Innovation in Canada will be seriously compromised unless domestic venture capitalists start throwing big bucks into Canadian firms, suggests a new report. Big funding is one of the secrets of success of US firms, whether in Silicon Valley, or in other technology hubs in the rest of the US. In contrast, it is a challenge to get large funding tranches from Canadian VCs.
Organization: University of Toronto
A report from the University of Toronto’s Impact Centre is calling for a data-driven approach to maximizing the government’s investments in Canadian firms and growing them to be world-class. The report — Government Venture Capital: Can the Public Sector Pick and Nurture World Class Companies? — says that the strategy for venture capital investments of the Canadian government is not to simply copy what venture capitalists in Silicon Valley are doing.
A Toronto-based company developing artificial intelligence (AI) systems for enterprises has recently received a fresh round of funding from Fidelity Investments Canada. DeepLearni.ng will use the $9 million in Series A funding to help the company scale the development of its machine learning platform, called Frontiers, which is used for rapid deployment of AI enterprises.…
Geoff Hinton, Yoshua Bengio and Richard Sutton may not be household names but in the world of artificial intelligence (AI) these Canadian researchers are superstars at the forefront of a field that is attracting a host of marquee tech titans angling to gain competitive advantage in the rapidly evolving field. Yet many highly accomplished AI researchers have left Canada to seek opportunity elsewhere prompting a remarkable alignment of government, academia and industry to make Canada the go-to destination for AI advancements in an ever-expanding range of industry sectors.