Prepared by Inflection Venture Partners · Embedded Growth Capital Advisory
Non-Dilutive Funding + SR&ED
📋 July Recap
BuiltOntario Life Sciences Scale-Up Fund application built — $679,800 requested (33% of $2,060,000 in eligible project costs) for SonoSystem Ontario final assembly, certification and market-entry scale-up. Twenty-one month term, Oct 2026 – Jun 2028, creating 10 new Ontario jobs. Full dossier assembled: application, revenue and KPI model, signed financial attestation, tax compliance certificate.
AICE Market Access resubmission rebuilt at $600,000. We worked through all four reviewers' blinded feedback on the May rejection and addressed the central objection head-on — the resubmission relocates all project activity to Alberta and names University of Calgary groups (Biomedical Engineering, W21C) as the prospective arm's-length testing partner.
SR&ED 2025-26 finalized and held by design. Written portions of two claims went to review with the financial model complete. We are deliberately holding submission until the prior claim clears CRA — filing concurrently triggers a mandatory multi-year audit. Once clear, both go in back-to-back for two refunds in quick succession.
PrairiesCan BSP diagnosed. The reviewer raised no concerns on project scope — the decline came down to 2025 financial statements being unavailable, so 2024 revenue (~$2M) was read against a much larger current position, with convertible notes counted as debt. He confirmed you can proceed with a fresh EOI without waiting for the formal letter.
Two funding scans delivered (Jul 2 and Jul 16), which corrected NGen terms to ~37% of eligible costs up to ~$2.96M per project, confirmed the SR&ED $6M expenditure limit with restored capex eligibility, and established that AICE now runs a single unified intake feeding a Sept 2 full application.
🔭 August Outlook
Ontario LSSUF full application — deadline Aug 4.
AICE full application — Sept 2. The hard gate is a named arm's-length Alberta testing site with a letter of commitment. W21C is canvassing Calgary facilities; the U of A contact meeting was set for end of July.
Restart PrairiesCan BSP ($3,000,000) with clean post-close financials — notifying the reviewer first, as he asked.
SR&ED submission fires the moment the prior claim clears CRA. Package is finalized and waiting.
CanExport SMEs closes Aug 31 — the last window for the Gulf (Zahrawi Medical) market entry this cycle.
OCIF Express Opportunity Fund — Sept 1 ($350,000 max).
Post-close strategic reset on the funding plan, as agreed on Jul 27. Touchpoints Aug 5, 14 and 28.
💡 Notes & Context
Alberta Innovates' Industry Commercialization Associates decision ($120,000) remains outstanding with no word from the program as of end of July.