The fund will target AI research emerging from Canada's big research universities.
Mila, a Quebec-based academic AI research centre, has formed a fund with Canadian software VC Inovia Capital to invest in artificial intelligence research from Canada’s leading academic institutions.
The Venture Scientist Fund, which aims to raise $100m, plans to invest in more than 55 AI companies from Canadian research institutions including the universities of Alberta, British Colombia, Montreal, Toronto, Waterloo and McGill University.
It will focus on domains where scientific depth is a competitive advantage, including foundational AI, deep tech, and next-generation computational and physical infrastructure.
Canada has 10% of the world’s AI research talent but captures less than 2% of global AI venture capital investment, according to Mila. The nonprofit institute, a collaboration between the University of Montreal and McGill University, has 1,400 members working on AI research.
The Venture Scientist Fund will be embedded in venture creation programmes at Mila and sister AI research centres Amii and Vector, where it can access AI research at the earliest stages of company formation before a startup formally exists.
The Venture Scientist Fund is expected to play a key role in strengthening Canada’s AI commercialisation pipeline by helping retain talent and anchor intellectual property domestically, says Mila in a release.
