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Zuckerberg Initiative Makes AI Acquisition

The Chan Zuckerberg Initiative, a not-for-profit with the ambitious goal of wiping out disease, has made its first acquisition. The $45 billion philanthropic organization, founded by Facebook's Mark Zuckerberg and his wife, Dr. Priscilla Chan, bought Meta, an artificial intelligence (AI) company with technology that searches scientific literature and even predicts where to look for breakthroughs.

Meta, based in Toronto, uses AI to read scientific papers and deliver insights to researchers in real time. The Chan Zuckerberg Initiative plans to make the technology available free to the scientific community, according to an announcement Monday from iGan Partners, lead investors in Meta.

Meta's earliest backers include iGan, which led the seed round and participated in every financing since, as well as Rho Canada Ventures, Horizon Ventures, Everline Investments and angels. It was founded in 2010, with about $10 million total investment, and about 21 employees.

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