Posted inData & Artificial Intelligence / Funding

Funding Program for AI Businesses in Vancouver

The Government of Canada has introduced the Regional Artificial Intelligence Initiative (RAII) to bolster AI innovation and adoption in British Columbia. With an investment of over $32 million through Pacific Economic Development Canada (PacifiCan), the initiative aims to support businesses and not-for-profit organizations in commercializing and integrating AI technologies.

Funding Details:

  • Businesses: Eligible for repayable contributions ranging from $500,000 to $3 million per project.
  • Not-for-Profit Organizations: Eligible for non-repayable contributions between $500,000 and $5 million per project.

Program Objectives:

  • AI Commercialization: Assist companies in bringing new AI technologies to market.
  • AI Adoption: Accelerate the use of AI across various sectors to enhance productivity and economic resilience.
  • Ecosystem Development: Support organizations that contribute to the growth of the AI ecosystem in British Columbia.
  • Economic Growth: Generate strong economic outcomes by fostering revenue growth and creating high-quality jobs.

Applications are currently open for not-for-profit organizations on an ongoing basis, while the intake for businesses is presently closed.

This initiative is part of Canada’s broader strategy to maintain its leadership in AI, as outlined in the Pan-Canadian Artificial Intelligence Strategy.

By supporting AI commercialization and adoption, the RAII aims to position British Columbia at the forefront of technological innovation, driving economic growth and enhancing the well-being of its residents.

More Information & Application Form: https://www.canada.ca/en/pacific-economic-development/services/funding/regional-artificial-intelligence-initiative.html