UCeed celebrates milestone with $30 million under management and first portfolio exit

Calgary, AB – UCeed has expanded its startup investment funds to seven and now has $30 million in assets under management, as it celebrates five years of redefining how universities fuel innovation and drive economic growth in Canada.

A key success story is the recent acquisition of UCeed-backed Hyperlume by Credo Technologies. This is UCeed’s first portfolio exit, with the acquisition returning 10 times UCeed’s investment in Hyperlume to be reinvested in future research and innovation.

“UCeed is more than an investment fund — it’s a launch pad for ideas that improve lives. As Canada’s entrepreneurial university, we’re proud to champion researchers and founders who are translating discoveries into real-world solutions that benefit people, the planet and the economy.”

Dr. Ed McCauley, president and vice-chancellor, UCalgary

Launched with two funds in 2020, UCeed has since grown to seven distinct funds and has invested $12 million across 74 startups. The newest addition, the Engineering and Science Fund, extends UCeed’s reach into deep tech and science-based innovation.  

Recognized nationally as a leader in early-stage investment, UCeed has set the gold standard for due diligence and continues to expand its reach across Canada’s innovation landscape, reflecting UCalgary’s commitment to translating research into community and economic impact.

Recent milestones as UCeed celebrates its first five years:

• New fund: The Engineering and Science Fund, made possible by a $5-million gift from Dr. Bruce McGee, MEng’89, PhD, through the McMillan-McGee Foundation, expands UCeed’s reach into deep tech and science-based innovation. Its first investment, North Vector Dynamics, is a Calgary-based defence-tech startup developing Canadian-made drone interceptors.
• First exit: UCeed-backed Hyperlume was acquired by Credo Technologies in September 2025, returning 10 times UCeed’s investment to the fund to be reinvested in future research and innovation. Hyperlume’s technology promises to dramatically improve performance and energy efficiency in large data centres.
• Momentum across the portfolio: UCeed-backed ventures achieved major breakthroughs — from Fluid Biomed’s $27-million US Series A, Canada’s largest medical device raise in 2024, to PurposeMed growing to serve more than 50,000 patients and DISA Technologies’ $30-million US Series A2 to advance mineral recovery.

Powered by philanthropy and an evergreen reinvestment model, UCeed continues to grow through strong relationships with donors, advisors and founders who share a belief in the power of early-stage innovation.

“Philanthropy is what sets UCeed apart. What we see coming out of UCeed — new technologies, jobs and industries — that's donor-driven impact. Creating real change across Alberta and beyond.”

Andrea Morris, vice-president of Development and Alumni, UCalgary

UCeed’s seven funds — Health, Child Health and Wellness, Social Impact, Energy, Neuro, Haskayne Student Fund, and Engineering and Science — are strategically aligned with UCalgary’s research strengths and community needs. 

“We are expanding the pipeline of promising startups by unlocking innovation from Canadian universities. Our team invests early, educates founders, and helps position ventures for growth and follow-on capital.”

Peter Santosham, MBA’06, executive director and managing partner of UCeed

The 2025 UCeed Momentum Report offers a deeper look at the fund’s achievements, including founder stories, investment highlights and what’s next as UCeed builds the future of Canadian innovation.

Media inquiries

Sean Myers
Interim Manager, Media Relations
University of Calgary
C: 403.561.7405
sean.myers2@ucalgary.ca

About the University of Calgary
The University of Calgary is Canada’s entrepreneurial university in this country’s most enterprising city. A leader in startup creation and research innovation – with groundbreaking discoveries in child health, quantum computing and water sustainability – we’re transforming bold ideas into real-world impact. Curious and determined, our 38,000 students are using hands-on learning to forge bright futures for all. Ready to take the leap? Start something at UCalgary. 

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