Chan Zuckerberg Initiative to acquire VC-backed AI startup Meta


The Chan Zuckerberg Initiative has agreed to acquire Toronto-based artificial intelligence startup Meta. No financial terms were disclosed. Meta’s backers include iGan Partners, Rho Canada Ventures and Everline Investments.

PRESS RELEASE

TORONTO, Jan. 23, 2017 /PRNewswire/ – iGan Partners is thrilled to announce the pending acquisition of its portfolio company, Meta, by the Chan Zuckerberg Initiative. Launched in 2015 by Mark Zuckerberg and Dr. Priscilla Chan, the Chan Zuckerberg Initiative is dedicated to advancing human potential and promoting equal opportunity, with a current focus on scientific research, education, and building strong communities. The goal of their science initiative is to cure, prevent, or manage all diseases by the end of this century.

Meta is Toronto-based technology company that helps researchers understand what is happening globally in science, and shows them where science is headed. Meta uses artificial intelligence to read the world’s scientific papers, understand what is in them, and deliver their insights to researchers in real time. This information can help researchers and experts make faster progress in all areas of science to accelerate medical advances.

As part of the Chan Zuckerberg Initiative, Meta’s capabilities will get united into a single, powerful tool, and be made available to the entire scientific community. The Chan Zuckerberg Initiative and Meta are committed to offering these tools for free to all researchers.

“We are very pleased to have supported Meta from the beginning and through the ups and downs of a start-up. We believe the Chan Zuckerberg Initiative is the perfect home for Meta and it will form the backbone of the Chan Zuckerberg Initiative’s goal to make a dent on disease. We will miss the regular interactions with Sam Molyneux and his team”, said Sam Ifergan, President of iGan Partners.

“We are very excited about what lies ahead”, said Sam Molyneux, Co-founder and CEO of Meta. “Our progress was only possible due to the team, our board, the support of their families and friends, our investors, and the Canadian start-up system.”

Meta’s earliest backers include iGan Partners who led the seed round and has participated in every financing since. Other investors include Rho Canada Ventures, Solina Chau (Horizons Ventures), Everline Investments and many angels.

About iGan Partners (Rowanwood Ventures)
iGan Partners is a Toronto-based venture capital firm that invests in emerging tech companies with a focus on B2B SaaS, and Digital Health. iGan Partners invests in dynamic management teams, empowering them to build impactful businesses by providing smart capital, a unique active management approach and exclusive access to a network of industry partners and sector specific co-investors to help them succeed. (iganpartners.com)

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