Canada Boosts Support for Artificial Intelligence Innovation
The Canadian government is intensifying its support for innovation in artificial intelligence (AI). Mila, a renowned research institute and global leader in the field, has partnered with Inovia Capital, Canada's leading software investor, to launch the Venture Scientist Fund.
Targeting Early-Stage AI Startups
The fund will target over 55 early-stage AI startups emerging from Canada's scientific community, including institutions such as:
- University of Alberta
- University of British Columbia
- McGill University
- University of Montreal
- University of Toronto
- University of Waterloo
Fund Objectives
The objective of the fund is to raise $100 million USD, with the ambition of transforming academic expertise and AI discoveries into sustainable and high-impact businesses. This initiative aims to bridge the gap between Canada's scientific excellence and available funding.
Addressing the Funding Gap
According to Mila, despite Canada being home to approximately 10% of the world's top AI research talent, the country attracts less than 2% of global venture capital investments in this sector. The Venture Scientist Fund seeks to address this funding gap and propel Canada's AI ecosystem forward.
