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Company
Kitchener, Ontario
Alchemy Labs Inc. is a Kitchener nanotechnology company with two businesses: commercial ExoShield windshield protection films and development-stage Crypsis thermal-signature-management materials. Its coating technology links automotive durability applications with defence textile and other surface-integration work. The company trades on the TSX Venture Exchange as ALCH.
Last reviewed Sep 15, 2026
Decision snapshot
Alchemy offers two different partnership paths: ExoShield supplies an existing automotive protection market, while Crypsis invites defence-material integration and qualification work. The IPO expands its funding base, and the Mercedes-Benz Tourrider arrangement gives the automotive business a named commercial reference. DIANA revenue and the Canadian textile NRE agreement show funded development progress, but neither establishes a production order for camouflage. A useful defence conversation should focus on the substrate, trial evidence and milestones needed for manufacturing.
See all reviewed connectionsMission area
Thermal-signature-management materials could be relevant to reducing detectability in sensor-rich operating environments; this is a derived alignment, not an assertion of fielded CAF equipment.
Organization context
Crypsis is a material platform for integration into textiles and other surfaces, while ExoShield is a commercial windshield-protection product family. The August 13 Canadian textile agreement involves three development phases, contingent on milestones and mutual agreement, with estimated total development cost of CAD250,000 and primarily engineering-service payments. Alchemy retains Crypsis intellectual property; any later manufacturing arrangement requires a separate agreement. The MD&A places the Canadian agreement in March 2026, distinguishing the underlying agreement from its August announcement. The automotive business has a reported three-year Mercedes-Benz Tourrider supply arrangement, providing a different commercial reference from defence development work.
Alchemy operates from Kitchener, Ontario, with roots in the University of Waterloo nanotechnology programme and alumni founders Khanjan Desai and Chong Shen. Its MD&A describes reliance on manufacturing partners: interruptions at two partners affected supply through early 2026 before inventory recovered in Q1. Kit expansion also depends on access to vehicles, mould validation and quality control. Those dependencies matter when evaluating fleet supply continuity.
Recent activity
Dated Aug 19, 2026
On August 19, 2026, Alchemy reported second-quarter revenue of CAD581,027 and a 38.7% gross margin. Its MD&A separates CAD509,195 automotive revenue from CAD71,832 defence revenue and attributes first-half defence revenue to DIANA work. The company had announced a Canadian textile-development agreement on August 13 and expanded ExoShield ULTRA Pro coverage to more than 20 vehicle models on August 4. These milestones combine an expanding commercial product line with a defence business still moving through engineering and validation.
Source: Crypsis Canadian textile NRE agreement (opens in a new tab)Reviewed assessment
Follow the reviewed Mission area and Defence need connections to understand the problem this organization may help address, the public evidence behind the assessment, and what to verify before engagement.
Contributing capability
Crypsis nanocomposite thermal camouflage
Thermal-signature-management materials could be relevant to reducing detectability in sensor-rich operating environments; this is a derived alignment, not an assertion of fielded CAF equipment.
Evidence strength: ModerateCapability last reviewed Sep 15, 2026
Open Mission areaReviewed connections indicate possible relevance based on public evidence. They do not indicate procurement direction, eligibility, endorsement or customer interest.
A closer look at the products, services, operating features, and documented applications that shape the organization’s role.
Nanocomposite thermal-signature-management coating
What it enables
Crypsis is Alchemy's nanoparticle-based material platform for passive thermal-signature management. The company describes diffusely reflecting ambient thermal radiation while reducing outward emission, with integration into fabrics and other substrates. Current evidence supports defence development, trials and textile integration; it does not establish uniform performance across the proposed clothing, vehicle, paint and film applications.
Public record
Dated participation, delivery roles, partnerships, and disclosed funding provide the operating context behind the profile.
cohort innovator · 2026 Operations in Extreme Environments
Sponsor or operator: NATO Defence Innovation Accelerator for the North Atlantic
Organization role. NATO lists Alchemy of Canada for nanoparticle-based thermal camouflage in its 2026 cohort; Alchemy reports completion of first-phase accelerator activity and associated development-contract revenue.
