Bank of Montreal is investing in a Radical Ventures fund that aims to support upstart artificial-intelligence companies in Canada and abroad to become the next generation of global tech champions.

The Radical Breakouts fund, a new venture-capital strategy from Toronto-based Radical Ventures, is designed to provide late-stage capital to innovative AI companies looking to scale up. The fund has secured more than US$1 billion in commitments from institutional investors, the bank said.

Investment in the fund is part of an effort by the Bank of Montreal to help bolster innovation in the country and accelerate the commercialization of technologies. The big Canadian lender recently said it plans to mobilize up to 70 billion Canadian dollars (US$50.4 billion) in new capital for sectors deemed critical to Canadian economic security and resilience over 10 years, including AI computing.