AEC invests US$7.5M into Amplitude Ventures US$192M Fund II to support the growth of life
science startups, establishing a full-time Amplitude presence
in Alberta.
EDMONTON, AB, July 16,
2024 /CNW/ - Alberta Enterprise
Corporation (AEC) announced today that it has invested
US$7.5 million into Amplitude
Ventures' US$192-million Fund II to
give early stage Alberta health
and life science startups the continuing opportunity to access
Amplitude's specialized precision medicine expertise and
investment. Amplitude is also establishing a full-time presence in
Alberta with a new hire.
Amplitude Ventures is a full-stack venture capital firm focused
on investing in precision medicine at the intersection of biology
and AI. Since 2019, the firm has invested in entrepreneurs creating
and building precision health companies including Repare
Therapeutics (NASDAQ: RPTX), Abdera, Valence (acquired by
Recursion) and Edmonton's
DrugBank which has developed the world's most comprehensive
drug knowledge platform. AEC invested in Amplitude's first fund and
is returning as an investor in Fund II.
"Alberta life science startups
require access to capital and expertise from specialized life
science investors in order to scale," commented Kristina Williams, CEO, Alberta Enterprise
Corporation. "Amplitude contributes deep expertise to help
Alberta entrepreneurs building new
precision medicine companies which can drive meaningful outcomes in
human health and transform the future of healthcare."
Amplitude is led by partners Dion
Madsen, Jean-Francois
Pariseau, Ali Tehrani and
venture partner, Nancy Harrison.
Madsen began his venture career in Edmonton and sat on the board of BioAlberta.
He expanded his career in San
Francisco, a key life sciences hub, before helping start
Amplitude in 2018. Amplitude built an early connection to
Alberta in 2022 via a strategic
alliance with Edmonton-based
AltaML bringing together the AI and ML expertise of AltaML and the
life science company building expertise of Amplitude. With the
final close of Fund II, Amplitude is announcing the hire of a
full-time investor, Nadia Lachman,
based in Calgary. Lachman, a
University of Calgary alum, brings a
background in health science and biomedical technology and well as
venture capital investment experience.
"Witnessing Alberta's emerging
strength in AI and its application to Precision Medicine, we see an
opportunity here to support entrepreneurs with major growth
aspirations," said Dion Madsen,
Partner at Amplitude Ventures. "We're thrilled to continue
our partnership with AEC and deepen our connections in Alberta, so we can offer local startups access
to the team, the growth model and the investment strategy that has
made us the leading life sciences fund to work within Canada."
"Thanks to Alberta's strong
universities and machine learning community, local teams are
combining knowledge in AI and biotech to build promising health
startups here," said Nate Glubish,
Minister of Technology and Innovation. "This latest investment by
AEC helps ensure that more great research projects coming out of
our post-secondary institutions can commercialize and grow into
successful companies."
About Alberta Enterprise Corporation:
alberta-enterprise.ca
Alberta Enterprise Corporation (AEC) promotes the development of
Alberta's venture capital industry
by investing in venture capital funds that finance technology
companies. AEC focuses on funds that have a strong commitment to
Alberta – including a full-time
presence in the province. In addition to financial capital, AEC
supports Alberta's venture capital
ecosystem by connecting investors, entrepreneurs, and experienced
technology executives who share our passion for building a bright,
innovative Alberta. As of
March 31, 2024, AEC has committed
C$367 million for investment to
thirty-five venture capital funds, covering a diverse range of
forward-looking industries including information technology, energy
and industrial technology, and life sciences.
About Amplitude: amplitudevc.com
Amplitude Ventures is a full-stack venture capital firm using a
unique growth model to build companies with world-class management
teams and to scale companies to breakout potential. With more than
$500 million in assets under
management and offices in Montreal, Toronto, Calgary and Vancouver, Amplitude applies a proven,
evidence-based approach to investing in leading precision medicine
companies.
SOURCE Alberta Enterprise Corporation