A University of Toronto professor has launched a venture studio with the goal of creating 50 AI companies. The initiative aims to establish Toronto as a global AI technology hub, ensuring that Canada benefits economically from its AI research and retains domestic talent. The venture, named Axl, seeks to bridge the gap between academic research and commercial applications by matching real-world business challenges with entrepreneurial talent and cutting-edge AI.
Axl recently secured $15 million in funding, with the studio headquartered at the Schwartz Reisman Innovation Campus. The studio will identify business problems and apply new and existing AI technologies to create commercial opportunities. Axl's leadership team includes entrepreneur Ray Sharma and former Telus executive David Sharma.
Approximately 75% of AI patents produced by Canadian researchers end up in the hands of global tech firms. Axl intends to create opportunities and talent networks within Canada to commercialise AI research domestically. One of Axl's early projects, CodeAid, is an AI-powered educational tool.
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