnerships Program. This funding will allow us to utilize our state-of-the-art facilities, skills and resources to advance Alberta-based digital health technologies, taking innovations from concepts to prototypes and right through to validation to make them market-fit and suitable for additional investment, manufacturing and upscaling. This pushes the health technology ecosystem in Alberta to critical capacity so that it can explode on the national and international scene."
Dr. Vivian Mushahwar, Director, Smart Network and ST Innovations
"The Ecosystem Development Partnership Program's support of ST Innovations is a major win for Alberta's medical technology sector, allowing us to drive world-class innovation and create opportunities for entrepreneurs and innovators. We are proud to be a part of this innovative ecosystem and grateful for the investment from Alberta Innovates."
Dr. Eric Agdeppa, Chair, Industry Advisory Board, ST Innovations
BACKGROUND
Ecosystem Development Partnership (EDP) Program Recipients 2023
| Applicant | Project Title | AI Funding Amount | |
| 500 Startups Incubator, L.L.C. | Alberta Investor Education by 500 Global | $400,000 | |
| Alberta IoT Association LtD | Alberta Science Park | $750,000 | |
| Brightsquid Secure Communications Corp. | Digital Health Innovation Academy | $425,000 | |
| ELIXR Simulations Association | ELIXR - ALBERTA XR MARKET-MAKER PLATFORM | $800,000 | |
| HaloHealth Association | HaloHealth Physician Investor-Advisor Activation and Access to Capital Program | $653,295 | |
| InterGen Canada Inc | Custom Programming to Address the Commercialization Gaps of Alberta Tech Scale-Up Companies | $600,000 | |
| Lethbridge College | Spatial Technologies Applied Research and Training (START) Centre | $709,202 | |
| Movement51 | Movement51 - Financial Feminism Investing Lab: Founder Edition | $125,000 | |
| NeurAlbertaTech Neurotechnologies Ltd. | NeurAlbertaTech: An Alberta-wide Platform for Accelerating Neurotechnology Learning and Ecosystem Development | $150,000 | |
| SAIT | Alternative Construction Technologies (ACT) Hub | $1,493,200 | |
| Shred Capital Ltd. | Alberta - Venture Acceleration (Games) | $750,000 | |
| SSR Infrastructure Association | Green Building Technology Network 2.0 | $404,700 | |
| Tacit Edge Inc. | Product Management Excellence Program | $287,899 | |
| University of Alberta | 5G UALBERTA LIVING LAB | $650,000 | |
| University of Alberta | Alberta CREATE Centre: Building big, small, and intelligent technologies | $1,750,000 | |
| University of Alberta (ST Innovations) | Digital Health Technology Development and Validation Centre | $1,853,750 | |
| University of Calgary | SPARK Alberta | $706,036 | |
| University of Lethbridge | University of Lethbridge Hub for Neuroengineering Solutions | $1,000,000 | |
| Walkthrough Entertainment Society for the Interactive Arts in Alberta | Interactive Arts Community Hub | $100,000 | |
| Total | $13,608,082 | ||
Alberta Innovates manages nearly 1,300 projects in a portfolio valued at $1.33 billion. We work with innovators in all sectors of the economy and all corners of the province to drive entrepreneurship, applied research and industry development. With our impact-based funding programs and services, we are transforming energy systems for a net-zero world, promoting the responsible use of land and water, leveraging provincial strengths in agriculture, and contributing to improved health and well-being by harnessing digital tech and data. We are also advancing emerging technologies and strengthening entrepreneurship for a strong and diversified economy. We operate in 11 locations with more than one million sq. ft. of industrial testing and lab facilities, and 600 acres of farmland. We employ nearly 600 highly skilled scientists, business and technical professionals. From funding to commercialization, we are Alberta's innovation engine!
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