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The Venture Codex

National Research Council of Canada

1200 Montreal Road, Building M-58, Ottawa, Ontario, K1A 0R6, Canada

Overview

NRC is the Government of Canada's leading resource for research, development and technology-based innovation. NRC comprises some 20 institutes and national programs, spanning a wide variety of disciplines and offering a broad array of services.

Total investments
21
Lead investments
14
Investments · 12mo
3
Active investors
8

Sector focus

  • Government
  • Non Profit
  • Social
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Investment portfolio

  • Carbicrete

    Led · Grant · Jun 2026

    CarbiCrete develops a concrete process that replaces traditional cement with a steel-industry byproduct and cures products using carbon dioxide that remains permanently sequestered. Its technology is already deployed at facilities such as Patio Drummond in Drummondville, which produces pavers and exterior landscaping products. The company announced an international production launch in France at a POINT.P (Saint-Gobain) facility. CarbiCrete received a $1M federal grant to broaden its range of decarbonized outdoor paving products and commercialize a full offering for residential, commercial and institutional markets. Management, led by CEO Gary Belisle, says the funding will also help advance plans for a large-scale dedicated manufacturing plant. The company has previously benefited from other federal programs supporting deployments in Quebec and Ontario and is positioning for further domestic and international expansion.

  • Questor Technology

    Led · Equity · Apr 2026

    Questor Technology develops industrial emissions-control equipment and heat-to-power systems, including its Q-Series Thermal Oxidizers and a 1500kW organic Rankine cycle (ORC) Heat-to-Power Generation System. The ORC converts both high- and low-temperature waste heat into dispatchable electricity that can be consumed on-site or exported to the grid. Questor positions the integrated oxidizer-plus-ORC package as delivering near-zero methane and greenhouse gas emissions while generating quantifiable revenue from avoided power purchases. The company received a $1.9 million award from the National Research Council of Canada to complete prototype testing and support commercialization. Questor expects prototype testing to finish in the second quarter of 2026 with commercial rollout later in 2026. The firm stated the 1500kW system will be the only Canadian-engineered solution at that capacity.

  • Nfinite Nanotech

    Led · Equity · Dec 2025

    Nfinite Nanotech develops proprietary open-air, roll-to-roll AP-SALD technology that deposits extremely thin, highly conformal barrier coatings on paper substrates, giving them shelf-life performance comparable to metallized plastic films. The solution targets the flexible packaging market by offering compostable and recyclable paper alternatives that meet rising sustainability requirements. The company is collaborating with Amcor, PepsiCo, and Unilever to tailor its coatings for commercial packaging applications. Current efforts focus on completing a pilot production plant in Waterloo and building its first industrial-scale facility capable of producing tens of millions of square meters of high-barrier paper annually. This scale-up is funded in part by non-dilutive support from Canada’s NRC IRAP program. No revenue or user figures were disclosed, but the multi-year funding positions the firm to transition from pilot to commercial output while validating its technology with major CPG partners.

  • Maia Farms

    Participated · Seed · May 2024

    Maia Farms is a Vancouver-based food-tech company that engineers mushroom and mycelium ingredients through liquid-state fermentation, extrusion processing, and a proprietary "fungal intelligence" platform. Its products target food manufacturers that want sustainable, nutrient-dense alternatives to conventional animal or plant proteins. The startup already collaborates with more than 70 global service companies and maintains an impact partnership with The Greater Vancouver Food Bank. With a focus on scaling, Maia plans to accelerate commercial production, broaden its ingredient portfolio, and deepen partnerships across the food industry. The firm will also expand its fermentation and extrusion capacity to meet anticipated demand. Including non-dilutive capital, the company has secured more than $6.5 million in funding to date, underscoring strong early investor and grant support for its technology and mission.

  • Squido Studio

    Participated · Equity · Nov 2023

    Squido Studio is creating DigiGods, a social VR and mixed-reality platform that lets teens and young adults play mini-games, challenge friends and collaborate on user-generated projects. The product highlights four technical pillars: multiplayer immersive physics, drag-and-drop content creation tools, instant loading of bite-sized "mini-metaverses," and full mixed-reality hand-tracking compatibility. Since launching in beta on Meta App Lab, DigiGods has attracted more than 100,000 users who have awarded it an average rating of 4.8/5; the team is targeting one million players by year-end with three major content updates and an influencer-driven marketing push. Squido operates a freemium monetization model with in-app purchases. The company expects the fresh capital to create about 20 new jobs and accelerate international expansion. Squido’s earlier VR title, No More Rainbows, has generated over $3 million in revenue, is projected to reach $6 million, and has surpassed 500,000 downloads with a 4.6/5 rating, underscoring the studio’s commercial traction.

Team

  • Robert Erdos

    Team Member

  • Phil Kaye

    Lab Scientist

    LinkedIn
  • Andrew Woo

    Industrial Technology Advisor

  • Carolyn Watters

    Chief Digital Research Officer

    LinkedIn