The fund is supported by a $75 million contribution from the Canada Pension Plan Investment Board.
Toronto-based Radical Ventures has closed a US$650 million (C$907 million) fund to invest in early-stage artificial intelligence (AI) companies.
The Canada Pension Plan Investment Board has invested $280 million in Radical's various funds since 2019.
First reported Globe and mail and verified by BetaKit, the fund is supported by a US$75 million contribution from the Canada Pension Plan Investment Board, which has currently invested US$280 million in various radical remedies since 2019.
Radical partner Aaron Brindle told BetaKit that the firm is not allowed to disclose information about its other limited partners (LPs). “Suffice to say, they are large institutional investors, pension funds and endowments,” Brindle said.
Radical launched its third early-stage artificial intelligence fund in 2023 with a target closing price of US$550 million. At the time, Brindle told BetaKit that a “significant portion” of the fund had already been closed, but he did not share a specific dollar amount. Financial Times reported that the family office of former Google CEO Eric Schmidt supported the fund.
Brindle said this new $650 million fund, the fourth in the early-stage category, replaces the 2023 fund and that the new fund will begin investing “immediately.” This fund represents Radical's sixth fund overall and follows last year's. growth fund.
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Founded in 2017, Radical invests primarily in artificial intelligence companies, supporting Canadian startups as well as businesses based overseas. The firm is led by co-founder and managing partner Jordan Jacobs, co-founder of the artificial intelligence research center. Vector Institute and the startup AI Layer 6, which was acquired from TD in 2018. Radical has offices in London and San FranciscoWhere Richa Mehta became her new partner in November.
Radical's portfolio includes many of Canada's hottest AI startups, including Toronto-based Big Language modeler. Approveautonomous driving company Guarand quantum computing firm Xanadu.
Firm launched its fifth and largest fund to date is coming in August 2024: an $800 million growth fund focused exclusively on growth-stage AI startups. Radical's limited partners include TD, Wittington Investments and AI leaders such as Geoffrey Hinton and Fei-Fei Li.
Image courtesy of Radical Ventures.