Program. NATO DIANA supports selected dual-use companies through a challenge-based accelerator and testing network. The 2026 cohort includes an Operations in Extreme Environments challenge.
Prepare the conversation
Which textile qualification milestones would convert the Canadian Crypsis NRE work into a commercial manufacturing agreement?
The August announcement makes the three development phases contingent on milestones and mutual agreement. Manufacturing requires a later contract, and the textile partner is unnamed.
What trial conditions, durability results and acceptance criteria can be shared for the intended Crypsis textile and infrared bands?
Company slides attribute trial imagery to DND but do not provide a complete test protocol or independent quantitative report. Substrate and operating conditions would determine whether the result transfers.
Which vehicle-specific ULTRA Pro kits and supply commitments are available for the proposed fleet, including replacement and warranty support?
The August launch expands fitment to more than 20 models. The MD&A also records partner supply interruptions, making model coverage and dependable replenishment separate purchasing questions.
Geography
The map is centred on Kitchener. It does not imply a street address or exact facility location.
Open in the ecosystem mapSource library
Open the original record, then expand the source details to see which parts of the dossier it informs.
Public sources cited · Facts and assessments kept separate · Human review
Public sources
15
Last reviewed
Sep 15, 2026
Alchemy Labs Inc. · Aug 19, 2026
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Save the organization and its public record in a private Shortlist, then request a human-routed introduction when the fit is specific enough to discuss.
Evidence strength: ModerateLast reviewed Sep 15, 2026
Operating context
Maturity
Company-reported DND trials and NATO DIANA 2026 participation; development and integration work remains distinct from production acceptance.
Availability
Eligible military and law-enforcement access; the Canadian textile NRE agreement requires a separate agreement for later commercial manufacturing.
Decision-useful features
Documented applications. Defence textile and personnel camouflage development · Signature-management integration studies for equipment surfaces
Nanoceramic-coated protective film
What it enables
ExoShield applies Alchemy nanoceramic coating technology to transparent windshield protection films. GT3+ serves passenger vehicles, while ULTRA addresses off-road and industrial uses. The ULTRA Pro format provides pre-cut, pre-shrunk vehicle-specific kits intended to reduce installation effort for professional installers and fleet users.
Evidence strength: ModerateLast reviewed Sep 15, 2026
Operating context
Maturity
Commercial automotive product line with separately reported revenue and a disclosed Mercedes-Benz Tourrider supply arrangement.
Availability
Installer and product routes are public; Alchemy reported ULTRA Pro kits for more than 20 vehicle models, including Ford F-Series, on August 4, 2026.
Decision-useful features
Documented applications. Passenger-vehicle windshield protection · Off-road and commercial-fleet windshield protection
Thermal-camouflage research collaboration
Canadian Armed Forces
University of Waterloo reporting describes Alchemy's collaboration with the Canadian Armed Forces and DRDC-connected IDEaS work on thermal-infrared signature-management coatings; the candidate records development activity without claiming procurement or deployment.
Tourrider motorcoach supply arrangement
Mercedes-Benz
Alchemy's Q2 2026 MD&A reports a three-year commercial supply arrangement for ExoShield on Mercedes-Benz Tourrider motorcoaches, entered in February 2026; no contract value is disclosed in that passage.
Initial public offering
Jul 9, 2026$13,738,447
Alchemy closed an initial public offering of 13,738,447 units at CAD1.00 per unit on July 9, 2026, for gross proceeds of CAD13,738,447; proceeds are gross rather than net cash available.
Source type. official organization profile
Supports. Profile · reviewed questions.alchemy-exoshield-fleet-delivery.confidence · Profile · executive relevance summary · Profile · reviewed questions.alchemy-exoshield-fleet-delivery.id · Profile · current activity · Profile · commercial status · Profile · reviewed questions.alchemy-exoshield-fleet-delivery.question · Profile · disclosed financing summary · Profile · reviewed questions.alchemy-exoshield-fleet-delivery.context · Profile · canadian footprint · Profile · operating context · Profile · current activity as of · ExoShield windshield protection films · maturity · NATO DIANA Accelerator Programme · organization participation · Tourrider motorcoach supply arrangement relationship
Alchemy operates from Kitchener. The MD&A describes interruptions at two manufacturing partners through Q1 2026, inventory recovery during Q1, and kit-launch dependencies on vehicle access, mould validation and quality control.
