The University of Alberta has selected Graphite Ventures, Canada’s leading early-stage venture capital firm, to manage the U of A Innovation Fund in a partnership that aims to create high-skilled technology jobs, keep valuable intellectual property in Alberta and build lasting economic growth in the province.
“Our researchers are doing world-leading work in AI, materials science and beyond. The question is how we turn more of that work into commercially scalable opportunities,” says Dr. David Bressler, U of A vice-president (international, innovation and enterprise). “Graphite brings disciplined seed-stage investing, a national network and people on the ground in Edmonton and Calgary. That’s exactly what our founders need to build globally competitive companies.”
Graphite Ventures is actively deploying from its $120-million current fund in committed capital and backs early-stage Canadian B2B technology companies. The firm’s experience with university-based venture programs includes work with the University of Waterloo and Wilfrid Laurier University. In addition, Graphite has led early investments in several Alberta companies including WaitWell, Ontopical (exited), BlackOwl and ResolvMD.
Aaron Bast, general partner and managing director of Graphite Ventures, says the partnership with the U of A Innovation Fund is the start of a long-term commitment to entrepreneurship at the university.
“The University of Alberta produces some of the best research anywhere. Canada doesn’t have an innovation problem — it has a scaling problem,” Bast notes. “With our team in Edmonton and Calgary and a national network of co-investors and exited founders, we’re here to help these companies go from campus to global markets.”
Since launching in 2023, the Innovation Fund has already backed 13 early-stage companies connected to the U of A, advancing commercialization of research in areas of high opportunity including artificial intelligence, quantum computing, medical diagnostics and treatments, space satellites, industrial control systems and biomanufacturing.
Under the agreement, Graphite Ventures will manage the Innovation Fund's portfolio and follow-on investments, run founder support programs for supported companies, and connect portfolio companies and founders with Graphite’s network of co-investors, corporate partners and mentors across North America. It will also invest in promising new companies coming out of the university.