Canada’s tech scene is buzzing, especially when it comes to artificial intelligence—and one venture studio is leading the charge.
AXL, based in Toronto, just closed a CAD $15 million fund, and it’s setting out to build 50 AI startups over the next five years.
But AXL isn’t your average venture studio.
It’s a place where deep research meets hands-on startup building.
We caught up with Daniel Wigdor, CEO and co-founder of AXL, to talk about what makes the studio different, why he’s betting big on Canadian AI, and what kind of founders catch his eye.
A Professor-Turned-Builder Who’s Bridging Academia and Startups
Before launching AXL, Daniel Wigdor spent most of his career working where research meets real-world use.
As a professor at the University of Toronto, his expertise in human-computer interaction and applied AI laid the foundation for what he’s doing now.
“I’ve always been fascinated by how innovation can actually improve lives,” he explained.
His journey took him from founding Chatham Labs (later acquired by Meta) to helping establish Meta’s Toronto research hub.
That experience, he says, gave him an inside look at how to scale cutting-edge ideas—and build the teams that make it happen.
Now at AXL, he’s applying that same thinking to startups.
“We’re here to take Canada’s world-class AI breakthroughs and turn them into real businesses,” Wigdor said.
Building Startups with AI at Their Core
So what exactly is AXL? In Wigdor’s words, it’s a venture studio—but with a twist.
“We work side by side with founders right from day zero,” he said. “We’re combining academic research, corporate partnerships, and real operational support to launch startups that are built around actual market needs.”
Their ambitious goal? Launch 50 AI companies in five years.
Canada as the Launchpad for Global Ideas
AXL is staying laser-focused on Canada as its home base.
“This country leads in AI and computing research, but we’ve struggled to hold on to our talent and ideas,” Wigdor explained.
With the CAD $15 million they’ve raised, AXL plans to help keep innovation rooted in Canada, especially in sectors like healthcare, legal tech, climate, and enterprise productivity.
“These are areas where real, validated needs exist—and where AI can make a huge difference,” he added.
Startups Get More Than Just Capital
One thing that sets AXL apart is how deeply involved it gets in the startups it backs.
“Yes, we bring capital,” Wigdor said, “but that’s just the start.”
AXL offers help across every part of the startup journey—design, engineering, legal support, sales, governance, mentorship, and go-to-market planning.
They also run an AI Catalyst program, where corporate partners help shape early product direction and often become first customers or long-term collaborators.
“We don’t just invest,” he emphasized. “We build alongside them.”
A Network of LPs That Actually Get Involved
AXL’s limited partners aren’t just names on paper—they’re hands-on contributors.
“These are some of Canada’s most respected builders and investors,” Wigdor said.
“Many have scaled companies themselves, and they understand what it takes to win.”
Their support goes beyond funding—they help AXL connect to real customer needs, identify market gaps, and shape long-term strategies.
What Makes a Founder Stand Out
Wigdor has a clear preference when it comes to the kind of founders he wants to work with.
“I’m drawn to people who are obsessed with the problem they’re solving,” he said.
“Not just the technology, but the user experience, the pain points, the real-world challenge.”
He values clarity, conviction, and humility—and says what turns him off are buzzwords and tech jargon.
“If you really understand a problem, you can explain it simply.”
Building Companies That Solve Real Problems
AXL is starting with startups that address clear and pressing needs.
One of their first is CodeAid, a platform that uses AI to analyze how developers learn and understand code.
From there, it creates personalized, scaffolded educational tools to help them grow faster.
“We’re building tools that actually help people become better developers—not just flashy AI for the sake of it,” Wigdor said.
Betting on Applications Over Infrastructure
Looking ahead, Wigdor is less excited about the infrastructure side of AI—things like foundational models and LLM tooling.
“There’s already a race to the bottom in that space,” he said.
“Too many companies are competing on minor features or price, and that’s not where long-term value lives.”
Instead, he believes the real opportunity lies in AI applications that solve specific, high-impact problems.
“If you look back 20 years, the real winners weren’t the ones building the pipes. It was the ones building what people actually used—think Facebook, not AT&T.”
And that’s where AXL is placing its bets.
Final Word: Building for Canada, Scaling for the World
Wigdor and his team at AXL aren’t just chasing hype.
They’re building companies that bridge deep research and practical utility, all while rooting their impact in Canada.
“The goal is to build ventures that last,” he said.
“We’ve got the talent, the ideas, and now, the capital. It’s time to make it count.”