Edmonton aims to fuel innovation and diversify economy with $5M Edge Fund

The City of Edmonton is giving $5 million to 17 organizations in a new program called the Edge Fund, aimed at supporting tech and innovation and diversifying the local economy.

Grants range from $100,000 to $750,000 in two streams: "Scale and grow" for larger projects and the "Start" stream for smaller amounts.

Zero Point Cryogenics, established in 2017 with expertise from the University of Alberta, is receiving $723,020 to scale up production of dilution refrigerators, used in quantum computing applications.

Chris Cassin, CEO of Zero Point, said they'll use the funding to hire local and international talent with a background in instrumentation or electrical engineering technology.

"The reason we chose Edmonton is, first of all we have a deep history of quantum and low temperature physics at the University of Alberta," Cassin said in an interview with CBC News Wednesday.

"A lot of the skills required for us to build our systems are very similar to the skills that exist in the oil and gas industry."

They already work closely with NAIT to hire students for co-op terms and hope to retain them when they graduate, Cassin added.

Their product, ultimately speeding up computer processing and calculations, is used by academic institutions, governments, military and computing companies, Cassin said.

Cassin, grateful for the city's contribution, noted that the city of Calgary started a $100 million fund in 2018 called the Opportunity Calgary Investment Fund.

"If we want to attract and retain companies and grow as a city and move to potentially cleaner technologies, we need to attract and innovate," Cassin said.

DiveThru, a mental health therapy agency that started as an app, is receiving $750,000 to open two more brick and mortar locations in Edmonton.

"These contributions really go a long way to allowing companies to establish themselves," said DiveThru founder Sophie Gray.

"I think the City of Edmonton, the province as a whole, is really trying to invest in the small companies, into companies using technology."

Gray said they're still a young company, having opened the first location just south of Whyte Avenue in February 2023.

"I think they want to see more of these companies growing and establishing themselves. And I think overall in the big picture, it's a it's a win-win for everyone."

Start up stream

A number of companies are receiving $100,000 in the start stream, including OligomicsTx Inc. to develop and test a drug delivery technology that treats facioscapulohumeral muscular dystrophy (FSHD), a rare muscle-wasting condition.

Swift Charge receives $100,000 to manufacture and test the company's electric vehicle (EV) fast-charger commercial prototype.

ZerOne Hockeyology receives $100,000 to upgrade the company's digital infrastructure as a hockey development and training centre. It's also a sport, rehabilitation and wellness centre for athletes, opening in July at West Edmonton Mall.

ZerOne is collaborating with the University of Alberta's Craig Chapman, a professor of kinesiology and neuroscience. Chapman is also the CEO of GaMA — Gaze And Movement Assessment — a spinoff company at the U of A.

"We can do a lot with $100,000," Chapman said, pointing to equipment in the lab that includes cameras, video screens and computers.

"I think it shows you where intelligent investment can reap really big benefit if it's targeted at the right people at the right time."

Mayor Amarjeet Sohi said the fund is expected to spur more investment and local economy.

"These projects have the potential to create economic growth in some of the city's key sectors and make our entire region more prosperous," Sohi said in a news release.