The University of Alberta has launched a new fund to invest in startup companies working to resolve complex challenges facing the world and diversify the Alberta economy, providing essential funding and additional support to innovators and to entrepreneurs.
THE Innovation fund at the University of AlbertaSupported by private donors and public partners, will work with startups to mobilize the university’s expertise, innovation and creativity.
“The innovation fund will help position the University of Alberta as a world leader in the progress of research marketing that will stimulate economic growth and improve life,” said President Bill Flanagan. “This will create jobs across Alberta and beyond, diversifying our economy and enriching the university’s long -standing innovation culture – while inspiring the next generation of leaders.”
It is expected to increase over time to $ 50 million thanks to donor support, the fund allows innovative AU AA AU startups and beyond unlocking their potential thanks to access to financial support, mentoring And to expertise, allowing them to move from concept to reality.
Capitalize research excellence
“The fund will focus on innovations in artificial intelligence, health, energy and agriculture, all areas of exceptional research force at the University of Alberta,” adds Flanagan. “This is an important part of the broader vision described in the strategic plan of the university, Form: a strategic impact plan,, And will help us to increase our impact on research during the next decade. »»
“The Innovation Fund of the University of Alberta will attract more talents and directly contribute to the flourishing technology and innovation ecosystem of Alberta, validating our growing reputation as a favorite destination of Canada for the ‘Innovation, ”explains Nate Glubish, Minister of the Minister of the Minister of the Minister of Technology and innovationWho was on site at a launch event at the University Enterprise Square campus on October 17 to announce the commitment of the Alberta government to contribute $ 500,000 to the fund.
As an independent entity with its own board of directors, the fund will produce a reasonable diligence and recommend investment opportunities at the U of A Startups that will benefit the Albertans, providing feedback, that the University will pay by reinvesting in future innovations.
The companies chosen by the fund will have access to strategic networks, initial financial support and follow -up and opportunities to enter the world markets, says Sheetal Mehta WalshCEO of the fund.
“In addition, they will be encouraged to engage with all the supporters that our province has to offer so that we can defend the successes made in Alberta on a global scale,” she said.
Companies will also receive additional support thanks to education sessions in person and online on commercial subjects such as entrepreneurship and financial literacy. At the same time, the fund’s innovation portal, an online community platform offers other opportunities to access information and resources and share ideas.
Directed by experienced senior executives and main advisers with an expertise in investment, the fund team also includes undergraduate students from a transversal U of A Faculties, Note Walsh.
“This helps to establish a culture of mentorship and an entrepreneurial state of mind between disciplines, ensuring that students acquire the skills and links necessary to become our next generation of entrepreneurs.”
The first investment will advance the ambitious AI startup
The support offered by the innovation fund will be decisive to propel their research on the AI on the market, where it can make a significant difference, explains a researcher Martha WhiteCEO and co-founder of RL Core Technologies, the first company chosen for investment.
“We are going for something ambitious that can have a very high impact,” explains White, an associate professor in the Faculty of Sciences And Canada Cifar Ai Chaise At Alberta Machine Intelligence Institute.
The EDMONTON Based Business Company uses an AI -based AI -based AIA approach called Learning Strengthening (RL) to improve the efficiency and performance of industrial control systems.
The automatic learning technique is constantly adapted in real time to offer a significantly better operation than the control parameters which are defined manually by engineers.
Through research based in the U of A Laboratory of learning in strengthening and artificial intelligence and led by White and his partner, Adam WhiteRL is currently used to reduce energy consumption in drinking water treatment, and the company possibly plans to extend its AI approach to other applications, such as heating and smart cooling systems .
“The potential applications of technology are so exciting,” said Adam, assistant professor at the Faculty of Sciences. “We are considering a scenario where we could connect to the control systems in the industries, where there is already a certain level of automation. It could have a huge impact. »»
In addition to making these systems more durable and energy efficient, AI can make these systems more autonomous, releasing operators to focus on less routine and more critical maintenance tasks, he adds.
“The more we can do to make something like a more autonomous water treatment system, the more it is likely to work well in a distant community, where an operator can only visit periodically.”
In addition to the development councils of expert companies and financial support, the networking opportunities offered by the fund will be particularly precious for RLCORE, known as Martha.
“Having solid connections to find implementation partners will help us improve and introduce RL in many different sectors.
“We are delighted to be the first company chosen for the innovation fund,” she adds. “As a graduate and then university student at the U of A, the university has given us so much over the years, and we feel part of the team, it therefore seems natural to take our business in this partnership with University. Connections will be really beneficial. »»