Edmonton company receives $27M in tech industry investment
The provincial government announced a $100 million investment in Alberta's technology sector on Wednesday.
Published Wednesday, February 13, 2019 3:43PM MST
An Edmonton artificial intelligence company is receiving millions of dollars as part of a five-year provincial investment in Alberta’s tech industry.
The Alberta government is giving a $100-million boost to the budding industry with the hopes of attracting more AI-based companies to invest in the province.
An initial $27 million is going to an Edmonton-based non-profit, Amii—or the Alberta Machine Intelligence Institute.
Amii will be using the money to develop a program that will help companies that want to build their in-house AI capacity and open a new Calgary office.
“Researchers in Alberta are ranked third in the world in artificial intelligence and machine learning—but we can and we must do more,” Premier Rachel Notley said at the announcement in Calgary on Wednesday.
“Just as government has a role to play in fighting for pipelines, in attracting more upgrading and refining, we also have a tremendous opportunity to partner with experts in the private sector and give our job creators a leg up.”
Amii also received a federal commitment of $25 million.
The organization estimates the funding contributions will result in about 5,600 jobs and roughly $1.5 billion in value to Alberta business and Amii-affiliated startups.
“This landmark investment will catalyze economic growth stretching beyond Alberta's machine intelligence sector,” Amii CEO John Shillington said in a statement.
“With this renewed support from the Government of Alberta, Amii will advance transformational business programs offering scientific mentorship and educational opportunities. Together, we’re helping Alberta businesses seize the opportunities presented by machine intelligence.”
The Alberta government also invested $50 million in the tech industry last year.