INVEST-AI invests in 43 IVADO Labs’ AI Adoption Program projects
Maryam FaragBusiness Operations Electronics Manufacturing AI artificial intelligence Canada COVID-19 Economy electronics investment manufacturing Technology
Since 2019, INVEST-AI has supported the realization of 43 IVADO Labs’ Artificial Intelligence Adoption Program projects, totalling $51 million in investments, including $18 million in funding provided by IVADO Labs.
“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.” said Hélène Desmarais, Founder and Executive President, IVADO Labs.
The projects selected by the IVADO Labs investment program demonstrate the diversity of applications offered by artificial intelligence; from AI-assisted retinal imaging analysis at Iris, to quality assurance automation at Polycor, to automated sorting of recyclable materials at Machinex.
“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.” said Pierre Fitzgibbon, Minister of the Economy and Innovation and Minister responsible for Regional Economic Development.