By Catherine Morin
Stradigi AI, a Montreal-based artificial intelligence provider and research lab, this week announced that it had closed a $53 million in Series A funding round led by Fonds de solidarité FTQ and Investissement Québec.
In addition to the two institutional funds’ collective investment of $26.4 million, financing came from Cossette Inc., Holdun Family Office, Segovia Capital, and Stradigi AI’s co-founders Basil Bouraropoulos and Curtis Gavura.
The company intends to use the influx of capital to accelerate expansion in the North American market and to support the development of Stradigi’s AI platform, Kepler.
Kepler is a software-as-a-service (SaaS) offering, combining software engineering and machine learning algorithms to help businesses such as banks, insurers, and retailers leverage AI to become more efficient.
Basil Bouraropoulos, chief executive officer and co-founder of Stradigi AI, sees Investissement Québec (IQ) and the Fonds de solidarité FTQ (the Fonds) as ideal partners to support the company’s growth strategy.
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“As two of the most respected institutional funds in Canada with diverse portfolios and deep experience with preparing companies for international growth, IQ and the Fonds will bring tremendous value as we execute our strategy to become one of the top three leading platforms in North America,” he declared.
To support this expansion, Stadigi AI is looking to bolster its existing team with 50 newly created positions in marketing, research, sales, and software over the next year.
“We are committed to investing in Quebec’s thriving AI ecosystem, which is why we feel it is so important to help home-grown success stories like Stradigi AI to expand both here and beyond our borders,” noted Guy LeBlanc, CEO, Investissement Québec.
Fonds de solidarité FTQ vice president for investments Emil Savov added: “Having spent the last few years building Kepler, Stradigi AI is very well-positioned to develop its North American foothold to meet growing customer demand. To ensure the future of the AI sector in Québec, this expertise must be further aligned with commercial and strategic goals, which is one of the reasons the Fonds is investing in Stradigi AI.”
Founded in 2005, Stradigi AI has become one of the largest AI laboratories in Canada.
Last month, the company formed a strategic alliance with the professional services network KPMG. This partnership aims to enable both organizations to pursue new business opportunities together by delivering scalable AI solutions as one team.
In May, Stradigi AI had announced the appointment of American rapper Will.i.am, also a tech entrepreneur and AI specialist, to the role of AI Advisor, Bias and Ethics, and his nomination to the advisory board. Will.i.am is also an investor in the company.