Canada’s startup scene just got a serious boost with the closing of a $15 million venture fund by AXL, a Toronto-based venture studio focused on turning cutting-edge AI research into real-world businesses.
This isn’t just another tech fund—AXL is setting out to build fifty AI-powered companies within the next five years. Yes, fifty.
From University Labs to Real-World Impact
AXL isn’t starting from scratch.
It’s leveraging deep roots in academia, particularly with the University of Toronto, to bring serious AI research out of the lab and into the marketplace.
Through its AI Catalyst program, AXL works closely with top Canadian companies to explore how artificial intelligence can transform industries.
These companies don’t just consult—they often become the first customers or even strategic investors in the startups AXL helps create.
A Who’s Who of Backers Behind the Vision
The fund is being driven by Daniel Wigdor, who’s not only the CEO and Co-Founder of AXL but also a heavyweight in Canada’s tech innovation space.
He previously founded Chatham Labs, which was acquired by Meta. He also played a key role in launching Meta’s Toronto research hub.
Wigdor is putting his money where his vision is—he’s the fund’s lead investor.
And he’s not the only big name involved.
The investor lineup includes David Martin (Smart Technologies), Gord Kurtenbach (former Autodesk Research head), Joshua Greer (Real-D), Frank Mersch (Front Street Capital), Rob McEwen (McEwen Mining), and a host of leading Canadian AI professors.
These aren’t just financial backers—they’re bringing expertise, influence, and networks to the table.
A Model Designed to Scale Fast
What makes AXL different is its proprietary venture studio model.
Instead of waiting for founders to come to them, AXL actively builds startups by combining university-level research with business insights from Canada’s most forward-thinking companies.
This setup accelerates everything—from ideation to go-to-market strategies—by embedding commercial relevance into the innovation process from day one.
Building More Than Just Startups
With founders like Wigdor, Tovi Grossman, David Sharma, and Ray Sharma at the helm, AXL is aiming to bridge a big gap in Canada: turning world-class AI research into scalable commercial success.
And their ambitions go beyond profits—they want to reinforce Canada’s global position in the AI space, fuel local economies, and inspire the next generation of tech entrepreneurs.
What’s Coming Next?
With funding secured and partnerships forming, AXL is ready to hit the ground running.
Their next step? Launching and scaling the first wave of AI ventures born from this unique blend of academic brilliance and business savvy.
If things go as planned, this could mark a major turning point for Canada’s AI ecosystem—and the global tech world will be watching.