New Brunswick innovation foundation launches AI fund with support from FEDS
- ByStartupStory | January 22, 2022
The New Brunswick Innovation Foundation (NBIF) has established a new artificial intelligence (AI) fund to nurture more collaboration between industry and academic partners in the Atlantic Canadian province.
NBIF is investing $ 1.36 million in the project and leveraging an additional $ 850,000 from industry and research partners.
The federal Atlantic canda opportunities Agency (ACOA) is providing a non- repayable contribution of nearly $ 997, 000 to the fund and other NBIF programs through its regional economic growth through innovation (REGI)
The fund will be mainly for “ New Brunswick firms, but may also support companies from other parts of Atlantic Canada.
Through the fund, NBIF aims to prop up New Brunswick’s AI capacity.
As NBIF CEO Jeff white, the organisation’s AI fund will “ accelerate the creation and adoption “ of AI through strategic partnerships with academic and research institutions and help train some of the scholars who will role play a “ critical role in bringing these tech solutions to companies.
For the federal government, the investment in NBIF depicts the recent move in its Apprent push to help AI innovation in the country.
Founded in 2003, NBIF is a private, independent organisation that provides venture and research funding.
As NBIF says the organisation has infused over $ 100 million to date, supporting more than 494 applied research projects and the creation of at least 113 new companies.
NBIF aims to furnish a few different forms of targeted funding through the enterprise ranging from pre- voucher to strategic acceleration investment. The organisation plans to determine which investment it will make through specific program by January 31.
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