TORONTO—A new report says Canada’s venture capitalists backed companies received about $1.1 billion from investors in the third quarter of the year, with artificial intelligence firms bringing in a record amount so far this year.
The PwC Canada report says 81 deals in the quarter accounted for a 21 per cent jump in activity and 110 per cent increase in funding from the previous quarter.
The growth comes after two quarters of declining investment, and the quarter represents a two-year high.
PwC Canada says artificial intelligence companies have received a record year of funding in 2017’s first three quarters, accounting for roughly $244 million in 22 deals.
Fintech companies have received about $256 million in 27 deals so far in 2017.
PwC’s national technology sector leader Chris Dulny says in a statement the firm looks forward to a strong ending to the year.