The University of Alberta recently launched a new fund to invest in startup ventures to solve the world’s complex challenges and diversify Alberta’s economy, providing much-needed funding and more support for innovators and entrepreneurs. And the University of Alberta Innovation Fund – which private donors and public partners support – will work with startups to mobilize the university’s research expertise, innovation, and creativity.
Expected to grow to $50 million through donor support, the fund empowers innovative startups from the U of A and beyond to unlock their potential through access to financial support, mentorship, and expertise, allowing them to move from concept to reality.
As an independent entity with its board, the fund will conduct due diligence and recommend investment opportunities to the U of A in startups that benefit Albertans, which provides returns on investment that the university will pay forward by reinvesting in future innovations. Companies selected by the fund will receive access to strategic networks, initial and follow-up financial support, and opportunities to enter global markets, according to Sheetal Mehta Walsh, CEO of the fund.
These ventures will also receive extra support through in-person and online education sessions on business topics like entrepreneurship and financial literacy. And the fund’s innovation portal, an online community platform, provides further opportunities to access information and resources and share ideas. Headed by seasoned senior executives and critical advisers with investment expertise, the fund team includes undergraduate students from a cross-section of U of A faculties.
RL Core Technologies – the first company chosen for investment – uses a data-driven AI approach called reinforcement learning (RL) to improve the efficiency and performance of industrial control systems. And the machine-learning technique constantly adapts in real time to deliver significantly better functioning than control parameters that are manually set by engineers.
With research based in the U of A’s Reinforcement Learning and Artificial Intelligence Lab and led by White and her partner Adam White, RL is currently being used to reduce energy use in drinking water treatment, and the company plans to expand its AI approach to other applications, such as smart heating and cooling systems.
KEY QUOTES:
“The Innovation Fund will help position the University of Alberta as a global leader in advancing the commercialization of research that will spur economic growth and improve lives. It will create jobs across Alberta and beyond, diversifying our economy and enriching the university’s long-standing culture of innovation — all while inspiring the next generation of entrepreneurial leaders.”
“The fund will focus on innovations in artificial intelligence, health, energy and agriculture, all areas of outstanding research strength at the University of Alberta. This is an important part of the larger vision outlined in the university’s strategic plan, Shape: A Strategic Plan of Impact, and will help us increase our research impact over the next decade.”
— U of A president Bill Flanagan
“The University of Alberta’s Innovation Fund will attract more talent and directly contribute to Alberta’s thriving tech and innovation ecosystem, validating our growing reputation as Canada’s preferred destination for innovation.”
— Nate Glubish, minister of technology and innovation, who was on hand at a launch event at the university’s Enterprise Square campus Oct. 17 to announce the Government of Alberta‘s commitment to contribute $500,000 to the fund
“In addition, they will be encouraged to engage with all the supports our province has to offer so we can champion made-in-Alberta successes on a global scale. This helps establish a culture of mentorship and an entrepreneurial mindset across disciplines, ensuring that students gain the skills and connections needed to become our next generation of entrepreneurs.”
— Sheetal Mehta Walsh, CEO of the fund
“We’re going for something ambitious that can have a very high impact.”
“Having strong connections to find implementation partners will help us improve and bring RL into many different sectors. We are excited to be the first company chosen for the Innovation Fund. As graduate students and then academics at the U of A, the university has given us so much over the years, and we feel part of the team, so it seems natural to take on our venture in this partnership with the university. The connections are going to be really beneficial.”
— U of A researcher Martha White, CEO and co-founder of RL Core Technologies (the first company chosen for investment); Associate professor in the Faculty of Science and Canada CIFAR AI Chair at the Alberta Machine Intelligence Institute
“The potential applications of the technology are so exciting. We envision a scenario where we could plug into control systems across industries, where there is already some level of automation. That could have a huge impact.”
“The more we can do to make something like a water treatment system more autonomous, the more likely it is to work well in a remote community, where an operator may only need to visit periodically.”
— Adam White, an assistant professor in the Faculty of Science
