Canada: Artificial intelligent start-up companies receive funding

Some of Canada’s biggest banks, including the Royal Bank of Canada (RBC), Scotiabank and BDC Capital, have teamed up with other major Canadian companies such as Magna International to help fund AI start-ups. The companies are helping fund a program, called NextAI, which will provide individual AI start-ups with grants of up to $200,000, as well as providing access to technology, mentorship, and education. The program aims to encourage the development of machine learning, in which intelligent machines are able to read and comprehend big data sets to identify trends and process patterns.

Machine learning is the tool used by Netflix to help determine what a consumer will next want to watch. Banks are increasingly becoming involved in these sorts of projects because they believe machine learning could assist in improving customer service, with the view that the more they know about their customers, the more they can meet their needs.

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