READ MORENavdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Canada Economic Development for Quebec Regions, announced investments of nearly $6.3 million to support six AI businesses in their efforts to scale up and expand into new markets.
Of this amount, a $5 million repayable contribution will be provided to Element AI Inc., a world leader in artificial intelligence that provides software products to help businesses be stronger, safer and more agile.
This financial assistance will enable Element AI to continue deploying its operations abroad, increase its participation in trade shows, hire artificial intelligence specialists, and purchase computer equipment. It is anticipated this will create approximately 900 new jobs.
In addition, nearly $1.3 million is being provided to support the continued growth of five other innovative artificial intelligence companies in the Greater Montreal area: Imagia, Keatext Inc., ARA Robotic Inc., C2RO Cloud Robotics Inc. and Roof Ai. Combined, these investments are expected to create 77 jobs. ■