Sunday, July 14, 2024

Sanctuary AI Announces Strategic Financing From BDC Capital and InBC

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Sanctuary AI, a company on a mission to create the world’s first human-like intelligence in general purpose robots, has announced a strategic investment from BDC Capital’s Thrive Venture Fund and InBC Investment Corp. (InBC). This brings the total investment in Sanctuary to over $140 million to date. BDC is Canada’s most active venture capital investor, and InBC is a strategic investment fund created by the Province of British Columbia (BC) to benefit BC. The additional funds will be used to further accelerate Sanctuary’s progress towards bringing AI into the physical world.

Sanctuary’s existing investors include Accenture, Bell, Export Development Canada, Evok Innovations, Magna, SE Health, Verizon Ventures, and Workday Ventures. It also received a $30 million Strategic Innovation Fund (SIF) contribution from the Government of Canada in November 2022.

“Following the incredible impact of pre-trained transformers on the digital world over the last seven years, with acceleration in the last few, we see AI in the physical world as being the next major frontier for impacting the way we work and live.” Said Olivia Norton, Co-founder, Chief Technology and Product Officer of Sanctuary AI. “With aging populations, plummeting birth rates, and a changing view on work, intelligent embodied systems, or general purpose robots will play an important role in provincial and national productivity. We believe that Canada has an opportunity to be a world leader in this space. It is great to work with organizations like BDC and InBC who understand and share this vision.”

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“At BDC capital, we’re proud to invest in Canada’s most innovative women-led businesses, like Sanctuary AI, that are disrupting today’s market. We’re thrilled to support Sanctuary AI’s team as they realize their next groundbreaking achievements.” Said Michelle Scarborough, Managing Partner at BDC Capital’s Thrive Venture Fund.

“We have invested in Sanctuary whose mission is helping to build a new growth industry in British Columbia.” Finished Leah Nguyen, Chief Investment Officer (CIO) at InBC. “Sanctuary is a great example of the creative and innovative spirit in BC, and by investing in leading innovators like Sanctuary we will continue to grow our technology sector, creating new jobs and anchoring IP in the province for a stronger, more sustainable economy that works for everyone.”

Source: PRNewswire

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