Minister Bains and MP McGuinty announce investment in Canadian artificial intelligence company

Investment will help strengthen Canadian leadership in artificial intelligence and create well-paying jobs

OTTAWA, June 12, 2019 /CNW/ - Artificial intelligence (AI) is a set of complex and powerful technologies that will touch or transform every sector and industry in Canada. It has the power to help us address some of our most challenging problems, from improving the health care Canadians receive to fighting climate change. That is why the Government of Canada is investing in AI innovation—to create well-paying jobs in an emerging field and generate sustainable economic growth for years to come.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and the Honourable David McGuinty, Member of Parliament for Ottawa South, announced a $14.5 million investment in MindBridge Analytics Inc. This fast-growing Canadian company is developing innovative AI and machine learning applications capable of finding errors and irregularities in huge sets of data, such as fraudulent transactions in financial data.

The investment will support MindBridge's $140.8 million project to develop an innovative software tool powered by AI that will help client companies analyze their own data more effectively and make more informed decisions. The company's innovative software will build on its past success in revolutionizing how AI is used in the field of accounting and will be applicable in a variety of sectors, from insurance and finance to agriculture and energy. For example, energy utilities might use the platform to analyze huge sets of data from the power grid. This would allow them to better observe patterns, improve efficiency and reduce energy use.

Thanks in part to this investment, MindBridge will maintain its 32 existing jobs and create 200 new highly skilled jobs by 2030. Canadians will also benefit from more co-op positions, more collaboration with post-secondary institutions, greater investment in research and development, and more partnerships to support career opportunities in STEM fields.

The project will also further strengthen Canada's global leadership in AI by supporting the development of a made-in-Canada ecosystem of data scientists, developers and designers, as well as building up the cluster of excellence in Ottawa.

Quotes

"Advances in AI mean more than just the development of new products or services. It has the potential to help us solve some of the most difficult challenges we face, while creating good quality jobs and growth across all industries of the economy. 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."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development

"Ottawa's burgeoning AI ecosystem is a just another example of how our highly skilled workforce is coming together to innovate and solve problems. We are proud to invest in home-grown companies like MindBridge, which are putting Ottawa on the map globally and creating hundreds of new well-paying jobs right here in our community."
– The Honourable David McGuinty, Member of Parliament for Ottawa South

"The investment by the Canadian government, matched by private investors, better positions MindBridge Ai to leverage our flexible AI platform to drive the data economies of the future. This project will benefit all Canadians by further strengthening the Canadian AI ecosystem and our leadership position on the world stage."
– Eli Fathi, CEO, MindBridge Ai

Quick facts

• Founded in 2015 in Ottawa, MindBridge is a global leader in AI and machine learning application development. The company's innovative Ai Auditor application is used by more than 260 customers worldwide.
• The Pan-Canadian Artificial Intelligence Strategy supports AI research and talent attraction and retention in Canada, promotes collaboration between Canada's main centres of AI expertise, and positions Canada as a leading destination for companies in this sector.
• On May 21, 2019, Minister Bains launched Canada's new Digital Charter, which includes a set of principles that will help build a foundation of trust in a digital world for Canadians and Canadian businesses. It will guide the Government of Canada's actions as it continues to build an innovative, people-centred and inclusive digital and data-driven economy.
• This investment in MindBridge is made through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments in Canada's most dynamic and innovative sectors.
• In addition to the Strategic Innovation Fund, there are hundreds of programs and services to help businesses innovate, create jobs and grow Canada's economy. With a simple, story-based user interface, the Innovation Canada platform can match businesses with the most fitting programs and services in about two minutes.

Associated link

• Strategic Innovation Fund

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SOURCE Innovation, Science and Economic Development Canada

Dani Keenan, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-1710; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]