How SCALE AI's $117M financing round is accelerating AI adoption in Canada's key industries

SCALE AI, a Canadian artificial intelligence (AI) research and development hub, has announced that it has raised $117 million in financing, the largest financing round to date for the organization since its inception. The announcement was made in the presence of the Honourable François-Philippe Champagne, Canada's Minister of Innovation, Science and Industry, and several business partners.

The funding will support 15 AI projects that aim to accelerate the adoption of AI in various industries such as manufacturing, retail, and agriculture. These projects also aim to develop innovative AI solutions for businesses. Additionally, the funding will enable six existing SCALE AI projects to be deployed on a larger scale, benefiting the entire AI ecosystem.

Since its establishment in 2019, SCALE AI has supported over 90 industry projects, with investments totaling $500 million, 62% of which were funded by the industry. This demonstrates that Canadian companies, both large and small, are increasingly relying on AI to fuel their growth, become more efficient, and achieve global leadership.

One of the notable aspects of the SCALE AI initiative is that Canadian companies own 100% of the intellectual property generated and funded in their SCALE AI projects. This is a critical step toward growing Canada's global competitive advantage in AI.

The Honourable François-Philippe Champagne, Canada's Minister of Innovation, Science and Industry, emphasized the importance of investing in innovation, especially in AI, to grow the country's economy and cement its position as a global leader. He praised SCALE AI for playing a key role in supporting Canada's AI sector and creating highly skilled jobs, a more resilient supply chain, and enabling companies to be more efficient and competitive.

Julien Billot, the CEO of SCALE AI, noted that the organization has seen an increasing number of Canadian companies develop AI practices and reap the benefits. In 2022, SCALE AI recorded a total investment of $204 million in 33 industry projects, breaking its previous records. Billot said that the team is looking forward to continuing its work to benefit the entire AI ecosystem in the coming years.

Hélène Desmarais, Co-Chair of the Board of Directors of SCALE AI, added that the funding round demonstrates the momentum of the AI ecosystem in accelerating the adoption and commercialization of AI across key industries in Canada. SCALE AI investments are having a significant impact on AI commercialization in Canada, generating economic value and highly skilled jobs for the benefit of the country.