The difficulties of Stradigi AI are that the intellectual property developed by the Montreal company risks leaving Quebec with large sums of public funds.
“The sad thing is, millions of dollars worth of assets are going to be taken by someone else for just a million dollars,” he lamented yesterday. Log A known source of content on an anonymous situation.
Despite serious efforts, the business still offers a “minimum income”.
Lack of funding
Stradigi AI laid off almost all of its employees, i.e. 50, on Monday. A company that specializes in Artificial Intelligence does not have the necessary funding to continue its operations.
Investment Quebec (IQ) and Funds de Solidarity FTQ each invested $ 13.2 million in Stradigi as part of a $ 53 million financing round completed in 2019.
The three factions said they were dissatisfied with the work of Stadigi AI Management, IQ, Funds FTQ and other shareholders and refused to reinvest funds in the company. Log.
According to our information, Stradigi received a $ 1 million loan from two foreign companies a few months ago – one in the Bahamas and the other in Florida. The loan secures the company’s assets, primarily through its intellectual property.
Last week, two lenders proposed to buy Stradigi AI, in which they promised to re-invest $ 4 million, making it possible to maintain its headquarters and jobs in Quebec.
They later withdrew their offer due to differences between the company’s shareholders.
Other Stradigi shareholders include the company’s co – founders, Basil Bauraropoulos and Curtis Goura, as well as Brendan Holt Dunn, heir apparent to the late Montreal businessman Herbert Samuel Holt.
Other than reversal, everything suggests that Stradigi AI will have to protect itself from its creditors and undergo legal restructuring.
Under such measures, generally secured lenders have the best chance of getting their hands on a bankrupt business.
Mr. Stradigi is the CEO. Bouraropoulos, yesterday rejected the interview request Log.
“Basil is working very hard to save the company,” his spokesman Yannick Deschens assured.
– With Francis Hollin