XLSCOUT joins newly opened MaRS Waterfront high-tech workspace and brings leading advanced technologies to North American market
TORONTO – February 15, 2024 – XLSCOUT, a leading artificial intelligence (AI) platform for technology and competitor analysis and a MaRS Portfolio Company, opened its new North American headquarters in Toronto, Canada in 2023. As one of the most comprehensive and reliable technology search and analytics platforms, the company’s expansion will optimize innovation and accelerate patent monetization for its North American business by leveraging data, advanced AI, and machine learning (ML) technologies.
Toronto is globally recognized for its substantial community of AI/ML experts, academic researchers, and industry champions. With internationally reputable organizations like the Vector Institute extending strategic engagements with founding industry sponsors, there is a race for companies looking to leverage the Toronto Region’s matured AI ecosystem.
XLSCOUT has multiple academic collaborations with leading institutions, like Western University, the Indian Institutes of Technology, and University of Toronto’s Creative Destruction Lab (CDL). It is looking to continue engaging the extensive postsecondary community in the Toronto Region.
The region’s access to a skilled tech talent pipeline, top-notch academic institutions, and diverse population are why it selected Toronto for their North American headquarters. XLSCOUT worked closely with Toronto Global, who has supported the team to establish connections with key organizations and industry professionals in the Toronto Region.
“The best thing about our expansion process was working with Toronto Global’s excellent team of experienced business advisors who introduced us to the incredible collaborators and partners available in this region,” said Sandeep Singh Kohli, Director and Co-Founder, XLSCOUT. “We were amazed to see the rich talent pool, fuelled by a strong university system and the fantastic innovation fostering ecosystem here. All this greatly helped us to smoothly expand our operations in Toronto Region.”
Thanks to the partnership with Toronto Global, it connected with the Growth Services portfolio at the MaRS Innovation Hub, offering support on capital, sales, marketing, talent and recruitment, and regulatory services. The XLSCOUT team has established a research partnership with Mitacs (as a part of Mitacs Accelerate), supported by the Southern Ontario Smart Computing Innovation Platform, on topics about the use of AI and natural language processing (NLP) in patents.
“We are thrilled that it has established its base in the Toronto Region, contributing to the booming AI and advanced technology landscape,” said Stephen Lund, CEO, Toronto Global. “With one of the most diverse and highly skilled workforces in the nation and across the globe, our region is proud to be the home of founding tech leaders who shaped the future of AI. We welcome XLSCOUT to our ambitious business community and look forward to our continued partnership in progressing innovation.”
“With a talented workforce and state-of-the-art research and development facilities, Ontario continues to attract entrepreneurs seeking to develop the technologies of the future,” said Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. “We look forward to seeing it advance our province’s AI landscape and thank them for choosing Ontario for their North American headquarters.”
“At MaRS, we are committed to building a community that meets the diverse needs of our tenants and provides the ideal backdrop for innovation and growth,” says Nina Gazzola, SVP of Innovation Hubs. “We’re thrilled to have XLSCOUT join us at MaRS Waterfront, a great addition to our vibrant ecosystem. We eagerly anticipate the contributions they will bring to our Toronto Waterfront community and look forward to supporting them on their journey.”
The XLSCOUT team is growing with 15 new data scientist positions and has successfully added more than 50 companies across the globe to their client roster. It is leveraging state-of-the-art technologies like Large Language Models and advanced Generative AI to transform various IP workflows. Through its Integrated Innovation & Patent Monetization platform, the company is looking forward to enabling the same success with other organizations.
For more information, please visit www.xlscout.ai.
About XLSCOUT
XLSCOUT is at the forefront of the global innovation and IP industry, harnessing the potential of advanced AI technologies like LLMs to optimize ideation, create high-value patents, and monetize innovation.
The company combines its deep patent domain knowledge and industry experience with cutting-edge AI technologies to develop the most accurate, comprehensive, and intelligent patent database. Moreover, it is proud to engage in research collaborations with esteemed institutions such as Western University, University of Toronto, and Quebec University to continually advance its technologies.
Featured prominently in Forbes, the World Economic Forum (WEF), and most recently, Nikkei, XLSCOUT’s efforts are hailed for revolutionizing the IP industry.
Media Contact:
Hitesh Dadri
Growth Manager, XLSCOUT