AVAC (Alberta Value Added Corporation) is an Alberta-based private, not-for-profit company that invests in research initiatives and early stage commercial businesses that expand Alberta's value-added industry, with a particular focus on the agrivalue, renewable resource, ICT, life sciences and other industrial technology sectors AVAC was created to grow agrivalue in Alberta with initial financial support of $35 million from the Alberta government in March 1997, and a federal commitment of nearly $10 million from the Government of Canada in 1998. A subsequent $10 million was advanced from Agriculture and Agri-food Canada in October 2005. The Ag Research Fund within AVAC was created in September 2005 upon the receipt of $24 million from the Alberta Government. Most recently, the new IVAC initiative was created with an additional $30 million from the Alberta Government.
Latest AVAC News
May 3, 2023
News provided by Share this article Carrot Ventures Launches Cellar Insights Inc. Remote Monitoring and Intelligence Platform for Potato Storage Management CALGARY, AB, May 3, 2023 /PRNewswire/ -- Carrot Ventures is pleased to announce the launch of Cellar Insights. It is the second company emerging from Carrot's AgTech company formation model. Potato Storage Building "We're extremely pleased to be launching Cellar Insights," says Martin Vetter, a venture partner with Carrot. "Reducing food loss and optimizing the quality of crops post-harvest is an issue of worldwide importance. Potatoes are the world's third most important food crop, produced in over 100 countries. It is an essential and nutritious food staple, which has led to soaring cultivation rates in India and China. In North America, production value exceeds $4 billion annually, with retail sales approaching $14 billion. Unfortunately, potatoes and other root crops - such as carrots and onions - experience significant losses during storage. Effective storage management practices are vital, and we believe Cellar Insights offers a compelling solution." Cellar Insights is a Canadian AgTech startup built around a sophisticated suite of sensors and cloud-based algorithms that remotely monitor potato health in long-term storage. The solution includes predictive models and offers management insights to optimize returns. Millions of potatoes get stored for up to 11 months in massive climate-controlled facilities. During such long storage periods, farmers face an escalating risk of loss due to shrinkage, reductions in quality, disease, sprouting or spoilage. Potato storage practices vary widely in levels of sophistication globally, and losses can be as high as 10 to 25 percent. Cellar Insights aims to offer farmers a reliable tool for remotely monitoring and managing the health and value of their stored root crops. Recruiting the right person to lead the venture is core to the Carrot Ventures model. For Cellar Insights, that person is Terry Sydoryk, who has assumed the role of Founder and CEO. Terry shared that, "Leading Cellar Insights is an exciting opportunity for me. Starting out with a vetted technology, a global market opportunity and a committed lead investor is very compelling. The Carrot investment model and their involvement will accelerate our path to market considerably." Terry has over 30 years of leadership experience in the technology industry, with 20 years focused on company creation and early-stage company growth. As a founding member of the A100 , Terry frequently serves as an advisor, board member or angel investor. Most recently, he held the CEO role for Chaordix until it was acquired by Benevity. Cellar Insights will commence its path to commercialization immediately, including recruiting farmers and potato processors to participate in field trials this year. Interested parties in the US and Canada should contact Terry Sydoryk for details. About Carrot Ventures Fund I, LP Carrot Ventures is a Canadian venture capital fund that creates new companies to commercialize early-stage agricultural technologies. Carrot offers a path forward for strong technologies which otherwise have no clear path to market, with a goal of significant value creation for all stakeholders. The fund is a partnership between AVAC Group and Farm Credit Canada. Learn more. About Cellar Insights Inc. Cellar Insights offers a sophisticated suite of sensors for remote health monitoring and management of stored root crops. The initial focus is on potatoes, but there is broad applicability to other high-value root crops. Learn more. Media Contacts
AVAC has made 40 investments. Their latest investment was in FanXchange as part of their Series B - II on August 8, 2017.
AVAC Investments Activity
Series B - II
Series A - II
Series B - II
AVAC Fund History
2 Fund Histories
AVAC has 2 funds, including Accelerate Fund.
4 Team Members
AVAC has 4 team members, including current Chief Executive Officer, President, Michael Raymont.