In the news release, Government of Canada makes a contribution to Canadian AI
company to advance digital experiences for enterprises, issued
12-Sep-2024 by Innovation, Science
and Economic Development Canada over CNW, we are advised by the
agency that "Strategic Investment Fund" in the second paragraph
should read "Strategic Innovation Fund." The complete, corrected
release follows:
Government of Canada makes a contribution to Canadian AI company to
advance digital experiences for enterprises
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 Innovation 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
- Strategic Innovation Fund
- Coveo Solutions
- Pan-Canadian AI Strategy
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