Sanctuary AI has announced receiving a strategic investment from BDC Capital’s Thrive Venture Fund and InBC Investment. This investment brings the total funding for Sanctuary AI to over $140 million. BDC Capital is Canada’s most active venture capital investor, and InBC is a strategic investment fund established by the Province of British Columbia to support local economic growth. The new funds will help Sanctuary AI advance its goal of developing general purpose robots with human-like intelligence.
Sanctuary AI’s previous investors include Accenture, Bell, Export Development Canada, Evok Innovations, Magna, SE Health, Verizon Ventures, and Workday Ventures. In November 2022, the company also secured a $30 million contribution from the Government of Canada’s Strategic Innovation Fund.
Olivia Norton, Co-founder and Chief Technology and Product Officer of Sanctuary AI, highlighted the potential impact of AI in the physical world, especially in light of demographic changes and evolving perspectives on work. She emphasized that general purpose robots could significantly boost productivity at both provincial and national levels, positioning Canada as a potential leader in this emerging field. Norton expressed appreciation for the support from BDC and InBC, organizations that share Sanctuary AI’s vision.
Michelle Scarborough, Managing Partner at BDC Capital’s Thrive Venture Fund, expressed pride in investing in innovative women-led businesses like Sanctuary AI. Leah Nguyen, Chief Investment Officer at InBC, noted that Sanctuary AI exemplifies the creative and innovative spirit in British Columbia, and that investments in such companies will help grow the technology sector, create jobs, and anchor intellectual property in the province, contributing to a stronger and more sustainable economy.
Photo: Sanctuary AI CTPO Olivia Norton and one of Sanctuary’s Phoenix general purpose humanoid robots (CNW Group/Sanctuary AI)