Alchemy Labs Inc. · Aug 13, 2026
Source type. official company news
Supports. Profile · current activity · Profile · profileData.intellectualProperty · Profile · reviewed questions.alchemy-crypsis-production-gate.question · Profile · reviewed questions.alchemy-crypsis-production-gate.id · Profile · operating context · Profile · reviewed questions.alchemy-crypsis-production-gate.confidence · Profile · executive relevance summary · Profile · reviewed questions.alchemy-crypsis-production-gate.context · Crypsis nanocomposite thermal camouflage · commercial availability · Crypsis nanocomposite thermal camouflage · summary
Alchemy entered an NRE agreement with an unnamed Canadian textile systems manufacturer supplying DND. Three development phases depend on milestones and mutual agreement; estimated total development cost of CAD 250,000 is not fixed or guaranteed contract value. Alchemy retains Crypsis IP, with commercial production subject to a later separate agreement.
University of Waterloo · Sep 19, 2025
Source type. reputable industry publication
Supports. Profile · profileData.currentActivity · Profile · current activity as of · Profile · operating context · Profile · current activity · thermal-camouflage research collaboration relationship
A University of Waterloo report describes Alchemy's collaboration with the Canadian Armed Forces on thermal-camouflage textiles and notes public government funding for next-generation coating development, while NATO DIANA lists the company in its 2026 cohort.
Alchemy
Source type. official organization profile
Supports. Profile · profileData.publicContact.linkedInUrl · Profile · profileData.publicContact.contactPageUrl · Profile · profileData.publicContact.publicPhone · Profile · profileData.publicContact.publicEmail
Alchemy states it was founded in 2013 by University of Waterloo Nanotechnology Engineering graduates, beginning with sprayable anti-frost coatings and expanding its nanocoating portfolio; the official press page links downloadable company logos.
Alchemy
Source type. official organization profile
Supports. Profile · canadian footprint
Alchemy has a documented Canadian operating presence in Kitchener, Ontario.
University of Waterloo · May 20, 2025
Source type. official organization profile
Supports. Profile · canadian footprint
Waterloo identifies Alchemy founders as 2013 nanotechnology engineering alumni Khanjan Desai and Chong Shen. It describes specialized nanoparticles integrated into textiles for mid-wave and long-wave infrared camouflage, and reports federal development funding. This supports Canadian research roots and development activity, not independent field-performance certification.
Alchemy
Source type. official company product
Supports. Profile · reviewed questions.alchemy-thermal-trial-scope.confidence · Profile · reviewed questions.alchemy-thermal-trial-scope.id · Profile · operating context · Profile · reviewed questions.alchemy-nanotechnology-first-conversation.question · Profile · reviewed questions.alchemy-nanotechnology-first-conversation.context · Profile · reviewed questions.alchemy-thermal-trial-scope.question · Profile · reviewed questions.alchemy-thermal-trial-scope.context · Crypsis nanocomposite thermal camouflage · technology readiness level · Crypsis nanocomposite thermal camouflage · defence applications · Crypsis nanocomposite thermal camouflage · technicaldomainslugs · Crypsis nanocomposite thermal camouflage · core features · Crypsis nanocomposite thermal camouflage · capability type · Crypsis nanocomposite thermal camouflage · technical tags · Crypsis nanocomposite thermal camouflage · name · Crypsis nanocomposite thermal camouflage · summary · Crypsis nanocomposite thermal camouflage → Autonomous Patrol and Monitoring
Alchemy describes Crypsis as tunable nanocomposite camouflage coatings for fabrics and rigid substrates across visible, near-infrared, mid-wave and long-wave infrared bands. It also proposes ExoShield ULTRA for land-vehicle glazing protection and GT3 for helicopter glazing protection; the page does not establish military acceptance of those applications.
