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Stradigi AI skill risks leaving Quebec

Stradigi AI skill risks leaving Quebec

Stradigi AI’s difficulties mean the intellectual property the Montreal company has developed, largely with public money, risks leaving Quebec.

“The sad thing is that someone else is going to take away the multimillion-dollar assets, for barely a million dollars,” he lamented yesterday in register A source familiar with the matter, on condition of anonymity.

The person added that despite extensive efforts, the business was still yielding “little return”.

lack of money

On Monday, Stradigi AI laid off nearly all of its employees, 50 people. The company specializing in artificial intelligence no longer has the funds to continue its activities.

Investissement Québec (IQ) and Fonds de Solidarité FTQ each invested $13.2 million in Stradigi as part of a $53 million funding round that completed in 2019.

Three sources said they were dissatisfied with the management of Stadigi AI, IQ, Fonds FTQ and other shareholders, and refused to reinvest the money in the company. register.

According to our information, Stradigi received a loan of $1 million from two foreign companies a few months ago – one based in the Bahamas and the other in Florida. The loan is secured by the company’s assets, in particular intellectual property.

Last week, the two lenders offered to buy Stradigi AI, promising to reinject $4 million into it, which would have made it possible to maintain its head office and jobs in Quebec.

Then they withdrew their offer due to disagreement among the company’s shareholders.

Other Stradigi contributors include the company’s founders, Basil Porropoulos and Curtis Gavora, as well as Brendan Holt Dunn, a descendant of the late Montreal magnate Herbert Samuel Holt.

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Barring a reversal, everything indicates that Stradigi AI will have to protect itself from its creditors and undergo a legal restructuring.

earn creditors

In such proceedings, secured creditors are usually the ones who have the best chance of getting their hands on an insolvent business.

Mr Bouaropoulos, CEO of Stradigi, yesterday declined an interview request from register.

His spokesperson, Yannick Dechen, confirmed that “Basil is working hard to save the company.”

With Francis Hallen

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