Radical Ventures, a venture capital company investing in entrepreneurs employing deep tech to change gigantic businesses, today established a new USD $350 million fund focused primarily on artificial intelligence. Cornerstone LPs include Canada Pension Plan Investment Board (CPPIB), the Public Sector Pension Investment Board (PSP Investments), TD Bank Group and Wittington Investments Limited. "AI is possibly the most disruptive technology because power. It will change the world, affecting everyone, and we're only at the start of its program," explained Jordan Jacobs, managing partner, Radical Ventures. "Toronto and Canada have led the world in creating AI that's disrupting industries from healthcare to finance to clever cities and everything in between. We are currently seeing an explosion of AI startups in Toronto, across Canada and internationally. Radical intends to back the most ambitious founders trying to make a positive effect on the world." Jacobs previously co-founded and was co-CEO of Layer 6, a world-leading AI firm that deployed a proprietary profound learning prediction engine for banks. Layer 6 was obtained 15 months following launch in January 2018 by TD Bank Group in which Jacobs became SVP and primary AI officer (business & strategy). Benji Sucher, former COO of Layer 6, is also a co-founder at Radical and a GP of this new finance. In 2017, Jacobs and Layer 6 co-founder Tomi Poutanen co-founded the Vector Institute for Artificial Intelligence and 2019 Turing Award winner Geoffrey Hinton (frequently called the godfather of both AI), a core set of machine learning academics in The University of Toronto and former TD Bank CEO Ed Clark (now chairman of the Vector Institute). Vector has developed to become one of the world's best AI research associations and helps instruct the next generation of AI leaders. Clark is linking Radical as a partner. Long-time McKinsey & Company Global Managing Director Dominic Barton also unites Radical as senior advisor. Clark and access to their extensive networks and Barton will help portfolio companies by providing advice and mentoring. Poutanen and Layer 6 co-founder and Head of AI Maks Volkovs are also advisors to Radical Fund II. Salim Teja, former president, Venture Services of MaRS Discovery District in Toronto, also unites Radical as partner and general manager. Teja's responsibilities will include overseeing Radical's Impact Team, made to help portfolio companies accelerate their growth.
Concerning Radical Ventures: Radical Ventures was founded in 2017 by Jacobs, Poutanen, Sucher and Volkovs to pool their particular technology investments alongside a small number of outside investors seeking investments in firms developing AI products or applying AI to make a competitive edge in enormous markets. Radical Fund I concentrates on investments. Fund II is focused primarily at Series A point investments with the ability to keep on making investments through its portfolio companies' growth phases.
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February 2019
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