01/24/2018 02:58 EST | Updated 01/24/2018 03:00 EST

Canadian VC-backed companies raised US$2.7B in 2017, up from $2.5B in 2016

TORONTO — Venture-backed companies based in Canada raised a record US$2.7 billion in investment funding last year, up from $2.5 billion in 2016, according to a report by PwC and CB Insights.

However, the report noted that the number of deals fell to 333 in 2017 compared with 377 in the year earlier.

The report says artificial intelligence and fintech were bright spots for the market.

Funding to Canadian AI companies totalled $252 million across 31 deals, up from a total of $45 million and 22 deals in 2016.

Meanwhile, funding to Canadian fintech companies increased to $456 million with 37 deals.

That compared with a total of $450 million on 43 deals in 2016.