SCALE AI announces financing round with $117M in investments supporting 15 AI projects
by CM staff
The 15 projects demonstrate the acceleration of AI adoption in manufacturing, retail and agriculture, as well as in the development of innovative AI solutions for businesses.
From left to right : Julien Billot (Scale AI), Pape Wade (Airudi), The Honourable François-Philippe Champagne (Canada’s Minister), Alexandre Boulerice (Deputy), Hélène Desmarais (Scale AI), Caroline Morissette (McCain), Louis Têtu (Coveo) and Michel Leblanc (Chamber of Commerce of Metropolitan Montreal). (Photo: CNW Group/Scale AI)
MONTREAL — Canada’s Minister of Innovation, Science and Industry, François-Philippe Champagne, as well as several business partners, were present at SCALE AI’s offices to announce the most significant financing round to date for the organization.
With $117 million in investments, the 15 projects 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 nine new AI projects, this announcement also includes further investments in six 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 per cent 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 per cent of the intellectual property generated and funded in their SCALE AI projects, which is a crucial step towards growing Canada’s global competitive advantage in AI.
“Investing in innovation, especially in artificial intelligence, is paramount to growing our economy and cementing our position as a global leader,” said François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry. “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.”
