NextAI, a Canada-based initiative to provide capital, mentorship and networking opportunities to local artificial intelligence (AI) startups, has raised C$5.15m ($4m) from a consortium including auto parts supplier Magna International.
State-backed fund BDC Capital also supported the fundraising, as did financial services firms Royal Bank of Canada and Scotiabank.
Founded in 2016, NextAI aims to bring global AI talent and entrepreneurs to Toronto, Canada.
The scheme was developed by non-profit organisation Next Canada and has attracted internet technology provider Google, graphics processing system producer Nvidia and computer maker IBM Canada as hardware, technology and services sponsors.
NextAI will supply participants with up to C$200,000 in funding, access to technology, mentorship from business leaders and scientists, and education from universities including Massachusetts Institute of Technology and Harvard.
Dave McKay, president and CEO of Royal Bank of Canada, said: “Artificial intelligence is one of the most transformational technologies impacting business today, and Canada must remain at the forefront of exploring its commercial and scientific opportunities.”
– The original version of this article appeared on our sister site, Global Government Venturing.