Alchemy Labs Inc. · Mar 27, 2026
Source type. official organization profile
Supports. Profile · reviewed questions.alchemy-thermal-trial-scope.context · Profile · reviewed questions.alchemy-thermal-trial-scope.question · Profile · reviewed questions.alchemy-thermal-trial-scope.id · Profile · profileData.intellectualProperty · Profile · reviewed questions.alchemy-thermal-trial-scope.confidence · Crypsis nanocomposite thermal camouflage · core features · Crypsis nanocomposite thermal camouflage · summary · Crypsis nanocomposite thermal camouflage · maturity
Alchemy describes passive Crypsis nanoparticles that diffusely reflect surrounding thermal radiation and reduce outward thermal emission. It attributes trial images to DND without a complete test report. ExoShield uses nanoceramic-coated windshield protection films; ULTRA kits are vehicle specific. Prospective DND awards and USMC demand figures are explicitly nonbinding.
Alchemy Labs Inc. · Aug 4, 2026
Source type. official organization profile
Supports. Profile · reviewed questions.alchemy-exoshield-fleet-delivery.id · Profile · reviewed questions.alchemy-exoshield-fleet-delivery.question · Profile · current activity · Profile · reviewed questions.alchemy-exoshield-fleet-delivery.confidence · Profile · reviewed questions.alchemy-exoshield-fleet-delivery.context · ExoShield windshield protection films · technicaldomainslugs · ExoShield windshield protection films · core features · ExoShield windshield protection films · capability type · ExoShield windshield protection films · name · ExoShield windshield protection films · technology readiness level · ExoShield windshield protection films · commercial availability · ExoShield windshield protection films · slug
Alchemy announced ULTRA Pro coverage of more than 20 vehicle models including Ford F-Series. These windshield protection kits use 8-mil PET film, are pre-cut and pre-shrunk for vehicle-specific fit, and carry a three-year limited warranty. Installation in around 30 minutes is a company claim.
Alchemy Labs Inc. · Jul 9, 2026
Source type. official company news
Supports. Profile · disclosed financing summary · Profile · executive relevance summary · Profile · legal name · Profile · description · Profile · ownership · Initial public offering funding event
Alchemy completed a July 9, 2026 IPO of 13,738,447 units at CAD 1 each, generating CAD 13,738,447 gross proceeds. The stated use of net proceeds includes facilities, Crypsis R&D, sales and marketing, and working capital. Each unit comprised a share and half a warrant; the announcement identified TSXV symbol ALCH.
Alchemy
Source type. official organization profile
Supports. Profile · operating context · Profile · editorial profile version · Profile · description · Profile · profileData.publicContact.contactPageUrl
Alchemy is a Kitchener nanotechnology company developing advanced coatings for automotive safety systems and next-generation military camouflage applications.
Alchemy Labs Inc.
Source type. official organization profile
Supports. Profile · ownership
Alchemy identifies TSX Venture symbol ALCH, CEO and Defence GM Khanjan Desai, CFO Doug Lawson and Automotive GM Danielle Smiley, and publishes investors@alchemynano.com as an investor enquiry route.
Alchemy
Source type. official organization profile
Supports. Profile · description · Crypsis nanocomposite thermal camouflage · commercial availability · ExoShield windshield protection films · core features · ExoShield windshield protection films · technical tags · ExoShield windshield protection films · summary
Alchemy describes transparent abrasion-resistant, weatherable Endurance nanoceramic coatings for flexible substrates supporting ExoShield. Crypsis is tunable signature-management material limited to eligible military and law-enforcement customers.
Alchemy
Source type. official organization profile
Supports. Profile · description · ExoShield windshield protection films · summary · ExoShield windshield protection films · defence applications · ExoShield windshield protection films · commercial availability
Alchemy offers ExoShield GT3+ windshield protection film for passenger vehicles and ULTRA for off-road and industrial uses, with installer and purchasing routes through the ExoShield brand.
NATO DIANA
Source type. official organization profile
Supports. Crypsis nanocomposite thermal camouflage · maturity · NATO DIANA Accelerator Programme · organization participation · NATO DIANA Accelerator Programme · canonical program
NATO DIANA independently lists Alchemy of Canada in its 2026 Operations in Extreme Environments cohort for nanoparticle-based thermal camouflage.
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