The Honourable François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, as well as a number of business partners, were present at SCALE AI’s offices to announce the most significant financing round to date for the organization since its creation. With $117 million in investments, the 15 projects unveiled today further demonstrate the acceleration of AI adoption in manufacturing, retail and agriculture, as well as in the development of innovative AI solutions for businesses. In addition to 9 new AI projects, this announcement also includes further investments in 6 projects already supported by SCALE AI, to enable them to be deployed on a larger scale for the benefit of the entire AI ecosystem.
Since 2019, SCALE AI has supported more than 90 industry projects, with investments totaling half a billion dollars, 62% of which was funded by the industry. This demonstrates that big and small Canadian companies are increasingly relying on AI to fuel their growth, be more efficient and gain leadership on the global scale.
Additionally, these Canadian companies own 100% of the intellectual property (IP) generated and funded in their SCALE AI projects, which is a crucial step towards growing Canada’s global competitive advantage in AI.
The Honourable François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, says: “Investing in innovation, especially in artificial intelligence, is paramount to growing our economy and cementing our position as a global leader. Today’s projects demonstrate how the SCALE AI cluster plays a key role in supporting Canada’s artificial intelligence sector, and ultimately creating highly skilled jobs, a more resilient supply chain and enabling companies to be more efficient and competitive.”
Julien Billot, CEO, SCALE AI, explains: “Over the past years, we have seen an increasing number of Canadian companies develop AI practices and reap the benefits. 2022 was a record-breaking year for the organization with a remarkable total investment of $204 million in 33 industry projects. Through each of these funding round, SCALE AI has contributed to further advancing the adoption of AI for a significant number of companies across Canada. Our team is looking forward to pursuing its work to benefit the entire AI ecosystem in the upcoming years.”
Hélène Desmarais, Co-Chair of the Board of Directors, SCALE AI, adds: “This record-breaking financing round demonstrates the AI ecosystem’s momentum in accelerating the adoption and commercialization of AI across key industries in Canada. SCALE AI investments are having a significant impact on AI commercialization in Canada. In its investment portfolio companies, the work of our Canadian AI talents employed by Canadian adopters and suppliers and the IP property they create, is owned here by Canadian companies, generating economic value and highly skilled jobs for the benefit of our country.”
About Scale AI
As Canada’s AI Global Innovation Cluster, Scale AI (scaleai.ca) acts as an investment and innovation hub that accelerates the rapid adoption and integration of artificial intelligence (AI) and contributes to developing a world-class Canadian AI ecosystem. Based in Montreal and funded by the federal government and the Quebec government, Scale AI works with more than 500 industry partners, research institutes, and other players in the field of AI. The organization develops programs to support investments in companies that implement real-world applications of AI and encourage the emergence of future Canadian flagships in the sector, all while facilitating the development of a highly skilled workforce.
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