The Canadian government is allocating $1.76 billion (or 2.4 billion Canadian dollars) to advancing artificial intelligence (AI) and growing startups.
To “secure Canada’s AI advantage,” the government launched new initiatives, including investments in medium-sized companies, startups, and research organizations.
Canadian Prime Minister Justin Trudeau stated on April 7 that “the rapid advancement of generative AI today will unlock immense economic potential for Canada, significantly improving productivity and reducing the time workers have to spend on repetitive tasks.”
Through the nation’s new AI Compute Access Fund, the package will invest $1.47 billion to enhance computing capabilities and other AI-related infrastructure, supporting the nation’s top AI researchers and entrepreneurs.
Small and medium-sized AI scale-up enterprises will receive $73.5 million to increase productivity. In comparison, $147 million will support AI startups in the clean technology, manufacturing, agricultural, and healthcare sectors.
“This will create good-paying opportunities for every generation, boost innovation across the economy, raise productivity, and accelerate economic growth.”
Trudeau pointed out that the nation has benefited significantly from AI in several areas, including medication development, energy efficiency, and innovative housing.
The fund will also help workers who might be affected by the AI growth; under Canada’s Sectoral Workforce Solutions Program, workers can receive up to $36.8 million for retraining and reskilling in various industries.
According to a new analysis from consulting firm CVL Economics, film and animation workers will most likely lose their employment to generative AI.
Establishing a Canadian AI Safety Institute with the remaining $36.8 million will promote the safe advancement and application of AI.
With the Pan-Canadian Artificial Intelligence Strategy launch in 2017, Canada asserts that it was the first nation in the world to adopt a national AI strategy to promote AI adoption through research and commercialization.
Statistic data indicates that the AI market in Canada is now valued at approximately $7.4 billion, whereas the United States market is roughly $106 billion.
According to reports, recruiting several up-and-coming AI companies from the European Union has been part of Canada’s AI strategy.
Tenstorrent, one of Canada’s top AI startups, joined South Korean manufacturing giant Samsung in October last year to assist in “bringing the next generation of AI chiplets to market.”
Tenstorrent had closed a $100 million fundraising round headed by Samsung and the automaker Hyundai two months prior.
