Stradigi, a Canada-based producer of artificial intelligence-powered software development tools for enterprises, closed a C$53m ($40.3m) series A round backed by marketing and communications agency Cossette on Tuesday.
The round was co-led by a combined $19.9m contribution from trade union-run development capital fund Fonds de solidarité FTQ and Quebec’s enterprise promotion board Investissement Québec.
They were joined by investment firm Segovia Capital, Holdun Family Office and Stradigi AI’s co-founders – Basil Bouraropoulos and Curtis Gavura.
Founded in 2005, Stradigi has devised a software development platform called Kepler AI where enterprise clients can build artificial intelligence-driven tools to optimise projects, streamline operations and conduct business analyses.
Kepler AI is sustained by Stradigi’s library of machine learning and deep learning algorithms, and also accommodates cloud storage of the client’s data.
The series A cash will support Stradigi’s go-to-market trajectory in North America, particularly in the US, enabling it to hire 50 new employees specialised in research, software, sales and marketing.
Stradigi will also seek to equip its core product with new features that satisfy the needs of business analysts and data scientists.
Louis Duchesne, president for the Quebec and East region at Cossette, said: “Our involvement in this crucial step in Stradigi AI’s development is a natural evolution of our partnership.
“We know that the Kepler AI platform meets a real need for businesses looking to further personalise their brand experience by increasing the relevance of their messaging. And, we are committed to supporting its North American launch.”