Launch of the Venture Scientist Fund. From left to right: Deep Saini, president and vice chancellor, McGill University; Chris Arsenault, founder and CEO at Inovia Capital; Evan Solomon, minister of artificial intelligence and digital innovation; Valérie Pisano, president and CEO of Mila; and Daniel Jutras, rector of the Université de Montréal (CNW Group/Mila – Quebec AI Institute)
Mila, a research institute focused on artificial intelligence in Quebec, Canada, is officially launching a previously reported investment vehicle, the Venture Scientist Fund, in partnership with VC firm Inovia Capital.
The Venture Scientist Fund has a $100 million target, according to a press release, though it’s unclear why the amount has been given in US dollars, as the fund aims to back around 55 Canadian startups.
“Mila is devoted to inspiring AI innovation for the benefit of society. The Venture Scientist Fund extends that mission by propelling impactful ideas to move beyond the lab and into the real economy. It is meant to serve as a catalyst for ventures emerging from Mila and across the country.”
Valérie Pisano, president and CEO of Mila
The fund will focus on technologies where scientific expertise is a competitive advantage, such as foundational AI, computational and physical infrastructure, and deep tech.
The Venture Scientist Fund is also integrated with the venture creation programmes and research ecosystems of Canada’s National AI Institutes — Mila, Amii (in Alberta), and Vector (in Ontario) – to help build new spinouts.
It will additionally tap into a network of institutions conducting AI research, including the University of Alberta, University of British Columbia, McGill University, Université de Montréal, University of Toronto, and the University of Waterloo.
Mila has been working on its own fund since October, as The Next Leap reported, when it brought in strategic adviser Jonathan Shaanan to shape its approach.
