Canada’s federal government in Ottawa is launching a $2.40 billion fund to invest in the country’s artificial intelligence (A.I.) sector.
Most of the funding ($2 billion) will go towards funding A.I. researchers, start-up companies and other technology firms, according to the government.
The other $400 million will be spent on the creation of an A.I. safety institute for Canada.
In a news release announcing the funding, the government said the money “will help harness the full potential of A.I.”
The funding announcement comes as some groups call for the Canadian government to adopt A.I. regulations.
An “Artificial Intelligence and Data Act” was introduced in Parliament in 2022 but it has not become law and is still under review by legislators.
Canada’s A.I. sector currently employs about 140,000 people and attracted $8.60 billion U.S. in venture capital funding in 2022, according to the government.
News of the A.I. funding comes ahead of the federal government releasing its budget for the 2024-25 fiscal year on April 16.
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