Alberta Enterprise Corporation invests US$7.5 million into Amplitude precision medicine fund
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
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