Amplitude raises $50M to fuel ‘emerging’ Canadian biotech field
Nine months and an IPO since they spun out the Business Development Bank of Canada’s healthcare arm into its own VC, the investors behind Amplitude have raised another $50 million to pour into Canada’s nascent biotech sector.
The new round, part of the CAD $200 million the firm is trying to raise for its first fund, will go primarily toward two areas: what founders Jean-François Pariseau and Dion Madsen see as an “emerging” targeted and cell therapy field in Vancouver and an emerging artificial intelligence field in Montreal. Similar to some of the bigger name VCs to their south, the partners will try to find promising science out of academic and innovation centers in the two metro areas, package them with some complementary and de-risking intellectual property and some new talent, and spin out biotechs.
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