AI Salon x Amiral Ventures @ Mila

AI Salon at Mila

Investor and Founder Perspectives on AI, Capital, and the Future of Company Building

As part of a new edition of AI Salon at Mila, founders, investors, and leading operators came together for a candid conversation about the real state of AI today, beyond headlines, buzzwords, and hype cycles.

Moderated by Éléonore Jarry (Brightspark Ventures), the evening offered a rare and grounded look at how Canadian investors are approaching AI, how scale-stage companies are actually deploying it, and what now constitutes a true competitive advantage in a world where models are rapidly becoming commoditized.

Investor Panel: Investing in AI in a Market of Constant Acceleration

The investor panel brought together Inovia Capital, White Star Capital, and Amiral Ventures—three firms deeply rooted in the Montréal and Canadian ecosystem, yet operating with a global lens.

A shared observation quickly emerged: this is the fastest-moving and most uncertain technology cycle investors have ever experienced. Panelists openly acknowledged that investment theses are evolving continuously—sometimes within just a few months.

Key takeaways from the panel included:

• AI is no longer a niche theme; it now cuts across every layer of the stack, from infrastructure to business applications.

• Foundation models require massive capital and compute intensity, making them difficult to finance outside of hyperscalers—pushing many funds to focus instead on applications, infrastructure, and vertical use cases.

• Despite the excitement, fundamentals still matter: team quality, retention, workflow integration, and measurable value creation remain critical.

A central message resonated clearly: AI does not eliminate the need for discipline. Companies that demonstrate durable impact—beyond early, flashy growth—will be the ones that survive multiple cycles.

Emerging Theses: Data, Verticalization, and Real Value Creation

From Amiral Ventures’ perspective, Dominic Becotte articulated a core conviction: AI has become a universal enabler, but differentiation now lies elsewhere.

In a world where access to models is rapidly democratizing, sustainable advantages are increasingly built on:

• Privileged access to unique, hard-to-replicate datasets

• Deep domain expertise in complex business problems

• The ability to generate clear, measurable ROI for enterprise customers

This view was echoed across the panel, particularly around the rise of vertical solutions—where AI is deeply embedded into mission-critical processes rather than layered superficially on top of existing workflows.

Founder Panel: Building Scalable AI Companies from Montréal

The second half of the evening featured founders from Montréal-based scale-ups including BotPress, Maxa, and Wrk, showcasing a range of paths to building meaningful AI-driven businesses.

Their perspectives highlighted several on-the-ground realities:

• Models and infrastructure are increasingly commoditized; value is created through orchestration, integration, and execution.

• Durable moats often come from distribution, adoption, and functional dependency within customer organizations.

• Montréal offers a rare structural advantage: world-class talent, a competitive cost base, and a now-maturing capital ecosystem.

Several founders also challenged the reflexive pull of Silicon Valley, advocating instead for global ambition without abandoning strong local roots.

Keynote: Sam Ramadori — AI, Responsibility, and Sovereignty

The evening concluded with a compelling fireside chat featuring Sam Ramadori, co-founder of BrainBox AI (acquired by Trane Technologies) and now co-president of LawZero, an initiative led by Yoshua Bengio focused on building safer and more reliable AI systems.

His journey illustrated another vital dimension of the ecosystem: experienced operators who, after building and exiting major technology companies, choose to reinvest their energy into foundational, system-level challenges.

Three powerful themes emerged:

• Autonomous AI unlocks enormous opportunity, but also introduces a new level of responsibility for those who design and deploy it.

• Canada possesses a uniquely strong AI talent advantage—one that remains underestimated internationally.

• The next phase of the ecosystem’s evolution will be defined by turning scientific leadership into enduring companies, platforms, and institutions.

Amiral, Mila, and the Canadian AI Ecosystem

At Amiral Ventures, AI Salon embodies exactly what we aim to foster: a space where researchers, founders, and investors come together to translate scientific excellence into economic and societal impact.

Mila plays a central role in this dynamic—not only as a world-class research institute, but as a catalyst for the next generation of venture scientists and ambitious technology companies.

AI is still in its early innings. But one thing is clear: the companies that will define the next decade will not be those that use AI as a slogan, but those that embed it deeply to create real, durable, and measurable value.