About Innovate Calgary
Innovate Calgary, an accelerator and incubator program founded in 1989, is based in Calgary, Canada. With a presence in 2 countries, it has supported around 30 startups in sectors like Life Sciences, High Tech. As of Aug 2026, Innovate Calgary has witnessed 3 portfolio exits. Most notable companies in
its portfolio include Fluid Biomed, Circle Cardiovascular Imaging and FREDsense. The program is backed by a team of 29 people who primarily support Seed startups based in Canada. Its latest investment was a $848K Seed round in Serenity Power on Apr 27, 2026, which also saw participation from Alberta Innovates and Natural Gas Innovation Fund.
Key Metrics
Founded Year
1989
Location
Calgary, Canada
Portfolio Companies
Sectors of Investment
Stages of Investment
Seed
Locations of Investment
Innovate Calgary's List of Top Investments
Innovate Calgary has a portfolio of 30 companies. Their most notable investments include Fluid Biomed and Circle Cardiovascular Imaging.Their portfolio spans across Canada and United States. They have invested in Life Sciences, High Tech, Environment Tech and 15 other sectors, across stages such as Seed stage. Here is the list of top investments by Innovate Calgary:
1. Fluid Biomed
Developer of medical device to treat brain aneurysms. The company has developed a hybrid polymer-metal flow-diverting stent to cure brain aneurysms. Also, its proprietary stent delivery system is used to navigate to bypass the aneurysm under angiographic guidance.
Key facts about Fluid Biomed
- Founded Year: 2012
- Location: Calgary (Canada)
- Stage: Series A
- Total Funding till date: $32.5M
- Employee Count: 49 as on May 27, 2025
- Investors: Amplitude, IAG Capital Partners and 13 Others
- Latest Funding Round: Series A, Dec 16, 2024, $*****
- Highlight: Editors' Pick
Provider of software for the evaluation of cardiac MR and CT images. The company offers cmr42, an application for managing and evaluating cardiovascular magnetic resonance images. It is designed for clinical settings, as well as for experimental and clinical research.
Key facts about Circle Cardiovascular Imaging
- Founded Year: 2008
- Location: Calgary (Canada)
- Stage: Series B
- Total Funding till date: $19.9M
- Employee Count: 152 as on Jul 31, 2026
- Investors: Thoma Bravo, Amplitude and 8 Others
- Latest Funding Round: Series B, Mar 16, 2022, $*****
- Highlight: Editors' Pick
3. FREDsense
FREDsense has developed biosensors for detecting water-borne chemicals. The water sample is added to the cartridge of its product Field Ready Electrochemical Detector (FRED) wherein the engineered sensor bacteria detects chemical presence & produces an electrochemical signal. The process data is communicated through 3G, wifi or a USB connection to a computer, mobile device or server. It can be used to detect arsenic, iron, manganese & acidity level. Partners are H2O Challenge, Imagine H2O, Evok Innovations, and Canada Mining Council.
Key facts about FREDsense
- Founded Year: 2014
- Location: Calgary (Canada)
- Stage: Series A
- Total Funding till date: $10M
- Employee Count: 35 as on Jul 31, 2026
- Investors: FundersClub, Elemental and 10 Others
- Latest Funding Round: Series A, Sep 25, 2025, $*****
- Highlight: Editors' Pick
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4. Carbonova
Provider of solutions for converting greenhouse gas emissions into sustainable carbon nanomaterials for various industries. This entity specializes in converting carbon dioxide, methane, and waste energy into advanced carbon nanomaterials. These materials are designed to improve the performance and environmental footprint of products. The applications span across sectors such as plastics, where they contribute to lighter, stronger, and more environmentally friendly composites. In the realm of lithium-ion batteries, these materials enhance energy density, accelerate charging, and extend battery life. For the construction industry, the nanomaterials are incorporated to boost the durability and strength of concrete. The focus is purely on the creation and utility of these innovative carbon products.
