AVATAR INNOVATIONS RECEIVES UP TO $500,000 INVESTMENT FROM OCIF FOR CARBONTECH ACCELERATOR
calgary-based Avatar Innovations has secured an up to $500,000 investment from the Opportunity Calgary Investment Fund (OCIF) to create and implement innovations in the energy sector through its accelerator.
Avatar Innovations can earn funding from OCIF over a three-year agreement by achieving milestones, including the creation of at least 12 Calgary startups.
Anchored in the Energy Transition Centre (ETC), Avatar Innovations’ accelerator program provides early-stage carbontech solutions with customers, capital, and expertise to create investor-ready business opportunities.
Avatar Innovations launched its accelerator in 2019 to develop technologies for the energy transition. The organization unveiled its second cohort last month, which it claims showcased an 85 percent increase in the number of breakthrough technologies compared to its 2021 accelerator cohort
This year’s cohort is composed of 12 projects led by 58 leaders employed at 21 different oil and gas companies from across Canada and the United States. Participants include biotech company Vivent Bioprocess, membrane tech firm TemCamp, electric vehicle charging user data tech startup Connect, as well as rock mineralization tech startup Rockstore.
Avatar Innovations previously received support through a $2.1 million investment from Prairies Economic Development Canada to the ETC.
As for the City of Calgary, this latest investment through OCIF is its latest effort to support a broader push by Alberta governments to increase accelerator support.
More recently, Calgary city council voted to approve a new climate strategy, outlining the recommended actions that will need to be taken between now and 2050 to help Calgary reach its climate target of net-zero emissions.
“Calgary is not just Canada’s energy capital, it is also Canada’s energy transition capital,” said Kevin Krausert, CEO and co-founder of Avatar Innovations. With OCIF’s contribution to Avatar, we will enable the new technologies, leadership and investments required to uniquely position Calgary to be a leader in the global race to a net-zero future.”
Avatar Innovation seems to be and interesting startup and surely will move up the ladder of success. Congratulation to the entire team of Avatar Innovations for funding.Shishir Gupta CEO & Founder Startuplanes.
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.