IVADO labs invests $51 million in AI for 43 projects

MONTREAL— Since 2019, IVADO Labs’ Artificial Intelligence Adoption Program, INVEST-AI has selected and supported the realization of 43 AI projects, totalling $51 million in investments, including $18M in funding provided by IVADO Labs.

“Our government is convinced that Quebec’s prosperity depends on supporting businesses that are committed to innovation. With IVADO Labs’ co-financing program, we are supporting the adoption of artificial intelligence by SMEs throughout Quebec and consolidating our position as a leader in this sector,” said Pierre Fitzgibbon, Quebec Minister of Economy and Innovation in a statement.

Founder and Executive President of IVADO Labs, Ms. Hélène Desmarais, said in a statement that by contributing to the completion of concrete and transformative projects for businesses, this co-investment program facilitates technology transfer in AI and accelerates the development of new expertise.

“By offering technical and financial support to SMEs that are ready to make the leap to AI throughout Quebec, we are lowering the risks and accelerating access to all the advantages offered by AI in terms of productivity and competitiveness, for a remarkable return on investment,” added Desmarais.

According to IVADO Labs, the new projects selected by the company’s investment program demonstrate the diversity of applications offered by artificial intelligence within companies that are as innovative as they are varied.

Funded by the Quebec Ministry of Economy and Innovation, IVADO Labs’ INVEST-AI co-investment program offers companies a reimbursement of up to 50 per cent of the eligible expenses paid by the company for the implementation of an applied artificial intelligence project. According to a statement, the program can also help strengthen the business and technology aspects of the project, including technical reviews or business networking with AI firms that may be involved in the implementation of the project.