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Mila Ventures operates as the commercialization and venture arm of Mila, the Quebec Artificial Intelligence Institute, which is recognized as one of the leading AI research centers globally. Founded to connect frontier AI science with commercially viable startups, Mila Ventures is situated in Montreal, Canada. The organization was established to convert the rich research environment of Mila into investable companies, thereby retaining AI talent within Canada.
As of 2024, Mila Ventures manages the Venture Scientist Fund, a $100 million USD fund co-managed with Inovia Capital. This fund targets over 55 AI-native companies emerging from Mila and Canada's broader AI research ecosystem, including institutions like Amii in Alberta and the Vector Institute in Toronto. The firm has incubated more than 50 startups, collectively raising over $85 million, demonstrating its commitment to fostering innovation in the AI sector.
Mila Ventures operates several integrated programs, including the Venture Scientist Bootcamp and the Startup Challenge, designed to support early-stage technology companies. The organization is focused on ensuring that the economic value generated by Canadian innovation remains within the country.
Mila Ventures specializes in investing in early-stage technology companies, particularly those that leverage artificial intelligence and machine learning. The firm targets sectors such as AI, healthcare, energy, climate, robotics, and frontier technologies. The investment strategy emphasizes identifying startups at the research-to-company transition point, allowing Mila to engage with companies before they formally exist as legal entities.
The typical check size ranges from $1 million to $2 million, aligning with the fund's pre-seed focus. Mila Ventures aims to convert Canada's exceptional AI research talent into globally competitive deep-tech companies. The organization seeks founders with strong scientific backgrounds and innovative ideas that can lead to significant societal impacts. Mila Ventures prefers to invest in companies that are deeply rooted in scientific research, ensuring a competitive advantage that is difficult to replicate.
Mila Ventures has incubated over 50 AI startups, showcasing a diverse range of applications across various sectors. Notable portfolio companies include:
These companies exemplify Mila Ventures' commitment to supporting AI-native ventures that emerge from scientific breakthroughs, reinforcing the firm's focus on deep-tech innovation.
Stéphane Marceau — Managing Director, AI Ventures. Appointed in 2024, he leads Mila Ventures and is responsible for overall strategy and operations.
Alex Shee — Entrepreneur-in-Residence. Supports fund and portfolio company building, bringing valuable insights and experience to the team.
Isaac Souweine — Advisor. Former partner at Pender Ventures, he provides strategic guidance and industry expertise.
Jonathan Shaanan — Advisor. Former managing partner at Circle K Ventures, he contributes to investment decisions and portfolio management.
Marc Ghobriel — Lead on the Inovia Capital side. As Executive Director of Capital and Strategic Partnerships at Inovia Capital, he co-structures the Venture Scientist initiative, enhancing collaboration between the two organizations.
To pitch Mila Ventures, founders should submit their applications through the Mila Ventures website at mila.quebec/en/mila-ventures. The firm prefers a structured pitch deck that outlines the technology, market opportunity, and team qualifications. While specific response times are not disclosed, it is advisable to follow up if no communication is received within a reasonable timeframe.
Warm introductions are beneficial but not mandatory. Founders should ensure that their applications are thorough and clearly articulate the startup's vision and potential impact in the AI sector.
In 2024, Mila Ventures appointed Stéphane Marceau as Managing Director of AI Ventures, marking a significant leadership change aimed at enhancing the firm's strategic direction. The firm also launched the Venture Scientist Fund, a $100 million USD fund co-managed with Inovia Capital, targeting over 55 AI-native companies.
Recent portfolio activity includes the incubation of notable startups such as Ubenwa, Entalpic, Dreamfold, and Local Energy, all of which exemplify the firm's commitment to supporting innovative AI solutions. These companies have been recognized for their potential to address critical challenges in healthcare, materials discovery, and energy management.
What are Mila Ventures' investment criteria?
Mila Ventures invests in early-stage technology companies, particularly those leveraging artificial intelligence and machine learning. The firm focuses on sectors such as AI, healthcare, energy, climate, and robotics.
How can I pitch to Mila Ventures?
Founders can apply through the Mila Ventures website at mila.quebec/en/mila-ventures. The application process is competitive, and it is recommended to provide a clear overview of the technology and its potential impact.
What makes Mila Ventures different from other investors?
Mila Ventures is embedded within a leading AI research institute, allowing it to identify and support startups at the earliest stages of development. The firm emphasizes scientific rigor and seeks to convert research breakthroughs into commercially viable companies.
What is the typical check size for investments?
The typical check size ranges from $1 million to $2 million, aligning with the fund's pre-seed investment strategy.
What is the geographic focus of Mila Ventures?
Mila Ventures primarily focuses on North America, particularly Montreal and Quebec, while also sourcing from other Canadian AI research institutions.
What kind of support do portfolio companies receive?
Mila Ventures provides significant value through access to top-tier talent, resources, mentorship, and connections to follow-on funding through its partnership with Inovia Capital.
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