U of T strengthens Canadian innovation pipeline through funding, partnerships and research
The University of Toronto marked a series of research and innovation milestones in July, including new support for life sciences startups, a joint venture capital fund, a partnership to advance responsible artificial intelligence and a historic international honour for a U of T mathematician.
The investments in the start-up and scale-up ecosystem from the federal and provincial governments and from the university will ensure that the economic and health benefits of homegrown research benefit Canadians. This innovation pipeline depends on cutting-edge discovery research, also recognized this month when Jacob Tsimerman, a professor of mathematics, won the prestigious Fields Medal, only the second Canadian to ever win what is referred to as the “Nobel of mathematics.”
Together, the announcements this month demonstrate that the University of Toronto is fuelling success for research innovators and Canadian companies, while continuing its leadership in research discovery and teaching.
The highlights
- Federal support for BioLabs University of Toronto: The federal government is investing $1.75 million in BioLabs University of Toronto, the city’s largest shared laboratory incubator. Located in the MaRS Discovery District, the 40,000-square-foot facility is the first Canadian location in BioLabs’ international network and is already home to dozens of early-stage companies. The funding is part of a larger investment of more than $20 million from the Federal Economic Development Agency for Southern Ontario supporting nine organizations in the Greater Toronto Area that are driving productivity, innovation and employment in the region.
- A new venture fund for early-stage life sciences companies: U of T has joined McMaster University, Venture Ontario and Genesys Capital to establish the Genesys University Seed Fund, with support from the Temerty Group and RBC. The fund has made more than $30 million in commitments and will continue to grow. Managed by Genesys Capital, it will provide early-stage financing to university-affiliated life sciences companies developing new treatments, therapies and medical technologies. “If Canada is going to meet the moment in driving greater innovation, it is vital that Canadian discoveries don’t stall at the lab door,” said U of T President Melanie Woodin. “Canada has no shortage of ideas or talent; what we lack is the capital to scale them.”
- A partnership with Cohere to advance responsible AI: U of T has entered into a multi-year partnership with Toronto-based Cohere, which was founded by former U of T students Aidan Gomez, Nick Frosst and Ivan Zhang. Cohere’s North platform will support U of T’s forthcoming enterprise-wide AI platform by connecting trusted information across university systems and co-ordinating complex workflows. The collaboration will support the university’s AI Kitchen, which is being developed as a secure environment for testing responsible, human-centred AI applications.
- A historic Fields Medal for Jacob Tsimerman: U of T mathematics professor and alumnus Jacob Tsimerman received the Fields Medal, becoming the first scholar based at a Canadian institution to win the award since it was established in 1932. Awarded every four years to up to four mathematicians under the age of 40, the Fields Medal recognizes exceptional achievement and the potential for future discoveries. Tsimerman was honoured in part for his work proving the André-Oort conjecture, a long-standing mathematical problem involving connections between geometry and arithmetic.
(Top photo: BioLabs is the city’s largest shared laboratory incubator. Located in the MaRS Discovery District, the 40,000-square-foot facility is the first Canadian location in BioLabs’ international network and is already home to dozens of early-stage companies. Photo by Polina Teif.)