Primal Receives $2.3 Million Financing from BDC – Business Wire (press release)


WATERLOO, Ontario–()–Primal,
an artificial intelligence (AI) company powering the next generation of
consumer and enterprise applications that augment human intelligence,
today announced that it has received a $2.3 million loan from BDC.

With over $25 million in private funding invested in R&D, Primal has
built one of Canada’s most significant international AI patent
portfolios with 148 patents. Primal will use the financing to
commercialize new applications, pursue strategic partnerships, sign
licensing deals, and invest in sales and marketing to drive rapid
adoption of Primal’s technology.

“The Canadian AI landscape is growing rapidly and it is becoming
increasingly important to deliver real value to businesses, consumers,
and governments,” said Pierre Dubreuil, EVP, Financing at BDC. “Primal’s
approach has great potential to contribute to Canada’s position as a
global AI leader and this financing will help them along this path.”

“AI is not about replacing humans but about making humans smarter,
better, faster,” said Yvan Couture, President & CEO of Primal. “We are
excited to receive this support from BDC as it will help us bring AI to
life in meaningful ways; shaping the future of how people perform in
business and everyday life.”

Primal’s augmented intelligence platform uses advanced semantic
synthesis and knowledge representation to understand text in a similar
manner to how the human brain processes and represents information.
Differentiated from common machine learning techniques, Primal does not
require large amounts of training data to understand meaning, which
allows it to address small data environments where more traditional
approaches don’t work.

“Applications that can use this level of personalization are endless,”
said Jeff McDowell, COO of Primal. “It’s like having a conversation with
a friend who knows you well. With small amounts of information, a friend
can make highly relevant recommendations to you by expanding their
thoughts within the context of your likes and interests.”

About Primal:
Primal is an artificial intelligence (AI)
company powering the next generation of consumer and enterprise
applications that augment human intelligence. With over $25 million in
private funding invested in R&D, Primal has built one of Canada’s most
significant international AI patent portfolios with 148 patents.
Primal’s augmented intelligence platform combines advanced semantic
synthesis and knowledge representation to understand text in a similar
manner to how the human brain processes and represents information. To
stay up to date with Primal, visit primal.ai
and follow @Primal
on Twitter.

About BDC:
BDC is the only bank devoted exclusively to
entrepreneurs. It promotes Canadian entrepreneurship with a focus on
small and medium-sized businesses. With its 118 business centres from
coast to coast, BDC provides businesses in all industries with financing
and advisory services. Its investment arm, BDC Capital, offers equity,
venture capital and flexible growth and transition capital solutions.
BDC is also the first financial institution in Canada to receive B Corp
certification. To find out more, visit bdc.ca.



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