Trudeau announces $1.8B package to boost Canada’s AI sector

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Canada is launching a money to put successful AI infrastructure, turn startups, and make a caller AI information institute, among others.

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Trudeau announces $1.8B bundle  to boost Canada’s AI sector

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Canada is committing $1.76 cardinal (2.4 cardinal Canadian dollars) of its national fund to boost its artificial quality assemblage and support the country’s “competitive edge” successful AI.

The authorities unveiled a caller bundle of measures, including investing successful artificial intelligence-related startups, medium-sized businesses, and probe firms to “secure Canada’s AI advantage.”

“The accelerated beforehand of generative AI contiguous volition unlock immense economical imaginable for Canada, importantly improving productivity and reducing the clip workers person to walk connected repetitive tasks,” the country’s premier curate Justin Trudeau said successful an April 7 statement.

In Montreal, PM Justin Trudeau announces a $2.4-billion bundle from the upcoming national fund to physique capableness successful artificial intelligence.#cdnpoli pic.twitter.com/AbNlOrX2kd

— CPAC (@CPAC_TV) April 7, 2024

The bundle volition spot $1.47 cardinal invested into gathering computing capabilities and different AI-related infrastructure done the country’s caller AI Compute Access Fund, which volition beryllium utilized to enactment the country’s starring AI researchers and startups.

Another $147 cardinal volition beryllium dedicated to AI startups successful the agriculture, cleanable technology, healthcare and manufacturing industries, portion $73.5 cardinal volition beryllium handed to tiny and medium-sized AI scale-up companies to boost productivity.

“This volition make good-paying opportunities for each generation, boost innovation crossed the economy, rise productivity, and accelerate economical growth.”

Many developments successful cause discovery, vigor ratio and lodging innovation person already been leveraged by AI successful the country, Trudeau noted.

The money volition besides code workers who whitethorn beryllium impacted by the AI boom — which volition person up to $36.8 cardinal nether Canada’s Sectoral Workforce Solutions Program to re-train and re-skill crossed a scope of antithetic industries.

Employees successful the film and animation industries are astir astatine hazard of losing their jobs to generative AI, according to a caller study from consultancy steadfast CVL Economics.

The remaining $36.8 cardinal volition beryllium utilized to make a Canadian AI Safety Institute to further the harmless improvement and deployment of AI.

Canada claims it was the archetypal state successful the satellite to present a nationalist AI strategy erstwhile it introduced the Pan-Canadian Artificial Intelligence Strategy successful 2017, aimed astatine driving the adoption of AI done probe and commercialization.

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Canada’s AI marketplace is presently worthy astir $7.4 billion, according to information from Statistica, portion the United States marketplace sits astatine astir $106 billion.

Part of Canada’s AI strategy has besides reportedly progressive attempts to recruit respective emerging AI firms from the European Union.

One of Canada’s leading AI start-ups is Tenstorrent, which partnered with South Korean manufacturing conglomerate Samsung past October to assistance “bring the adjacent procreation of AI chiplets to market.”

Two months earlier, Tenstorrent closed a $100 cardinal backing round led by Samsung and the automotive shaper Hyundai.

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