SCALE AI announces a major financing round with more than $96M in investments supporting 22 AI projects

Montreal, June 4, 2024 — SCALE AI, Canada’s AI Global Innovation Cluster, is announcing a major financing round with $96 million in total investments to support 22 artificial intelligence (AI) projects in key sectors such as life sciences, retail, manufacturing, transportation and logistics, and agriculture. Each initiative announced today aims to enhance efficiency, safety, and operational excellence thanks to AI-powered services and solutions, further advancing applied AI expertise in the country, to the benefit of the entire Canadian economy.

In a concerted effort to elevate national productivity and tackle Canada’s most pressing societal and economic challenges, AI emerges as a powerful tool to enhance our resource management. The projects selected by the SCALE AI team have been chosen for their potential to deliver concrete economic and human benefits and intellectual property advancements for the players involved and for the Canadian AI ecosystem. From improving supply chain logistics to advancing healthcare outcomes, the technological advances resulting from these projects are set to redefine industry standards and create tangible benefits for businesses and consumers alike.

This is one more step towards the creation of products by Canada’s leading AI providers to accelerate the adoption of AI products here and internationally. By focusing on SMEs, SCALE AI addresses the importance of stimulating domestic AI demand and reinforcing Canadian AI sovereignty amidst international competition.

The Honourable François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, says: “Artificial intelligence is one of the greatest technological transformations of our age, and the variety of projects being announced today demonstrates why the Canadian AI ecosystem is among the best in the world. These projects are providing Canadians with the tools they need to harness the power of AI, while ensuring the technology is safe and secure.”

Julien Billot, CEO, SCALE AI, explains: “The Scale AI team has diligently crafted a suite of promising use cases within our AI ecosystem, fortifying our prowess and propelling Canada to the forefront of the global AI arena. Our initiatives not only showcase our innovative spirit but also signal a future rich with potential, as we continue to unlock groundbreaking opportunities in artificial intelligence.”

Hélène Desmarais, Co-Chair of the Board of Directors, SCALE AI, adds: “The projects supported by SCALE AI are not just about technological advancement; they’re a catalyst for job creation and economic growth, opening up new opportunities for skilled employment in the Canadian AI sector. We are proud to be the best ally for accelerating the adoption of AI by both large and small Canadian companies, and we envision a future where artificial intelligence not only drives economic growth but also fosters an inclusive and innovative society.”

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22 new projects representing investments of $96 million

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