In the heart of Calgary, a place long celebrated for its entrepreneurial spirit, a quiet change is reshaping the city’s economy. Thin Air Labs, backed by the Opportunity Calgary Investment Fund (OCIF), is at the forefront of this transformation. Together, they are driving innovation in the life sciences sector, fostering a spirit of collaboration, and enabling groundbreaking advancements that have the potential to change lives.
Planting the Seeds of Innovation
When OCIF invested $4 million into Thin Air Labs’ first fund—Thin Air Labs Fund I—it was more than just a financial transaction. It was a statement of belief in the potential of Calgary’s entrepreneurs to solve critical challenges.
“Thin Air Labs is positioned in the center of Calgary's innovation ecosystem,” says Crystal Phillips, Vice President at Thin Air Labs. “We support early-stage ventures in many different ways, from funding to professional services and even storytelling, because we’re here to solve big, critical challenges.”
OCIF’s support has been a vital change maker for Thin Air Labs to grow its portfolio of startups, many of which focus on life sciences, fintech and food technology.
Growing Startups, Growing the City
The success of Thin Air Labs and its startups is woven into Calgary’s broader growth story. Startups like Tactile Orthopedics, which expanded to a 5,000-square-foot space, and NanoTess, which increased its workspace sevenfold, are testament to the ecosystem’s vibrancy. These companies not only scale their operations but also create jobs, strengthen the local economy, and bring global recognition to Calgary.
“Startups like NanoTess have grown up within this ecosystem,” Phillips explains. “They moved from the Biohubx to a much larger space, secured Health Canada approval, and are now manufacturing life-changing technologies right here in Calgary.”
The ripple effects of such growth are evident in other companies as well. Fluid Biomed, a med-tech firm developing dissolvable stents for brain aneurysms, is currently conducting its first human trials. Their $27 million Series A raise was the largest for a Canadian med-tech company in 2024, marking a significant milestone for both the company and the city’s life sciences sector.
Thin Air Labs Fund I's vice president, Crystal Phillips
Supporting Founders Beyond Funding
Thin Air Labs’ approach goes beyond simply writing checks and provides tailored support to its portfolio companies, as well as, startups and scaleups across North America.
The Funding Catalyst service helps startups secure non-dilutive funding, while Product Traction provides access to top-tier software development and product teams.
But it’s the personal connections that truly set Thin Air Labs apart. Phillips shares a poignant example: “Founders often need more than capital. Sometimes, they just need someone to listen. Whether it’s brainstorming over coffee or taking founders cross-country skiing to give them a mental break, we’re here to help however we can.”
Transforming Calgary’s Narrative
Thin Air Labs and OCIF are not just building successful startups; they are helping to reshape Calgary’s identity. From life sciences and technology to aerospace, Calgary is gaining recognition as a leader in these sectors. Thin Air Labs' portfolio further amplifies this vision, spanning life sciences, fintech, and agri-food technology.
“Success always inspires more success,” says Phillips. “We’re evolving the narrative of Calgary. We’re showing the world that this city is about solving big problems and creating meaningful impact.”
This transformation is already paying dividends. Life sciences startups in Calgary are developing technologies that improve health outcomes, not just locally but globally. From faster wound healing with nanotechnology to early breast cancer detection tools, these innovations are saving lives and putting Calgary on the map as a leader in health technology.
The Next Chapter: A Focus on Health and Human Performance
As Thin Air Labs prepares to launch its second fund, the Performance Fund, the focus is clear: health and human performance. This includes innovations in human and animal health, longevity, and sports technology.
“It’s about more than treating disease,” Phillips explains. “It’s about optimizing health and enhancing quality of life.”
Thin Air Labs' office collaborative office
A Shared Vision for Calgary
The partnership between Thin Air Labs and OCIF is a testament to what’s possible when public and private sectors work together. Through their shared commitment, they are building an ecosystem that not only supports startups but also inspires a city.
“Calgarians should know that there are heroes among us,” says Phillips. “These founders are taking huge risks to solve big problems, and their success is creating a ripple effect that will benefit us all.”
As Calgary continues to grow and diversify, the collaborative spirit embodied by Thin Air Labs and OCIF will remain a cornerstone of its success. Together, they are not just shaping the future of emerging sectors—they are shaping the future of Calgary.