CALGARY, AB, Feb. 2, 2021 /PRNewsCentre/ — ATB Ventures, the innovation arm of leading Alberta-based financial institution ATB Financial, is making a strategic investment in Radical Ventures to advance ATB’s innovation efforts in applied AI and machine learning.
Toronto-based Radical is a leading AI-focused venture capital firm investing in entrepreneurs applying artificial intelligence to transform industries including financial services, healthcare and smart cities. Alongside ATB, investors in Radical’s US$325 million fund include Canada’s largest pension fund CPPIB and PSP Investments.
As AI continues to play a critical role in shaping the economy, collaborating closely with Radical means ATB can increase its partnerships and future acquisitions of emerging technology companies. Although the pandemic has disrupted businesses across the board, AI-driven innovations and applications are being developed and adopted at an unprecedented rate.
"At ATB, we are building, investing and partnering with different technologies to keep Alberta and ATB at the forefront of the digital economy," said Curtis Stange, President & CEO of ATB Financial. "This means leveraging partners like Radical who are investing in startups that have deep technological expertise to offer our customers personalized and innovative services."
ATB continues to cement its position in the startup ecosystem and remains committed to supporting the talent pipeline of STEAM professionals in the province. Effective partnerships and connections to firms like Radical ensure that ATB and Alberta-based AI-startups continue to grow and compete, globally.
Beyond the strategic benefits of the partnership, ATB’s investment in Radical also strengthens an important connection building on the growth and success of Alberta’s tech and venture capital ecosystem.
"We’re in the midst of a transformative moment. The research coming out of Amii and Alberta’s AI ecosystem has the capacity to shape the future of our economy," said Jordan Jacobs, co-founder and managing partner of Radical Ventures. "Like ATB, we believe smart, patient capital with deep expertise in this space will play an important role in commercializing and transforming massive industries and building world-changing companies."
About ATB Financial
With $54.9 billion in assets, ATB Financial is an Alberta-built financial institution that is a catalyst for economic growth in our province. We got started in 1938 to help Albertans through tough economic times. Today, ATB’s more than 5,000 team members love to deliver exceptional experiences to nearly 800,000 customers through our many branches and agencies, our 24-hour Client Care Centre, four entrepreneur centres, and our digital banking options. Everything we do is focused on how we can serve Albertans—from providing expert advice and supporting entrepreneurs to helping Albertans buy a home and grow their wealth.
About ATB Ventures
Launched in 2020, ATB Ventures is a diverse team of entrepreneurs, technologists, and data scientists who are seeding growth at the edges of innovation and exploring opportunities beyond financial services. ATB Ventures turns inventions into commercial reality by building, partnering and investing in technology to create the marketable products and services of tomorrow. We harness emerging trends to keep ATB, its customers and Alberta at the forefront of innovation.
About Radical Ventures
Created by AI founders for AI founders, Radical Ventures is an early-stage venture capital firm investing in people applying artificial intelligence to transform massive industries. Radical invests in enterprises shaping the future of how we live, work and play. From healthcare and financial services to infrastructure and manufacturing, Radical partners with entrepreneurs who understand the transformational power of AI. Learn more at www.radical.vc.
SOURCE: ATB Ventures