EDMONTON — A start-up company leveraging the University of Alberta’s artificial intelligence expertise to improve the process of making drinking-water treatment more sustainable beat out 50 short-listed companies to become the first to access a new investment fund.
The University of Alberta Innovation Fund, supported by private donors and public partners, will invest in startup ventures working to solve complex challenges facing the world and diversify Alberta’s economy. The fund is expected to grow over time to $50 million.
RL Core Technologies, a budding Edmonton-based company that uses a data-driven AI approach called reinforcement learning (RL) to improve the efficiency and performance of industrial control systems, is the first company chosen for investment.
Through research based in the U of A’s Reinforcement Learning and Artificial Intelligence Lab, RL is currently being used to reduce energy used in drinking water treatment, and the company plans to eventually expand its AI approach to other applications, such as smart heating and cooling systems.
The machine-learning technique constantly adapts in real time to deliver significantly better functioning than control parameters that are manually set by engineers, which in turn makes these systems more autonomous and frees up operators to focus on less routine, more critical maintenance tasks.
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 own board, the fund will conduct due diligence and recommend investment opportunities to the U of A in startups that benefit Albertans — in key areas such as AI, health, energy and agriculture — providing returns on investment, which the university will pay forward by reinvesting in future innovations.
The full article can be accessed here. To learn more about the Innovation Fund, please click here.
Media contact:
Debra Clark
U of A Communications Associate
debra.clark@ualberta.ca
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.”
- Bill Flanagan, President and Vice-Chancellor, University of Alberta
“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, Government of Alberta
“Companies chosen by the fund will receive access to strategic networks, initial and follow up financial support and opportunities to enter global markets. They will also 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.”
“The support offered through the Innovation Fund will be instrumental to propelling our AI research into the marketplace, where it can make a meaningful difference. We’re going for something ambitious that can have a very high impact. We are excited to be the first company chosen for the Innovation Fund.”
- Martha White, CEO and Co-Founder, RL Core Technologies