BDC Capital achieves Meta exit

Chan Zuckerberg Initiative has acquired research assistance tool Meta for an undisclosed amount, giving Canada's BDC Capital an exit.

Canada-based development bank BDC Capital is set to exit local artificial intelligence (AI) technology developer Meta through an acquisition of undisclosed size by non-profit organisation Chan Zuckerberg Initiative (CZI).

Founded as Sciencescape, Meta uses AI to read scientific papers and digest their content so research teams can receive it in real time, potentially speeding up progress in all areas of science and helping to accelerate medical advances.

BDC Capital invested in Meta as part of a $2.5m round in 2014 that was led by venture capital firm iGan Partners and backed by undisclosed angel investors.

Rho Canada Ventures subsequently led a $6m round in 2015 that included iGan, Western Technology Investment and assorted angels. Other exiting backers include Horizons Ventures and Everline Investments.

CZI was launched in 2015 by Facebook founder Mark Zuckerberg and his wife, philanthropist and paediatrician Priscilla Chan.

The organisation focuses on scientific research, education, and community with a goal of curing, preventing, or managing all diseases by the end of this century. It intends to offer Meta’s technology to scientists and researchers for free.

See more from this Government Report: Canada


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