Canadian Government to invest $6.3 million in Montreal AI companies

The Canadian government says it has plans to invest $6.3 million CAD into six artificial intelligence (AI) related businesses in the greater Montreal, Quebec area.

Of the $6.3 million, $5 million is being loaned to the Element AI, with the condition that the money must be repaid at some point. The funding is expected to help the company build a better presence at trade shows and hire an additional 900 employees.

The remaining $1.3 million is being distributed between Imagia, Keatext Inc, ARA Robotic Inc, C2RO Cloud Robotics Inc and Roof Ai.

Across these five companies, the investment is expected to create 77 jobs.

Source: The Government of Canada

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