Key facts about Carbonova
- Founded Year: 2017
- Location: Calgary (Canada)
- Stage: Series A
- Total Funding till date: $9.64M
- Employee Count: 19 as on Jul 31, 2026
- Investors: Sustainable Development Technology Canada, ERA and 6 Others
- Latest Funding Round: Series A, Nov 20, 2025, $*****
- Highlight: Editors' Pick
Developer of a blood test device to detect breast cancer. The company offers the Syantra DX device for blood-based cancer detection test that utilizes a combination of biomarkers and artificial intelligence-generated algorithms for molecular diagnostics. It captures and decodes changes in how the body is functioning. It enables earlier detection and effective treatment of cancer.
Key facts about Syantra Health
- Founded Year: 2013
- Location: Calgary (Canada)
- Stage: Series A
- Total Funding till date: $10.4M
- Employee Count: 16 as on Jul 31, 2026
- Investors: Canaccord Genuity Group, The51 and 5 Others
- Latest Funding Round: Grant (prize money), Mar 04, 2026, $*****
- Highlight: Editors' Pick
Innovate Calgary's Year-on-Year Investment Trends
As of Apr 2026, it has made 1 investment in this year. Its most recent first time investment was in Serenity Power.Innovate Calgary's Investments by Stage
Innovate Calgary has made 1 investment in Seed stage with an average round size of $848K.Innovate Calgary's Investments by Sector
Innovate Calgary has a diverse portfolio, with companies operating in the Energy Tech and High Tech. Notably, it has invested in 22 Enterprise (B2B) companies, 22 Tech companies, 11 Software companies and at least 8 companies focusing on Tech hardware.Innovate Calgary's Investments by Geography
Innovate Calgary has made most investments in Canada (1).Innovate Calgary's recent investments
Innovate Calgary has made 1 investments in 2026 so far - Serenity Power.Here are the most recent investments by Innovate Calgary:
Date | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 27, 2026 | Canada | Seed | 2457 | [+3] |
IPOs and Publicly Listed companies in Innovate Calgary's Portfolio
2 of Innovate Calgary's portfolio companies have become public. Willow Bioscience got listed on the Toronto Stock Exchange (TSX), in Dec 2019 and FluroTech got listed on the Toronto Stock Exchange - Venture Exchange (TSX-V).Here are Innovate Calgary's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 05, 2019 | - | - | 2180 | |
Jan 14, 2019 | - | - | 1198 |
Acquired companies in Innovate Calgary's Portfolio
1 company from Innovate Calgary's portfolio has been acquired. The most recent acquisition was Carbon Engineering in Aug 2023 by Oxy for $*****.Here are Innovate Calgary's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 15, 2023 | - | - | 3868 |
Team profile of Innovate Calgary
Innovate Calgary has a team of 29 members including 11 Partners and 8 Principals located in Canada. Innovate Calgary's team does not sit on the board of any company as of now.Here is a list of top team members in Innovate Calgary:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Calgary | - | ||
Partner | Calgary | - | ||
Partner | Calgary | - | ||
Partner | Calgary | - | ||
Partner | Calgary | - | - | |
Partner | Calgary | - | - | |
Partner | Calgary | - | - | |
Partner | Calgary | - | - | |
Partner | Calgary | - | - | |
Partner | Calgary | - | - | |
Partner | - | - | - |
Co-investors of Innovate Calgary
Over the past year, 4 investors have co-invested in Innovate Calgary's portfolio companies. This includes funds and angels.
- Top Co-investors of Innovate Calgary: 4 investors entered a company along with Innovate Calgary. These include investors like Alberta Innovates (1 company).
Recent News related to Innovate Calgary
•
Aerospace Innovation Hub adds to team advancing Calgary's growing industryCalgary Herald•Apr 29, 2024•Innovate Calgary
•
Innovate Calgary, TELUS Join Forces to Advance ‘New Vanguard’ of Tech StartupsTechvibes•Jan 17, 2017•Telus, Innovate Calgary

