The Canadian Pension Plan Investment Board is investing in a Toronto-based artificial intelligence company.
The CPPIB entered a $125 million funding round for a Untether AI Corp., a company that creates software and hardware used in AI platforms. The new funding will be used to enhance its software offerings and build a new generation of products, according to a press release.
In the release, Leon Pedersen, head of thematic investing at the CPPIB, said Untether AI’s novel approach to the computational architecture of neural networks has the potential to accelerate the widespread adoption of AI technology. “We seek to invest in innovative companies with strong market opportunities and we are pleased to support this leading Canadian AI technology company.”
In other news, the Public Sector Investment Board participated in a US$200 million ($240 million) Series B investment round for a medical startup providing gene-editing software.
The Massachusetts-based Prime Medicine Inc.’s software edits genetic sequences within the genomes without causing unwanted cellular changes. According to a press release, the software can be used to remove 90 per cent of known disease-causing mutations. It’s currently being used in several drug discovery programs, including ones targeted at liver, eye and neuro-muscular conditions.
The PSP also participated in a US$115 ($140 million) Series A investment round in the company in November. The funds raised by the most recent round will be used to continue building Prime Medicine and to expand the capabilities of the gene-editing platform.