Intact Financial donates $2.5 million to new AI institute | Canadian Insurance

Intact Financial donates $2.5 million to new AI institute

The Vector Institute is receiving support from a number of financial services institutions as well as the governments of Ontario and Canada

Intact Financial has committed $2.5 million to a new independent research facility that is dedicated to exploring artificial intelligence (AI) and driving the adoption and commercialization of this technology across Canada.

The Vector Institute opened its doors on Thursday at the MaRS Discovery District in Toronto. The institute will work with academic institutions, incubators, accelerators, start-ups, scale-ups and established companies to move its AI research forward.

The initiative is the result of a partnership between governments and the private sector. In addition to a $50-million investment from the Ontario government, the Vector Institute will also receive some funding from the Canadian government’s Pan-Canadian AI Strategy, which was recently announced in the federal budget for 2017 and has a value of $125 million.

The Vector Institute is also benefitting from the contributions of private sector corporations, such as Intact Financial, which is a gold sponsor of the initiative with its commitment of $2.5 million.

Other financial services institutions that are backing the institute include BMO Financial Group, RBC, Scotiabank, TD Bank Group, CIBC, Manulife and Sun Life Financial.

“The Vector Institute will confirm Canada’s world-leading position in the field of deep learning artificial intelligence,” said Ed Clark, chairman of the board of directors at the Vector Institute. “Consequently, it will spur economic growth in Canada by attracting talent and investment, supporting scale-up firms and enabling established firms to be best-in-class adopters of artificial intelligence.”