Primal Receives $2.3 Million Financing from BDC
WATERLOO, Ontario--(BUSINESS WIRE)--May 16, 2018--Primal, an artificial intelligence (AI) company powering the next generation of consumer and enterprise applications that augment human intelligence, today announced that it has received a $2.3 million loan from BDC.
With over $25 million in private funding invested in R&D, Primal has built one of Canada’s most significant international AI patent portfolios with 148 patents. Primal will use the financing to commercialize new applications, pursue strategic partnerships, sign licensing deals, and invest in sales and marketing to drive rapid adoption of Primal’s technology.
“The Canadian AI landscape is growing rapidly and it is becoming increasingly important to deliver real value to businesses, consumers, and governments,” said Pierre Dubreuil, EVP, Financing at BDC. “Primal’s approach has great potential to contribute to Canada’s position as a global AI leader and this financing will help them along this path.”
“AI is not about replacing humans but about making humans smarter, better, faster,” said Yvan Couture, President & CEO of Primal. “We are excited to receive this support from BDC as it will help us bring AI to life in meaningful ways; shaping the future of how people perform in business and everyday life.”
Primal’s augmented intelligence platform uses advanced semantic synthesis and knowledge representation to understand text in a similar manner to how the human brain processes and represents information. Differentiated from common machine learning techniques, Primal does not require large amounts of training data to understand meaning, which allows it to address small data environments where more traditional approaches don’t work.
“Applications that can use this level of personalization are endless,” said Jeff McDowell, COO of Primal. “It’s like having a conversation with a friend who knows you well. With small amounts of information, a friend can make highly relevant recommendations to you by expanding their thoughts within the context of your likes and interests.”
About Primal: Primal is an artificial intelligence (AI) company powering the next generation of consumer and enterprise applications that augment human intelligence. With over $25 million in private funding invested in R&D, Primal has built one of Canada’s most significant international AI patent portfolios with 148 patents. Primal’s augmented intelligence platform combines advanced semantic synthesis and knowledge representation to understand text in a similar manner to how the human brain processes and represents information. To stay up to date with Primal, visit primal.ai and follow @Primal on Twitter.
About BDC: BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 118 business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. BDC is also the first financial institution in Canada to receive B Corp certification. To find out more, visit bdc.ca.
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PUB: 05/16/2018 07:00 AM/DISC: 05/16/2018 07:01 AM