The Canada Pension Plan Investment Board and the Public Sector Pension Investment Board are part of a group investing in a new US$350-million fund focused on artificial intelligence.

Radical Ventures, the company launching the fund, is a venture capital firm that invests in entrepreneurs involved in technology aimed at developing AI products, or applying AI, to create a competitive advantage in large markets.

“AI is perhaps the most disruptive technology since electricity. It will transform the world, impacting everyone, and we are just at the beginning of its application,” said Jordan Jacobs, managing partner at Radical Ventures, in a press release.

“Toronto and Canada have led the world in developing AI that is disrupting industries from health care to finance to smart cities and everything in between. We are now seeing an explosion of AI startups in Toronto, across Canada and globally.”