The Opportunity Calgary Investment Fund (OCIF), backed by the City of Calgary, announced Wednesday that it has invested a collective $7.25 million into AltaML and Harvest Builders to help scale tech companies in the city.
Both AltaML and Harvest are also set to open offices in downtown Calgary; with Harvest headquartered in East Village, a reportedly growing hub of innovation, tech, and entrepreneurial space in the city.
Harvest is a new organization that calls itself a “Canadian Prairie venture builder.” The group is set to receive up to $4 million over three years from OCIF. The investment is meant to help develop an infrastructure to build, grow, and scale new technology ventures in Calgary and across Western Canada.
Harvest works to co-build startups by connecting founders and tech talent across Canada. The not-for-profit organization was founded by Chris Simair, co-founder and former CEO of SkipTheDishes.
“Our mission is to help fill the gaps within the Prairie tech ecosystem, which make it difficult for new ventures to not only get off the ground, but successfully scale into globally competitive companies,” said Simair who serves as Harvest’s CEO. “This investment will enable Harvest to expand our initial pilot, and work with founders to co-build new companies that will continue to fuel the funnel of new innovation and technology here in Calgary.”
According to OCIF, Harvest’s will initially focus on the FinTech and proptech sectors, with plans to expand to other portfolios in the future. The investment fund noted that, “if successful,” Harvest could result “in no less than” 290 high skill full-time personnel in Calgary engaged through the Harvest Platform over the four-year project period. Harvest has also reportedly forecasted that it will attract $30 million in “committed” private capital investment, at least half of which is projected to be deployed over the next four years.
AltaML, which is an artificial intelligence-focused software company that partners with organizations to co-develop solutions, is set to receive up to $3.25 million over three years from the OCIF. The funding is meant to help create applied data science internships to accelerate artificial intelligence and machine learning skill development in Calgary.
The internship program is targeted at addressing a “local shortage” of experienced AI and machine learning talent faced by Calgary companies. Fellow Alberta city, Edmonton, is known as one of the top three AI hubs in Canada.
“Calgary is an innovation hub across a number of sectors and creating the capacity for training and advancement through AltaML’s centre of excellence will further that reputation,” said Mayor Naheed Nenshi, a member of the OCIF board of directors. “This investment will help grow the talent pipeline necessary to address the increased demand for professionals in the artificial intelligence and machine learning space.”
AltaML has partnered with ATB Financial and Spartan Controls to deliver the internship program. Discussions are also reported to be underway with Suncor Energy to participate in the initiative. The program will operate on a cohort basis with the first three-month cohort launching October 1. According to OCIF, over the program term, up to 240 individuals will have the opportunity to participate.
The OCIF was launched by the City of Calgary in April 2018 to support investments that create growth and jobs in “strategic sectors” identified in the City’s economic strategy. AltaML and Harvest are the 10th and 11th ventures to receive funding from the economic development fund.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
