Wedoany.com Report on Mar 3rd, The Quebec government in Canada recently announced new funding of $36 million CAD for Mila, an artificial intelligence research institute in Montreal, aiming to solidify the province's global reputation in the field of artificial intelligence. Government representatives, including Minister of Economy and Innovation Jean Boulet, officially announced the news today at Mila's headquarters.

Use of Funds: Strengthening Research Capabilities, Promoting Ethical Development and Technology Adoption

This funding will help Mila strengthen its research capabilities and advance Quebec's progress in the ethical and responsible development of artificial intelligence, while also supporting local businesses in adopting AI technologies. Mila, a top global AI research institute, was founded in 1993 by Yoshua Bengio, one of the "godfathers" of deep learning. It is now a joint initiative of institutions including the University of Montreal and McGill University.

Government Statement: Strategic Choices to Ensure Quebec's AI Leadership

Jean Boulet stated in a declaration: "In a highly competitive global environment, we must make strategic choices to maintain our edge. By supporting Mila, we are consolidating this expertise and ensuring that research results translate into concrete business innovation, skilled jobs, and economic growth in Quebec." This funding comes from Quebec's $7.5 billion CAD five-year innovation strategy, proposed in 2022 by former minister Pierre Fitzgibbon, which aims to incentivize R&D, promote the commercialization of public research, and enhance productivity.

Ongoing Investment: From the 2018 AI Strategy to the Pan-Canadian AI Network

The Quebec government had previously committed up to $80 million CAD to Mila over five years starting in 2018, as part of its artificial intelligence strategy. Mila, along with the Vector Institute in Toronto and the Alberta Machine Intelligence Institute (Amii) in Edmonton, is a recipient of funding under the federal government's Pan-Canadian Artificial Intelligence Strategy, together forming the core network of AI research in Canada.

Accelerating Commercialization: Partnering with Inovia to Establish a $100 Million CAD Venture Fund

Since Hugo Larochelle became Scientific Director, Mila has increasingly focused on the commercialization of AI research. Currently, the institute is collaborating with the well-known Montreal-based venture capital firm Inovia Capital to raise a venture capital fund with a target of $100 million USD. This aims to help researchers translate laboratory discoveries into sustainable business ventures, further propelling AI technology from academic research to industrial application.