Stradigi AI, a Montreal-based leader in Artificial Intelligence (AI), today announced that it has closed a $53 million CAD ($40.3 million USD) Series A funding round that will accelerate the company’s expansion in the North American market and support continuous product innovation of their AI platform, Kepler. The Fonds de solidarité FTQ (the Fonds) and Investissement Québec (IQ) led the fundraising, collectively investing $26,4 million CAD. Series A investors also include Holdun Family Office, Segovia Capital Ltd., Cossette Inc., and Stradigi AI’s co-founders Basil Bouraropoulos and Curtis Gavura.
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From left to right: Curtis Gavura, President, CPO and Co-Founder, Basil Bouraropoulos, Chief Executive Officer and Co-Founder, Carolina Bessega, PhD, Chief Scientific Officer and Co-Founder, Jaime Camacaro, PhD, Chief Innovation Officer and Co-Founder. (Photo: Business Wire)
“Investissement Québec and the Fonds de solidarité FTQ, in addition to all the other amazing investors that contributed to this financing, are great partners for Stradigi AI,” said Basil Bouraropoulos, CEO and Co-Founder of Stradigi AI. “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.”
Building on momentum from the recent launch of Kepler, and recently announced partnership with KPMG, the new capital will be leveraged to fuel expansion across North America, building Stradigi AI’s go-to-market strategies, with a core focus on the United States. To support this expansion, Stradigi AI will bolster its existing team with 50 newly created positions in research, software, sales and marketing.
In addition, Stradigi AI will accelerate the evolution of Kepler, its AI platform that combines rigorous software engineering with state-of-the-art algorithms to address the needs of business leaders by expanding its scope to serve business analysts and data scientists. This latest software advancement will help propel Stradigi AI’s position as multifaceted and comprehensive AI solutions provider, driving high-impact business value for leading enterprises.
“Investissement Québec is proud to support Stradigi AI’s success and the development of their platform Kepler that can help businesses to cross the chasm from research to production of AI for some time,” noted Guy LeBlanc, CEO, Investissement Québec. He added, “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.”
“We are very pleased to support Stradigi AI as the Company continues to execute on its ambitious expansion strategy,” said Emil Savov, Vice-President for Investments, Venture Capital, at the Fonds de solidarité FTQ. “Having spent the last few years building its leading platform, 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.”
“Our involvement in this crucial step in Stradigi AI’s development is a natural evolution of our partnership,” explained Louis Duchesne, President, Quebec and East, at Cossette. “We know that the Kepler AI platform meets a real need for businesses looking to further personalize their brand experience by increasing the relevance of their messaging. And, we are committed to supporting its North American launch.”
Canaccord Genuity acted as the financial advisor for the financing.
About Stradigi AI
Stradigi AI is a Montreal-based Artificial Intelligence provider committed to transforming business through smart, easy-to-implement AI solutions. Their AI platform, Kepler, was created for pioneering organizations, infusing revenue-driving AI into multiple facets of business. Kepler empowers teams to make the right decisions at the right times, allowing today’s idea to become tomorrow’s competitive edge. For more information, visit www.stradigi.ai.
About Investissement Québec
Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment. To find out more, visit www.investquebec.com.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2019, the organization had $15.6 billion in net assets, and through its current portfolio of investments supports 215,104 jobs. The Fonds is a partner in 3,126 companies and today has more than 700,000 shareholder-savers.To find out more, visit www.fondsftq.com.