Report: AI drives VC investment as Canada hits $900 million USD for second straight quarter

PwC has released its latest MoneyTree report for Q2 2018, founding that the AI sector continued to thrive in Canadian venture capital. AI experienced a 104 percent funding increase in Q2 2018 compared to the last quarter, with $222 million CAD ($169 million USD) invested across 13 deals. Total quarterly deals and investment reached an all-time high this quarter; the second highest quarter was Q2 2017, when $209 million ($159 million USD) was invested across 12 deals, boosted by Element AI's historic Series A. "Approximately half of the deal volume this quarter went to businesses that provide analytics tools to their customers," said Dave Planques, national deals leader at PwC Canada. "These companies are supporting enterprises in making better data-driven decisions." "If you think of this industry as analytics on one end of the spectrum to artificial intelligence on the other, the Canadian tech sector is firing on all of those cylinders."