Canada is failing to turn world-class AI research into commercial success, according to a new report from Montreal’s Mila and consulting firm Bain & Company. While the country is home to 10 percent of the world’s top AI researchers, it attracts less than two percent of global AI venture capital.
Two-thirds of high-potential Canadian-founded startups are headquartered abroad, draining economic impact. Mila Ventures managing director Stéphane Marceau said the institute is exploring launching a venture fund to close the gap. Mila previously co-founded Element AI, which raised $340 million before being sold to ServiceNow in 2020.
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