The Rockies' Report Issue 2 - October 2021 by CDL-Rockies

OCTOBER 2021 ISSUE 2

THE ROCKIES' REPORT

A Note From Alice Reimer Welcome to The Rockies' Report, a quarterly newsletter providing Site updates to the community that fuels our work at CDL-Rockies.

It’s a beautiful day. You’ve taken your new car out for a picturesque fall drive through the mountains. This is the best drive of your life. Suddenly, the engine light turns on, accompanied by a sharp ping! as wisps of smoke escape from the car’s hood. Is it the car? Or is it the driver? What should you do? Who can help you? You may have heard this before as an analogy for early stage companies. Starting a new business can illuminate many unforeseen challenges. At CDL, we focus on the car, working with the driver to help prioritize the needs of the business. To the 72 ventures participating in this year’s cohort, welcome! You are about to begin a new, challenging and rewarding journey through the program. But unlike the driver in the analogy, you won’t be alone for the ride. Joining you are CDL mentors who have started, built, operated and exited businesses and you are in the best possible hands for the journey. Their transfer of knowledge and judgement will be one of your most valuable takeaways. While CDL focuses on the car, we collaborate with organizations focused on the driver.

MindFrame Connect, is a new initiative developed nationally, across ecosystem partners, including members of the CDL network. It offers a platform featuring content and programs designed to elevate the craft of mentorship (to both mentors and mentees) and improve entrepreneurial resilience for startup founders. Receiving and providing mentorship is a responsibility and a privilege; both roles require humility, empathy, trust and resiliency. I look forward to observing this year’s cohort forming new relationships, learning from each other and building stronger companies and teams. As always, happy reading!

Sincerely,

Alice Reimer

MENTOR SPOTLIGHT Recognizing Excellence In Our CDL Community

KEITH DRIVER CAREER HIGHLIGHTS:

1. My time at Bluesource, the largest environmental projects developer in the U.S., was extremely formative. I worked for amazing leaders and reflect proudly on my contribution to growing the market for carbon credits across North America. 2. Seeing colleagues I hired and developed across a range of disciplines and sectors, find success, launching out on their own and growing beyond their boundaries. 3. I’m fortunate to have worked through a number of exits across sectors; in agriculture, energy and environmentally focused businesses. Each transition allowed me to learn more about how best to navigate and manage both personal and professional changes. Learn more...

PASSION: TITLE: Partner, Propel Ventures CDL ROLE: Associate - Ag

LALEH BEHJAT

1. I love working with multidisciplinary teams managing complex technology and business process challenges. 2. Paying it forward by hiring and developing young talent and working with youths to provide entrepreneurial experiences that will help them define their own professional path. 3. Competition with a side of injuries -- whether its falling in a volcano while running, dislocating shoulders playing basketball or collapsing a lung while boxing, no injury comes without a great story.

CAREER HIGHLIGHTS: 1. Becoming the Natural Sciences and Engineering Research Council of Canada (NSERC) Chair for Women in Science and Engineering - Prairie Region and working to make engineering more inclusive. 2. Designing and teaching an Integrated Learning Stream; active learning courses on Electrical Engineering for second-year engineering students through project-based and experiential learning methods. 3. Working with talented graduate students, building better computers with them and seeing them become successful in their careers. In recognition, I received the Killam Learn more... Research and Teaching Award for graduate education.

PASSION: TITLE: Professor, UCalgary CDL ROLE: Scientist - Prime

IMPACT

1. Championing women and other underrepresented groups in science and engineering. 2. One of my favourite activities is to pick an old novel I have read before and switch the gender of the characters in my head and read the hilarity that ensues. 3. Trying out new experiences that expand my creativity and imagination. As a scientist, I seek the truth, and love to use my skills in this pursuit.

$1.1B

$518M

Equity Value Creation (EVC) achieved by CDLRockies Alumni companies

EVC achieved by Albertabased CDL-Rockies Alumni companies

$409M $204M Capital raised by CDL-Rockies Alumni companies

Capital raised by Albertabased CDL-Rockies Alumni companies

VENTURE VIEW Solving Big Problems and Building Something Massive Dianna Liu says her company ARIX Technologies was able to commercialize its robotics inspection and data analytics products on a shorter timeline thanks to CDL. Mentors in the Energy stream helped Liu formalize her plan for the company in order to share with prospective investors, and helped her leverage every field test and customer interaction as a learning opportunity. “What really stood out to us was the mentorship and just being exposed to all of these incredible, experienced, kind-hearted people who just wanted to help us out and help us improve,” says Liu. “It almost felt surreal, like you almost couldn't believe it.”

PEC Inspection using an ARIX Technologies' robot.

Last year, ARIX Technologies closed a $5-million investment round that included multiple mentors and investors Liu met at CDL. The round was initially oversubscribed. “We had to ask a bunch of these mentors to reduce the money they would put in so that we could open it up to everyone,” the president and founder says. “It was very humbling.”

