Toronto-based Bank of Nova Scotia has become the latest corporate sponsor of NextAI, a program designed to support Canadian youth and entrepreneurship in the growing field of artificial intelligence (AI), as the bank announced a three-year partnership with the program on Wednesday.
Next Canada developed NextAI in October 2016 with initial sponsorships from Royal Bank of Canada (RBC) and Magna Corp. NextAI, which will launch in February, brings together Canadian and international talent to develop innovations in AI by providing access to capital, mentorship, education and networks.
See: RBC to fund development of machine learning and AI
The program will supply participants with up to $200,000 in funding, access to state-of-the-art technology, mentorship from business leaders and scientists as well as education from some of the top academics working in the field from schools including Harvard, the Massachusetts Institute of Technology, New York University, the University of Guelph and the University of Toronto.
Scotiabank will provide $1 million in funding to NextAI over the next three years as part of its broader commitment to positioning Canada as a leader in the global race in the commercial application of AI.
To date, the funding provided by all corporate partners to NextAI, which includes BDC Capital in addition to Scotiabank, RBC and Magna, totals $5.15 million.
NextAI has also formed technology sponsorships with IBM Canada, Google and NVIDIA, which have committed millions in hardware, access to technology and services. These firms will provide program participants with funding, corporate mentorship and access to industry experts, customer trials and valuable data sets.
“Machine learning and AI are defining a new age in customer service and risk management for the financial services sector,” says Michael Zerbs, executive vice president and co-head of information technology, enterprise technology, with Scotiabank. “With a rich and growing academic and research community, Canada is poised to lead the way globally in AI applications.”
As part of the relationship with NextAI, Scotiabank will participate actively in the program by providing speakers, supporting program participants with industry expertise and hosting events.
“NextAI is proud to work with a digital leader like Scotiabank to advance AI technology and young entrepreneurs in Canada,” says Anthony Lacavera, co-chairman of NEXT Canada and founder and chairman of Globalive Capital. “We have incredible talent and capabilities in this country, and Scotiabank is a key driver in maintaining our place as a world leader in machine learning.”
“AI is one of the most transformational technologies impacting business today, and Canada must remain at the forefront of exploring its commercial and scientific opportunities,” adds Dave McKay, president and CEO of RBC, in a statement. “NEXT Canada has a proven track record of helping foster entrepreneurship in Canada, and by partnering on NextAI we’ll help entrepreneurs from around the world develop their next AI ventures here in Canada.”
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