🗳️ Question of the Week

USD $27 million for Fluid Biomed in oversubscribed Series A

Calgary’s Fluid Biomed, a a clinical stage medical device company developing solutions for patients suffering from vascular disease, closed an oversubscribed USD $27 million Series A equity financing.

Co-founded by Dr. John Wong and Dr. Alim Mitha, two academic neurosurgeons at the University of Calgary, Fluid Biomed’s bioabsorbable polymer-based stent technology has demonstrated promising results in a first-in-human clinical study to treat brain aneurysms. The company says its ReSolv stent has the potential to help patients avoid a lifetime regimen of blood thinners to prevent clots following deployment of the stent.

Fluid Biomed plans to use the funding to further validate the test results for its ReSolv stent and its proprietary delivery system by expanding its studies on patients.

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🤝 Funding, Deals, and Partnerships

• Power Canada’s future: More renewable, affordable, and reliable power for Albertans. The Government of Canada announced investments totalling over $152 million for nine clean electricity projects in Alberta through the Smart Renewables and Electrification Pathways Program. Natural Resources Canada

• Carbon-removal startup Deep Sky gets USD $40-million grant from Gates-led fund. Breakthrough Energy Catalyst, a carbon-tech fund founded by Bill Gates, has given Deep Sky the money to help the startup develop its direct-air-capture demonstration centre in Alberta, where it will test several technologies. Globe and Mail

• Absorb to acquire Together in bid to bring mentorship to its learning software. The move will help Absorb to provide a more “comprehensive learning solution.” Betakit

• OCIF invests in SAIT Aerospace Materials Composite Lab to increase Calgary’s aerospace capabilities. This funding is expected to amplify Calgary’s position as a key player in Canada’s aerospace ecosystem, while filling critical skills gaps in the city’s workforce. Calgary Economic Development

• Two Alberta firms garner government and industry investment to fuel food innovation. The Canadian Food Innovation Network this week revealed that it is awarding a total of $500,000 to 11 food-tech projects across Canada. Calgary.Tech

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📰 Need To Know

• Residents return home after fatal gas explosion, thanks to Calgary tech firm. Calgary-based Blackline Safety is now offering peace of mind to residents as they move back, just in time for the holidays. Calgary.Tech

• Request for proposals: Creative Economy Innovation Hub Feasibility Study. The search is on for a partner to conduct a feasibility study that will inform future decisions from CED and industry partners to support the future needs and workplan needed for the implementation of the Hub. Calgary Economic Development

• Alberta wants to build huge data centres for AI. That could bring a big emissions challenge. Electricity sector emissions could double, similar to when Alberta used coal, says expert. CBC News

• Neo Financial adds new senior leaders from Nubank, Tangerine, and Rappi. Neo welcomes Tim Morris as Chief Banking Officer, Rafael Mejia as Chief Growth Officer, and William Tsutsumida as Chief Credit Risk Officer. Neo Financial

• Carbon Upcycling wins major recognition in Build Better Innovation Challenge. The challenge, supported by global partners Microsoft, Capgemini, and Bouygues, aims to accelerate the adoption of innovative construction materials and processes that reduce emissions and promote sustainability in the building industry. Calgary.Tech

• UCalgary researchers achieve breakthrough in quantum light generation. Innovative development reflects strength of UCalgary's quantum research ecosystem. University of Calgary