This is not the first time the CDPQ is investing in the AI industry as they previously invested alongside reputable Montreal venture capital firms to provide funding to companies such as Hopper and Breather. However, this marks an important push in further supporting Montreal’s presence as a global leader in AI.
CDPQ’s Venture Capital and Technology team will manage the fund which provides promising companies with additional resources, both financial and otherwise, to expedite their growth. The fund has indicated that it will seek out companies with strong business models, room for accelerated growth, and a proven management team.
CDPQ did not stop there in its announcements. It also revealed the implementation of various initiatives and partnerships aimed at early AI startups. Such initiatives include collaborating with Mila-Quebec AI Institute to house nine startups and provide them with a variety of resources, coaching, and networking opportunities.
The steps taken by the CDPQ further support how the provincial and municipal governments understand the strength of Montreal’s technology sector, particularly AI, and their dedication to continue its expansion.