January 19, 2022 News
Amplitude and AltaML form strategic alliance in Alberta
Edmonton / Montreal, January 19, 2022—Amplitude Venture Capital, a full-stack life sciences venture capital firm focused on creating, building, and growing world-class Canadian precision medicine companies and AltaML, a leading applied AI studio driven to elevate human potential, are pleased to announce a strategic alliance aimed at leveraging the great promise of AI and Machine Learning in the biotechnology sector.
“Alberta, through Amii (the Alberta Machine Intelligence Institute) and leading companies like AltaML, has taken it’s place alongside MILA in Montreal and the Vector Institute in Toronto as a globally-renowned Centre of AI and machine learning excellence,” said Nancy Harrison, venture partner with Amplitude. “There’s already a vibrant tech community and world-class medical school in province that, when coupled with this AI leadership and strategic partnerships like the one we’re announcing with AltaML, brings Alberta more fully in to the national dialogue about the convergence of biotech and AI.”
The two companies will share a team member as part of the strategic alliance. AltaML’s Alberta-based data science health lead Alex Hope will act as a catalyst in identifying investment opportunities, primarily in Alberta, and projects where the two companies can work together to create, build, and grow a talent base by combining AI acumen with life science expertise.
“We’ve seen the great impact Amplitude has had in the AI-powered biotech space across the country through new venture creation and acceleration, and we’re so pleased to join forces,” said Cory Janssen, co-founder and co-CEO of AltaML. “There is great strategic value here for both entities as AltaML can provide an AI leadership lens for Amplitude’s portfolio and in turn they can help us develop our already robust life science focus.”
Alberta Enterprise Corporation (AEC), an investor in Amplitude’s first fund, is a great proponent of growing both the AI and life sciences sectors in Alberta.
“We invested in Amplitude last year because of their focus on life sciences and we knew they would share our mission of accelerating the sector in Alberta,” said Kristina Williams, AEC’s president and CEO. “This strategic alliance with AltaML will further their ability to make a difference for Alberta companies.”
Over the past three years, Amplitude has established itself as the preeminent life sciences investor in Canada, creating and financing several leading precision medicine companies. The Amplitude team boasts a wealth of experience as successful investors and company builders and is supported by a world-class advisory board. The Amplitude team and advisory board have built a high performing, high potential portfolio of companies around the clustered theme of targeted and cellular therapy and applied AI and machine learning. Amplitude invests from an oversubscribed CAD$200M first fund that closed in June 2021. Through the fund, Amplitude employs a unique model to accelerate growth of early-stage and emerging Canadian companies like Notch and LQT Therapeutics, and create new companies like Radiant Biotherapeutics in collaboration with leading academic institutions.
“Canada is a world leader in the development of AI in biotechnology,” said Dion Madsen, co-founder and partner at Amplitude. “As the preeminent investor in Canada’s biotech sector, we’re proud to align ourselves with AltaML as a national leader in the artificial intelligence and machine learning space to increase our depth of expertise and to accelerate the growth of portfolio companies. This alliance builds on our existing portfolio of six companies that are already integrating AI as a core part of their technology stack, such as Deep Genomics, Valence Discovery and Repare Therapeutics”
As an applied AI studio, AltaML brings its deep AI bench together with partners’ domain expertise through corporate lab engagements to continuously examine AI use cases and move the most valuable models to integrated solutions. Some opportunities result in spinoffs or joint ventures focused on specific markets, and AltaML provides resources to accelerate the new companies to success. Ventures launched to date include AlphaLayer, BlueMarvel.AI, System-3, Sylvester.ai, and Jurisage, with several more underway.
For more information, contact:
Claire Kay, AltaML External Relations Lead
Jeff Mann, Amplitude Media Relations
Amplitude is a full-stack venture capital firm using a unique growth model to build Canadian companies with world-class management teams and scale companies to breakout potential. With over $300M under management and offices in Montreal, Toronto and Vancouver, Amplitude applies a proven, evidence-based approach to investing in leading precision medicine companies. Visit amplitudevc.com.
AltaML is an applied AI studio driven to elevate human potential, and builds relationships founded on shared beliefs around using AI for good. This work includes accelerating the AI adoption journey for organizations in the private and public sectors as well as growing a portfolio of industry-specific joint ventures to pursue product opportunities. In addition, AltaML operates talent accelerators to increase the pool of industry-ready data science talent while driving partners’ AI experimentation. With offices in Edmonton, Calgary and Toronto, AltaML is scaling rapidly to become the undisputed leader in responsible AI. Visit altaml.com.
ABOUT ALBERTA ENTERPRISE CORPORATION:
Alberta Enterprise Corporation promotes the development of Alberta’s venture capital industry by investing in venture capital funds that finance technology companies. We focus on funds that have a strong commitment to Alberta – including a full-time presence in the province. In addition to capital, we support Alberta’s venture capital ecosystem by connecting investors, entrepreneurs, and experienced technology executives who share our passion for building a bright, innovative Alberta. Since our inception we have committed C$256 million for investment to twenty-four VC funds including Accelerate Funds I, II and III, covering a diverse range of forward-looking industries including information technology, industrial technology and life sciences. Visit alberta-enterprise.ca.