In partnership with Centech, Boreal Ventures has launched as a new venture capital fund aimed at investing in Quebec tech startups before and at the seed stage.
Boreal has secured an initial investment capital of C $ 26 million from the Quebec Government of Quebec through Investissement Qubec, Teralys Capital, Desjardins Capital, BDC Capital, Hewitt Group, and cole de technologie suprieure.
Little Canadian funding available [deep tech startups].. – David Charbonault, Borial Ventures
The fund, led by David Charbonneau, aims to broadly support the deep tech companies born of Centech, a Montreal-based deep tech incubator, and the Qubecs innovation ecosystem. Prior to founding Boreal, Charbonneau worked for BDC Capitals Industrial, a Cleantech and Energy (ICE) venture fund. BDC Capital is one of the investors especially to the north.
Through the first fund, Boreal Ventures builds a strong deep tech ecosystem and requires a longer and more capital intensive development process than other types of tech startups, the Qubecs innovation ecosystem between deep tech startups Aims to fill the perceived gap in.
Deep tech is a term used to refer to technology solutions based on substantive scientific or engineering challenges, including artificial intelligence (AI), med tech, and advanced manufacturing technology.
According to Charbonneau, cutting-edge innovations are characterized by development cycles that are longer and require more capital than those that are purely software-enabled. Therefore, there is very little Canadian funding available for this type of company.
Charbonault added that, nevertheless, the potential of companies specializing in deep technology is enormous, and what they produce meets the needs of today and tomorrow’s society.
Related: With the help of Shopify co-founder Scott Lake, RiSC Capital has launched a new early stage fund focused on deep technology.
Boreal aims to support high-growth Quebec-based companies, support regional innovation, and emphasize the state’s technology ecosystem. We also plan to promote Quebec internationally in order to retain talent and attract foreign investment.
Richard Chnier, CEO of Centech, said the creation of Boreal will boost the growth fund pipeline by guiding companies to the maturity these investors demand.
Boreal plans to target the deep technology sector, which includes AI, medtech, Industry 4.0, a manufacturing technology that collects data and connects robots to other parts of the manufacturing process, and connected objects. ..
Photo of Centech CEO Richard Chnier (left) and Boreal Ventures managing partner David Charbonneau (right) (courtesy of Boreal)
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