AI is no longer a futuristic concept; it’s now a current reality. Major players and startups in the industry, such as OpenAI, ServiceNow, and Apple, have invested heavily in the technology, with Canada positioning itself at the center of the conversation. Toronto particularly is making a name for itself as OpenAI chief executive Sam Altman recently expressed his belief that it should be a hub for artificial intelligence research and development. Cross-party parliamentarians have also come together to form a working group focused on furthering the tech, while the 7th annual Toronto Machine Learning Summit provides a platform for industry leaders and innovators to come together and shape the future for ML and AI in Canada.
To build upon the positive traction of this movement, ServiceNow has put forth $1 billion for AI-based enterprise startups, while ChrysaLabs, a Montréal-based agtech startup, has raised a $15 million CAD funding round. Sanctuary AI has also produced a humanoid robot for the “world’s first human-like intelligence,” though its eventual implications remain to be seen.
On the whole, AI startups in Canada raised $225.5 million in the first quarter of 2023, marking a 30 percent increase compared to the previous quarter, according to briefed.in’s report. Québec raised the most investments, though there was an overall decline in venture funding from both before and a year prior. Despite this hiccup, initiatives like Voices.ai, which looks to capitalize on royalties from voice actors, have not met with a positive reception from these individuals, who depend on their voices for their livings.
Overall, AI is a technology already heavily employed by governments and corporations around the world. As the innovation develops further, Canada is on the brink of playing a bigger role in the industry, as major players like ServiceNow and OpenAI continue to invest in it. With Toronto already positioning itself as a hotspot for research and development, and Montréal making waves with startups, Canada looks like it will remain an important player in AI for a while yet.
