Contribution in Coveo Solutions Inc. will generate significant research and development opportunities in Canada
MONTRÉAL, Sept. 12, 2024 /CNW/ - Artificial intelligence (AI) is one of the greatest technological transformations of our time, enabling economic development and productivity enhancements, as well as new opportunities for workers in various sectors. The federal government is committed to driving the safe, ethical and responsible development and adoption of AI across Canada's economy and society.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced a contribution of $15.2 million through the Strategic Investment Fund to support Coveo Solutions Inc.'s (Coveo) project to enhance its platform with new, cutting-edge AI technology. Coveo's $100 million project will enhance the Coveo Platform with generative AI capabilities and other innovations, allowing enterprises to efficiently develop and deploy AI solutions that will provide personalized user experiences to customers and employees. This project, which aims to build new and exciting AI tools, encourages investment in technical AI resources in Canada. It also allows the opportunity to work closely with Canadian universities and research institutes and keep talented people working in Canada. The project fits with Canada's national plan to be a leader in AI.
The government is committed to maintaining Canada's leadership in AI, with the goal of creating long –term economic growth and high-quality job opportunities. This contribution is expected to create and maintain 590 highly skilled jobs, demonstrating the tangible benefits of supporting AI innovation in Canada. Additionally, the project will foster collaboration between Coveo and Canadian research institutes and universities, further strengthening the country's AI ecosystem through joint research and development activities.
Quotes
"Our government supports AI as a channel for innovation, enabling companies to develop new products that better serve Canadians. This sector is expanding rapidly, and we are investing in exciting ventures to drive economic growth and increase productivity, all while opening up new opportunities for work in a variety of sectors that touch AI."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
"Coveo is thrilled to partner with the Government of Canada. Support through the Strategic Innovation Fund will enable us to accelerate the development of our AI Search and Generative Experience Platform, empowering enterprises to thrive in the generative AI era. We believe that the innovations resulting from this partnership will not only enhance Coveo's competitive edge as a leading Canadian AI firm but also strengthen our ability to expand our workforce and customer base in Canada. Additionally, this investment will allow us to deepen our commitment to applied research, helping to sustain Canada's leadership in the AI sector."
– Laurent Simoneau, Co-Founder, President and Chief Technology Officer, Coveo Solutions Inc.
Quick facts
- Incorporated in 2004, Coveo is headquartered in the City of Québec and currently employs more than 700 people in Canada and around the world. The public company is growing fast and is a globally recognized leader in the application of AI platforms to help businesses deliver competitive, leading e–dge digital experiences.
- Coveo's search and recommendations cloud platform connects all of an enterprise's data sources in a unified index and makes this information available to end users through AI-powered services, delivering personalized and relevant search results.
- This project will enhance the Coveo platform by adding advanced generative AI capabilities and other innovations, allowing enterprises to efficiently develop and deploy AI solutions powered by their entire enterprise knowledge base. This technology platform has the potential to serve as a key pillar of an enterprise architecture to make data available to all AI experiences in a wide range of industries, improve customer service, and enhance how companies manage their data.
- The Strategic Innovation Fund (SIF) supports research, development and the commercialization of new products that pave the way for Canada to be a global innovation leader and attract investments that create jobs. The Government of Canada launched SIF in Budget 2017 to ensure Canada remains a top destination for businesses to invest, grow and create jobs.
- The Pan-Canadian AI Strategy is bridging world-class talent and research capacity with programs to enable commercialization and adoption to help ensure that Canadian ideas and knowledge are mobilized and commercialized here at home.
- Budget 2024 lays out $2.4 billion in investments to help secure Canada's AI advantage by growing Canada's AI sector, helping researchers and businesses develop and adopt AI and build trust.
Associated links
Stay connected
Find more services and information on the Innovation, Science and Economic Development Canada website.
Follow Innovation, Science and Economic Development Canada on social media.
X (Twitter): @ISED_CA | Facebook: Canadian Innovation | Instagram: @cdninnovation | LinkedIn: Innovation, Science and Economic Development Canada
SOURCE Innovation, Science and Economic Development Canada
Contacts: Audrey Milette, Press Secretary, Office of the Minister of Innovation, Science and Industry, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]
Share this article