Fortinet’s coming to Calgary — with $30 million

Plus, it's been a "big money" kind of week.

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Welcome to this week's Sunday Briefing. In this issue, read about Fortinet’s $30 million investment in Calgary, plus 17 other stories you may have missed. Have a great day. We'll see you again on Wednesday.

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Fortinet’s coming to Calgary — with $30 million

Source: Calgary Economic Development

It’s been a “big money” kind of week in Alberta. Following the release of the 2024 budget, we’ve seen investments in a new aerospace hub, a new multidisciplinary science hub, and grant programming for tech education. Plus, private sector investments in Alberta startups driving forward innovation in everything from robot waiters to cleantech.

But the provincial government and VCs aren’t the only ones investing in Alberta tech’s growth. Companies from around the world are looking to Calgary as an answer to their expansion strategies.

Fortinet, a U.S.-based global leader in cybersecurity solutions and services announced plans to invest $30 million and create 165 new jobs in Alberta’s tech sector. With support from Invest Alberta and Calgary Economic Development, and a grant from the Government of Alberta, Fortinet will expand into Calgary’s downtown core, creating a cutting-edge cybersecurity tech hub.

“Fortinet’s expansion in Calgary is evidence that global companies have the ideal environment here to grow and scale,” said Brad Parry, President and CEO, Calgary Economic Development. “With the city’s rapidly growing tech talent workforce, and businesses embracing digital transformation, Fortinet’s investment continues the momentum we’re seeing across sectors in Calgary.”

In Calgary, the firm will be opening a data centre, a training facility for its globally accredited cybersecurity curriculum and a centre of excellence to enhance resiliency and knowledge in safeguarding critical infrastructure and operational technologies.

Supporting their investment, the Government of Alberta's Innovation and Growth Fund (IGF) will contribute over $3 million towards Fortinet’s expansion.


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🤝 Funding, Deals, and Partnerships

  • Calgary-based Ziing acquires Metroland Parcel Services from TorStar. The deal closed on Feb. 20, less than a month after Ziing acquired fellow Calgary company HubTrotter Logistics. Betakit

  • UCalgary research receives over $78M in funding as part of federal investment. New chairholders, innovation grants, R&D collaborations and more included in announcement. University of Calgary

  • NOVA Chemicals launches a Canadian Centre of Excellence for plastics circularity. The Centre of Excellence will serve as a network of industry innovators and Canadian research institutions who have a shared vision of furthering global efforts in sustainable plastics management. Canadian Manufacturing

  • Calgary's Aerospace Innovation Hub propels forward with $3.9 million investment from OCIF and backing of inaugural industry partners. Aerospace innovators will gain access to funding, business support and the ability to validate their technologies in real-world settings at the Aerospace Innovation Hub. Opportunity Calgary Investment Fund

  • Six startups secure $465K from The Canadian Food Innovation Network. Edmonton’s GreenCo Robots has provided more than 300 robot waiters to Canadian restaurants. Canadian Food Innovation Network

  • Calgary airport, airline, investment community combine to boost aerospace innovation hub. The Aerospace Innovation Hub in Calgary hopes to reach new heights thanks to an investment in funds and partnerships with industry companies. Global News

  • Calgary’s Arcfield receives $211.6 million contract to service Canada’s CF-18 fighter jets. The contract will provide Canada’s fleet of warbirds avionics weapons systems, supply parts, and provide end-to-end supply chain services. Livewire Calgary

  • Women-led tech startups LyfeMD, Roga and Granularity received $230,000 CAD at DMZ’s Women Innovation Summit. LyfeMD, a Calgary-based startup that offers an evidence-based platform transforming the management of inflammatory diseases, received $60,000 CAD. DMZ

  • Province invests $20 million in grant programming for graduates creating new technologies. The funding will support graduates from science, technology, engineering and mathematics (STEM) disciplines in post-secondaries to pursue entrepreneurship, develop business skills, and commercialize innovative technologies. EverythingGP

  • Alberta earmarks $55 million to build tech, science hub at the University of Calgary. The hub will include incubator space for researchers to collaborate with industry partners. Betakit

  • Carbonova Corp. raised $6 Million to produce sustainable materials from greenhouse gas emissions. The Calgary-based startup aims to turn greenhouse gas emissions into carbon materials for sustainable and inexpensive everyday essentials. Carbonova

📰 Need To Know

  • UCalgary named 1 of Alberta’s Top Employers and Canada’s Best Diversity Employers for 2024. The University of Calgary stands out as the only university to make the 2024 Alberta’s Top Employers list. University of Calgary

  • Alberta's new renewable energy regulations could impact seven solar projects. One developer said it will be moving ahead with its application amid 'a period of considerable policy and regulatory uncertainty for the renewable sector.’ Calgary Herald

  • Faculty of Science Innovation Fair a goldmine for startup exposure. Eleven UCalgary startups make waves in Calgary’s innovation ecosystem. University of Calgary

  • Innovator of the Week: Nic Beique Has Taken Fintech Firm Helcim to the Next Level. Calgary-based Helcim flies in the face of slowing investment in Canadian fintech, raising $27 million in a series B financing round in 2024. Avenue Calgary

  • Innovators of the Week: Toast Helps Advance Gender Equity in Tech. In 2024, Toast co-founders Marissa McNeelands and April Hicke are expanding the collective with a sponsorship program and U.S. operations. Avenue Calgary

  • Alberta power market headed for shakeup as province commits to restructuring by 2027. Some industry players fear a lengthy period of uncertainty could scare away badly needed investment in power generation. Financial Post

  • Schulich prof hopes to help foster sustainable future through carbon capture. Carbon capture and storage is a process that reduces climate change by capturing carbon dioxide (CO2) emissions produced from burning fossil fuels in power generation and industrial processes. University of Calgary 

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