As AI continues to play a vital role in shaping the economy, partnering closely with Radical means ATB can expand its alliances and future acquisitions of emerging technology companies.
FREMONT, CA: ATB Ventures, the Alberta-based financial institution ATB Financial's innovation branch, is making a strategic investment in Radical Ventures to accelerate ATB's growth efforts in advanced Artificial Intelligence (AI) and machine learning.
Toronto-based Radical is a chief AI-focused venture capital company that invests in contractors using artificial intelligence to disrupt markets, including financial services, healthcare, and smart cities. Alongside ATB, partners in Radical's 25 million dollar fund include Canada's biggest CPPIB pension fund and PSP Investments.
"At ATB, we are building, investing and partnering with different technologies to keep Alberta and ATB at the forefront of the digital economy," said Curtis Stange, President & CEO, ATB Financial. "This means leveraging partners like Radical who are investing in startups that have deep technological expertise to offer our customers personalized and innovative services."
As AI continues to play a vital role in shaping the economy, partnering closely with Radical means ATB can expand its alliances and future acquisitions of emerging technology companies. While the pandemic has affected industries around the board, AI-driven technologies and apps are being created and deployed at an exponential pace.
"We're in the midst of a transformative moment. The research coming out of Amii and Alberta's AI ecosystem has the capacity to shape the future of our economy," said Jordan Jacobs, Co-founder and managing partner, Radical Ventures. "Like ATB, we believe smart, patient capital with deep expertise in this space will play an important role in commercializing and transforming massive industries and building world-changing companies."
ATB continues to improve its role in the startup community and remains committed to helping the talented pool of STEAM practitioners in the province. Successful alliances and partnerships with organizations such as Radical ensure that ATB and Alberta-based AI startups continue to expand and succeed internationally. In addition to the strategic advantages of the relationship, ATB's involvement in Radical also underscores the significant connection built on the development and success of Alberta's technology and venture capital ecosystem.