For Immediate Release

For Immediate Release

UKAI Projects Announce Agreement in Principle for Significant Investment

June 20, 2024 (20:50 UTC)

Reykjavik, Iceland — UKAI Projects is thrilled to announce that a Toronto-based investment firm with a significant portfolio in real estate, entertainment, and energy development has made a commitment to invest in their organization, contingent upon UKAI demonstrating bench-marked improvements in operations. The investor has requested anonymity at this time.

This news arrives at an especially challenging time for the arts and culture sector, underscoring the unique and ever-growing interest in the arts by both investors and venture capital.

Malcolm Costello, a spokesperson for the investor stated that, “we have a long-standing interest in UKAI’s mission to address issues related to climate change and artificial intelligence.” 

Mr. Costello also remarked that, “in service to transparency, we will be making the conditions of investment publicly available so as to inspire other arts organizations to modernize their practices”.  Over the coming weeks, UKAI Projects will share out the changes they are making and their progress toward the goals set out by this generous benefactor. 

"We are incredibly excited about the opportunity to partner with such a forward-thinking firm", offered UKAI founder and research director Jerrold McGrath. "This expression of interest is a vote of confidence in our work and mission. We are certain that we can meet and surpass the metrics set forth and secure this much-needed influx of capital." 

The leadership team at UKAI Projects is currently in Iceland participating in a month-long residency in collaboration with Icelandic artists. The project, entitled Shipwreck: Iceland, explores culture’s role in supporting communities to live alongside climate change, the explosion in artificial intelligence, and rising authoritarianism across the globe.

Studio director Luisa Ji added that, “this potential funding will enable us to expand our programs, reach new audiences, and further our impact on the cultural landscape. We are very, very excited”.

"We believe that with the right support and resources, the arts and culture sector can thrive even in difficult times," said Kasra Goodarznezhad, prototyping director. "This commitment is a stepping stone towards greater achievements, and we are excited to work towards making this partnership a reality."

A celebration of the partnership is scheduled for September 21, 2024, at UKAI Projects’ studio at 379 Adelaide St. W.

For more information about this announcement or to learn more about UKAI Projects and their initiatives, contact

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