The INVEST-AI program is IVADO Labs’ investment fund with a mission to help Quebec companies, particularly small and medium-sized enterprises, propel their performance by applying AI techniques to their processes. Since 2019, the AI adoption program has selected and supported the completion of 43 AI projects, totaling $51 million in investments, including $18 million in funding provided by IVADO Labs. This powerful lever for the adoption of AI technologies in Québec companies will enable them to contribute even more to Québec’s socio-economic growth.
The Institut de valorisation des données (IVADO) is an initiative of HEC Montréal, Polytechnique Montréal and Université de Montréal that brings together more than 140 industrial, academic and government partners. With more than 1450 scientists, IVADO is a centre of advanced and multidisciplinary expertise in the fields of statistics, artificial intelligence and operations research.
IVADO Labs has developed programs aimed at supporting investment projects by companies implementing concrete AI applications, the emergence of future Quebec flagship companies in the sector, as well as the development of a qualified workforce, including the INVEST-AI program.
The INVEST-AI program
This program, funded by the Ministère de l’Économie et de l’Innovation du Québec, has four main objectives:
- Improve the productivity and competitiveness of Quebec businesses through the application of AI
- Enable businesses to implement AI solutions in the short term (maximum of two years)
- Provide companies with the capacity to ensure the operation of the AI solutions developed
- Spreading the transformation through AI to other areas of the business
It provides:
- Financial support for AI projects by reimbursing a portion of project costs (up to 50% of eligible project costs, to a maximum of $1M)
- Advice on identifying and defining the company’s project for the use of AI
- Contact with firms specializing in AI and likely to participate in the implementation of the project
- Business and technical support for companies during and after project implementation.
Pierre Fitzgibbon, Minister of the Economy and Innovation and Minister responsible for Regional Economic Development, said:
“Our government is convinced that Québec’s prosperity depends on supporting businesses that take the path of innovation. With the IVADO Labs co-funding program, we are supporting the adoption of artificial intelligence by SMEs throughout Québec and consolidating our position as a leader in this sector.
Projects that reflect the diversity of AI applications
The new projects selected by the IVADO Labs investment program demonstrate the diversity of applications offered by artificial intelligence within companies that are as innovative as they are varied. From AI-assisted retinal imaging analysis at Iris, to quality assurance automation at Polycor, to automated sorting of recyclable materials at Machinex, the integration of AI into operations is enabling new heights to be reached in any industry.
Founder and Executive President of IVADO Labs, Ms. Hélène Desmarais, points out:
“By contributing to the realization of concrete and transformative projects for companies, this co-investment program facilitates technology transfer in AI and accelerates the development of new expertise. By offering technical and financial support to SMEs, from all over Quebec, that are ready to make the leap to AI, we are lowering the risks and accelerating access to all the advantages offered by AI in terms of productivity and competitiveness, for a remarkable return on investment.”
The list of projects can be found here.
Translated from Québec : IVADO Labs, via INVEST AI, et le Gouvernement soutiennent 43 projets en IA
