Navdeep Bains, the Minister of Innovation, Science and Economic Development, announced a $14.5 million investment into a Canadian Artificial Intelligence (AI) company MindBridge Analytics.
The company develops AI and machine learning applications.
“MindBridge has already brought revolutionary AI products to market, and we are thrilled to invest in the next phase of their work, as they continue to innovate, grow and create well paying jobs,” said Bains. The minister was accompanied by Liberal MP David McGuinty.
The investment will help maintain MindBridge’s current 32 jobs, and will also create 200 more jobs by 2030.
The company is working on AI applications that will be able to find errors in large amounts of data, such as detecting fraudulent transactions in financial data.
MindBridge will use the investment to support its $140.8 million project aimed at developing a software tool powered by AI that will aid client companies in analyzing their data effectively and allowing them to make better business decisions.
The government hopes the projects will strengthen Canada’s global leadership in terms of AI by supporting a Canadian ecosystem of data scientists and designers.
The news of this investment comes after Minister Bains recently launched Canada’s new Digital Charter on May 21st. The charter details a number of principles that aim to build trust in a digital world for Canadian businesses and Canadians.