CAD $16.5M Funding Allocated to 13 Toronto AI Companies
The Government of Canada has invested nearly CAD $16.5 million across 13 companies in the Greater Toronto Area to enhance AI adoption. This funding is pivotal for accelerating the commercialization of innovative AI solutions in various sectors including healthcare, construction, and energy management.
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The Canadian government, through FedDev Ontario, announced a nearly CAD $16.5 million investment in 13 businesses in the Greater Toronto Area for AI projects. The Vector Institute received the largest share of CAD $4 million to support startups with a program focused on data readiness and AI model development.
Other recipients include Private AI, awarded CAD $2 million for sensitive data handling, and Cosm Medical, which secured just under CAD $2 million for its gynecological device platform. Notable allocations also went to ProteinQure (CAD $1.8 million) for targeted drug delivery, and DMD Building Systems (CAD $1.7 million) for advanced manufacturing automation. This funding indicates a significant push for AI integration across various industries, enhancing operational efficiencies and product innovation.
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