Read more about ARIX Technologies and Liu’s experience at our blog...

ALUMNI COMPANY DEAL FLOW ANNOUNCED THIS QUARTER Fluid Biotech Inc. Raises $4.7M USD in Oversubscribed Seed Funding Round (Prime 2018/19) AdaViv Raises $2.3M in Upsized and Oversubscribed Seed Round (Ag 2020/21) Index Biosystems exceeds financing targets to commercialize its BioTags technology (Ag 2020/21)

OPENLY FUNDRAISING If you are interested in connecting with any of the companies below, please email cdl-rockies@creativedestructionlab.com with the company name(s) of interest. ReWatt Power is raising a seed round (Prime 2017/18)

Sympatic is raising a seed round (Prime 2020/21)

OriGen.AI, INC is raising a seed round (Energy 2019/20)

PulseMedica is raising a seed round (Prime 2019/20)

Copperstone Technologies is raising a series A round (Energy 2019/20)

PreAct Technologies is raising a series A round (Prime 2019/20)

Yotta is raising a series A round (Energy 2018/19)

H Quest Vanguard is raising a seed round (Energy 2018/19)

CleanO2 is raising a series A round (Prime 2018/19)

Pegasus Imagery is raising a seed round (Prime 2019/20)

Carbon Upcycling is raising for bridge funding (Prime 2017/18)

Westgen Technologies is raising a series A (Energy 2020/21)

Enersoft is raising a series A round (Energy 2018/19)

IMPACT

192

430+

200

2017

Total ventures, of which 69 successfully completed the program

Job creation for highly qualified personnel

MBA Students have provided business development expertise to participating ventures

CDL-Rockies has been in operation since 2017

Operating three streams: Prime, Energy and Ag

OCTOBER 2021

THE ROCKIES' REPORT

PARTNERS IN INNOVATION Future-proofing Businesses

This is an exciting time to be in Calgary. The growth of this city and the industries that have supported it have laid the groundwork for our now developing tech sector. We are thrilled to continue to focus our efforts on being a growth contributor to this burgeoning industry and to help lay the foundation for its future success.

Ag Stream Partner Let's Connect.

-Brian Thiessen, QC, Calgary Managing Partner

HOW WE HELP STARTUPS: Osler’s national Emerging and High Growth Companies practice group supports emerging and growth stage companies and organizations across the entire technology ecosystem. We offer collective experience, expertise and a national network composed of sources of capital, service providers, potential board members, executives, customers and suppliers. We provide legal advice on a wide range of issues, from corporate and tax structuring, fundraising, shareholder agreements to intellectual property strategies and compensation-related matters. Our team offers insights to maximize our clients’ development and long-term success.

Prime Stream Partner Let's Connect

Coril Holdings celebrates over a 100-year history, strategically developing our assets through prudent capital allocation and value-based corporate alignment. We value partnering with startups that can inject new ways of executing into our operating companies, and helping build solutions that will contribute to our path forward for the next 100-years. That is why we are launching a new corporate venture capital initiative to support startups and their founding teams with capital and, most importantly, focused customer connections to reduce sales cycles and create value for both parties. - Mike Mannix, Executive Vice President, Corporate & Venture Development

HOW WE HELP STARTUPS: Coril supports Alberta’s technology ecosystem by investing in and partnering with startups that offer relevant, strategically aligned solutions to our existing companies’ needs. We believe that pairing our domain expertise with founding teams’ digital capabilities will facilitate product development and sales, network expansion, and access to capital. Coril operates in the following industries: Railway maintenance and services (Loram Maintenance of Way, Inc.) Real estate investment, development, and advisory services (Triovest Inc.) Personal health and wellness services (Inliv Inc.)

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AROUND THE CORNER Community Events & Initiatives

Resources

MindFrame Connect is currently piloting two programs designed to elevate the craft of mentorship (to both mentors and mentees) and improve entrepreneurial resilience for startup founders. Learn More...

City of Calgary Mayor’s Innovation Challenge winners announced! Foresight Cleantech Accelerator Centre offers the SDG Connect Challenge service October 21: Fall 2021 NATO Innovation Challenge application deadline

Initiatives

October 25: The51 Financial Feminism Investing Lab, Fall 2021 cohort application deadline November 5: 2022 THRIVE VIII Accelerator Program applications close November 5, 2021

October 26-27: Canadian Symposium for Computational Neuroscience October 27: Calgary Economic Development 2022 Economic Outlook November 2: 321 Growth Academy Growth Snacks: Validation War Stories

Events

November 3: Haskayne Alumni Awards November 4: Alberta Machine Intelligence Institute ML Foundations 1 December 2: ICD - The Why, When & How of a Board for a “Start-up”

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