Government of Canada Invests in Albertan Innovation and Jobs
(OTTAWA, ON) – The Government of Canada is investing in Albertan innovation and jobs through a $15 million investment in the Alberta Innovates Technology Futures Fund (AITFF).
The AITFF is a $100 million fund that invests in early-stage technology companies in Alberta. The fund is managed by Edmonton-based TEC Edmonton and was launched in 2018.
The Government of Canada’s investment will help the AITFF to continue to invest in promising Alberta-based tech companies. The fund has already invested in over 30 companies, including:
- Aether Industries, which is developing a new type of air purifier that uses AI to identify and remove harmful pollutants.
- DeepMind Health, which is using AI to develop new treatments for Alzheimer’s disease and other neurodegenerative diseases.
- Eavor Technologies, which is developing a new type of geothermal energy system that could provide clean, renewable energy to communities across Canada.
The AITFF is part of the Government of Canada’s Innovation and Skills Plan, a $950 million investment in innovation and skills development. The plan is designed to help Canada become a world leader in innovation and to create jobs for Canadians.
“Our government is committed to investing in Canadian innovation and creating jobs,” said the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. “The AITFF is a great example of how we are supporting early-stage tech companies and helping them to grow and succeed.”
“The AITFF is playing a vital role in supporting the growth of Alberta’s tech sector,” said David Tyldesley, CEO of TEC Edmonton. “This investment from the Government of Canada will help us to continue to invest in promising Alberta-based tech companies and to create jobs for Canadians.”
About the Alberta Innovates Technology Futures Fund
The AITFF is a $100 million fund that invests in early-stage technology companies in Alberta. The fund is managed by Edmonton-based TEC Edmonton and was launched in 2018.
The AITFF invests in companies that are developing innovative technologies in a variety of sectors, including:
- Clean energy
- Health and life sciences
- Information and communication technologies
- Manufacturing
- Transportation
The AITFF provides funding in the form of equity investments, loans, and grants. The fund also provides mentorship and support to its portfolio companies.
About the Government of Canada’s Innovation and Skills Plan
The Innovation and Skills Plan is a $950 million investment in innovation and skills development. The plan is designed to help Canada become a world leader in innovation and to create jobs for Canadians.
The Innovation and Skills Plan includes investments in:
- Research and development
- Skills development
- Entrepreneurship
- Commercialization
The Innovation and Skills Plan is helping to create jobs, grow the economy, and improve the quality of life for Canadians.
The Government of Canada Invests in Albertan Innovation and Jobs
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