IVADO Labs $51M Artificial Intelligence investments

bidar.ca December 10, 2021

ivado

Artificial Intelligence investments

Since 2019, IVADO Labs’ Artificial Intelligence Adoption Program, INVEST-AI has selected and supported the realization of 43 AI projects, totaling $51M in investments, including $18M in funding provided by IVADO Labs.

Pierre Fitzgibbon, Minister of the Economy and Innovation and Minister responsible for Regional Economic Development, said: “Our government is convinced that Quebec’s prosperity depends on supporting businesses that are committed to innovation. With IVADO Labs’ co-financing program, we are supporting the adoption of artificial intelligence by SMEs throughout Quebec and consolidating our position as a leader in this sector.”

Founder and Executive President of IVADO Labs, Ms. Hélène Desmarais, said: “By contributing to the completion of concrete and transformative projects for businesses, this co-investment program facilitates technology transfer in AI and accelerates the development of new expertise. By offering technical and financial support to SMEs that are ready to make the leap to AI throughout Quebec, we are lowering the risks and accelerating access to all the advantages offered by AI in terms of productivity and competitiveness, for a remarkable return on investment.

Projects that demonstrate the diversity of AI applications

The new projects selected by the IVADO Labs investment program demonstrate the diversity of applications offered by artificial intelligence within companies that are as innovative as they are varied. From AI-assisted retinal imaging analysis at Iris to quality assurance automation at Polycor to automated sorting of recyclable materials at Machinex, the integration of AI into operations is enabling new heights in a multitude of industries.

The list of projects is presented here.

Funded by the Quebec Ministry of Economy and Innovation, IVADO Labs’ INVEST-AI co-investment program offers qualifying companies a reimbursement of up to 50% of the eligible expenses paid by the company for the implementation of an applied artificial intelligence project. The program can also help strengthen the business and technology aspects of the project, including technical reviews or business networking with AI firms that may be involved in the implementation of the project. For more information, visit ivadolabs.com/invest-ai

About IVADO Labs (ivadolabs.com)

IVADO Labs acts as an investment and consultant AI firm that accelerates the rapid adoption and integration of artificial intelligence (AI) and contributes to the development of a world-class Québec AI ecosystem. Based in Montreal, funded by the Québec government, IVADO Labs has developed programs aimed at supporting investment projects of companies that implement real-world applications in AI, the emergence of future Québec flagships in the sector, as well as the development of a skilled workforce.

SOURCE IVADO Labs

MONTREAL, Dec. 9, 2021 /CNW Telbec