Monthly Client Update

AuX Labs

Prepared by Inflection Venture Partners · Embedded Growth Capital Advisory

Grants & RFPs · Non-Dilutive

📋 Recap

The PIC Technology Program consortium is now locked at four partners — AuX Labs, Phase Genomics, Daiya Foods and Amsterdam Brewery — with the University of Alberta removed from the structure. AuX Labs and Phase Genomics are the two financially contributing partners; Daiya and Amsterdam contribute in kind.
The project budget is confirmed at $5,000,000 at the top level across years four and five, rebalanced away from marketing and IP lines and toward wages. Land and buildings are ineligible as capital, and capital reimbursement is settled at the time of application.
Four milestones are set with a lead and assist structure — AuX Labs leads one, two and four, Phase Genomics leads milestone three on commercialisation and data governance over roughly fourteen to fifteen months. Background IP stays with each party and foreground IP sits with AuX Labs.
We renamed “egg replacement testing” to product replacement testing so the scope is not locked narrower than the science supports.
The program requires partner declaration forms rather than letters of support. Those go out alongside the full proposal.
BioCreate C8 was closed out rather than left to drift. The route required waiving or modifying the $50,000 Ontario Genomics convertible note, and the equity terms were not acceptable — a clean decision ahead of the October 5 deadline is worth more than a weak application.
The CENGN Living Labs application is on a deliberate one-to-two week hold so the PIC expression of interest gets full attention.
We attended the Vector Institute FastLane information session on October 7 on your behalf. FastLane is free and industry-agnostic, and requires Canadian incorporation and headquarters. The Data Readiness cohort opens recruiting October 20 for a January start; the Machine Learning Advance cohort runs roughly $70,000 before IRAP, Mitacs, ICTC and SR&ED offsets, recruiting late December for an April start. Cohort graduates receive Google Cloud and Anthropic credits plus SR&ED claim guidance.
This is directly relevant to the computational biology hire you flagged — it is the cleanest route we have found to offset that cost.

🔭 Outlook

We are reviewing the PIC expression of interest milestones for realism and completeness this week, then it goes back to you for the final pass before the declaration forms circulate.
October 20 — Vector FastLane Data Readiness cohort recruiting opens. Register under “Other Organization” until Vector updates its form.
October 30 — Deep Tech Roadshow to Korea and Japan closes. Registration runs $2,000–$2,250 with travel reimbursement up to 50% to a maximum of $4,600 through CanExport Associations; the mission runs January 21–29, 2027. This is a go or no-go decision rather than a work item.
Mid-October — CENGN Living Labs comes off hold and resumes.
November 6 — Grain Farmers of Ontario Grains Innovation Fund, up to $75,000 at 60%, conditional on the Ontario grain volume test.
Week of November 9 — the IAC round opens; we file the IP funding application at the $10,000 Associate Member cap.
~November 13 — Farm Credit Canada Agri-food Project Finance expression of interest against the $1,000,000,000 fund. FCC is already on your cap table, which makes this the most natural debt route to tonne scale.
November 30 — PIC Strengthening the Canadian Supply Chain, roughly $150,000 against a $200,000 project.
The $10,000,000 ISED Strategic Response Fund submission is around three months in; financial due diligence is expected imminently and we will support it when it lands.

📝 Notes

The Phase Genomics acquisition brings a substantial grant track record in with it. Once the close completes we will work through the transferred documentation so that history can be reused on Canadian applications rather than rebuilt from scratch.