Montreal-based Scale AI announced recently that it has completed a $117 million financing round, its largest to date. This funding will support 15 AI projects that “demonstrate the acceleration of AI adoption in manufacturing, retail and agriculture, as well as in the development of innovative AI solutions for businesses”.

The announcement was made at the organization’s head office, with François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada as well as business partners in attendance.

Of the 15 projects that this funding will support, nine are new AI projects and six projects already supported by Scale AI will benefit from additional funding, “to allow them to be deployed on a larger scale, for the benefit of the entire artificial intelligence ecosystem”.

“Investments in innovation, especially in artificial intelligence, are essential to growing our economy and strengthening our position as a world leader,” Champagne said. “The projects announced today demonstrate the importance of the Scale AI cluster to the Canadian artificial intelligence scene, and its contribution to the creation of highly skilled jobs, the establishment of a supply chain, as well as business efficiency and competitiveness.”

Scale AI is an innovation cluster specializing in artificial intelligence. It acts as an investment and innovation hub to accelerate the adoption and rapid integration of AI, and contributes to the development of a world-class AI ecosystem in Quebec and Canada. Funded by the federal government and the government of Quebec, it works with more than 500 industry partners, research institutes and other AI players.

Since 2019, the organization has supported over 90 industrial projects, with investments totaling half a billion dollars, 62 per cent of which came from industry. This shows that Canadian companies large and small are increasingly relying on AI to propel their growth, improve their efficiency and gain global leadership, Scale AI said in a press release.

The list of projects supported by Scale AI is available on the organization’s website.

The post Record $117M funding for Scale AI supporting 15 AI projects first appeared on IT World Canada.

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