Venture capital for AI companies hit record high in Q2: report

Venture capital investment in Canadian artificial intelligence (AI) companies rose to an all-time high in Q2, says a report from PwC and CB Insights.

AI companies received funding of US$169 million invested across 13 deals, an increase of 104% from the last quarter, says the MoneyTree Report.

Overall, the number of deals to Canadian venture-backed companies rose in the second quarter, from 112 to 116 the report says. The rise occurred despite a 7% drop in the total value of venture capital funding (US$900 million) for Q2 compared with the previous quarter.

Read: Global venture capital investment hits decade high: report

Funding for fintech companies dropped by 10% to US$79 million, says the report. Fintech had 13 deals, an increase from eight in Q1. Mobile and telecom companies had the biggest funding increase (167%) with US$186 million invested across 13 deals.

The biggest market for deals was Toronto with US$290 million invested across 33 deals. The other top Canadian markets were Vancouver, Montreal, Calgary and Quebec City.

The full report can be read here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.