Radical Ventures raised more than $1B for Breakouts, a fund for late-stage AI companies that’s already the biggest venture fund in Canadian history, and it’s aiming for $4B, according to Murad Hemmadi at The Logic. Canadian pension managers CPP Investments and PSP Investments are among the fund’s backers, as are TD and BMO. Breakouts will start with 12 companies, some of them already in Radical’s portfolio, and Radical has moved its existing stakes in Jeff Dean’s Discovery Loop and Nvidia challenger Etched into the new fund. AI startups are raising far bigger rounds far more often than software companies did, and Etched alone has announced $1.8B across three rounds in the past three months.
