Canadian health technology companies recently received $25.8 million for artificial intelligence (AI)-related projects from a Vancouver-based lender, funded by the federal government. formerly known as the Digital Technologies Supercluster.
Now renamed the DIGITAL Canada Global Innovation Cluster, the organization has pumped in money through co-investments with Canadian technology companies. Since 2018, it has distributed more than $200 million to companies it deems worth funding.
These announcements come as the federal government has reinforced its commitment to making Canada a global AI hotspot. In April, Prime Minister Justin Trudeau announced a A $2.4 billion package of measures ahead of his government’s 2024 budget to secure what he calls Canada’s AI advantage.
Two of DIGITAL’s recent investments involve Vancouver-based companies.
In April, DIGITAL announced a $3.1 Gotcare-led initiative to enhance Gotcare’s platform with AI-based patient matching capabilities, home healthcare delivery, and virtual assistance through the Gotcare health ambassador network. The money could also be used to help Gotcare turn its AI conceptual model for predictive health monitoring into a marketable product.
RxPx is another company with a presence in Vancouver, as is led by BIV Influential Women in Business winner Lynda Brown-Ganzert. DIGITAL is co-investing $10.5 million in an RxPx-led initiative to use AI to make clinical trials more comprehensive, successful and relevant, in part by improving patient recruitment.
DIGITAL’s other investments are aimed at companies across Canada.
She is co-investing $9 million in an initiative led by Swift Medical, which has offices in Toronto and Chicago. Swift Medical plans to use the capital to develop AI tools to standardize and improve wound care assessments. The work will use Swift Medical’s AI-based technologies to identify wound types and create accurate 3D models. These models are expected to simplify treatment in healthcare settings.
Finally, DIGITAL is co-investing in a $3.2 million initiative led by Montreal-based AlayaCare, which plans to use the money to introduce the world’s first big language-based intelligent AI assistant for home care .
The excitement around AI has been palpable for over a year. In fact, it was BIVthe news of 2023.
OpenAI’s November 2022 launch of its free, publicly available chatbot ChatGPT has inspired many investors to jump into the tech niche. Generative AI Powers Dozens of B.C.-Based Companies.
Signs that AI excitement remains in full bloom came after markets closed this afternoon, when stock market darling Nvidia Corp. (Nasdaq: NVDA) reported quarterly earnings that exceeded already high expectations.
This company makes semiconductor chips designed for use in AI platforms. Its profit amounted to 6.12 US dollars per share, up 461 percent from the same quarter last year. Its revenues increased by 262 percent compared to the same three months of 2023, reaching $26 billion.
Nvidia shares were trading up more than 6% after hours. Prior to the after-hours action, Nvidia shares had risen 97.12 percent year to date and 209.4 percent over the past year.
