June 10, 2021 News
Western Economic Diversification Canada Signs Contribution Agreement with AltaML
EDMONTON, AB - June 10, 2021 - AltaML, an applied AI studio for product innovation, is pleased to announce the signing of a contribution agreement with Western Economic Diversification Canada (WD) for repayable federal funding of up to one million dollars over three years through the Business Scale-up and Productivity (BSP) program to accelerate AltaML’s development of artificial intelligence (AI) powered products.
As the world shifts into a digital economy, the window of opportunity for AI in business is now, and AltaML is scaling to position itself as a global leader in responsible AI. AltaML operates as an integrated service delivery and product development company, leveraging deep talent and customer relationships to create order of magnitude growth and impact.
In its service business, AltaML works with organizations across industry sectors on AI development and adoption, creating new data-driven advantages to help them compete in the digital economy. AltaML’s approach includes aligning interests, educating on process, and sharing best practices in AI to ensure that partners have a successful AI journey.
AltaML is also developing AI software products for launch into large markets, and WD’s investment has enabled accelerated hiring of highly skilled, product-focused personnel. Repayment will begin one year after project completion by which time product revenue streams will have been established.
“Western Canadian innovators and entrepreneurs have proven time and again that they have the spirit, determination, and expertise needed to develop products and technologies that can thrive in global markets,” said the Honourable Mélanie Joly, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada. “This support will help AltaML commercialize solutions that use artificial intelligence to solve business problems and create long-term value. Our support of collaborative organizations like AltaML will have a ripple effect that results in more modern processes across a variety of industries, ultimately contributing to a stronger western Canadian economy.”
“We have a generational opportunity in Canada to become a global leader in AI,” said Cory Janssen, Co-Founder of AltaML. “AI is not just happening in places like Silicon Valley and Beijing; it’s happening right here, in Edmonton and Calgary. AltaML’s core advantage is local AI talent that is scarce in most parts of the world, and we are applying AI to solve real problems. WD’s investment allows us to build out key teams faster so that we can get products to market sooner, and begin to create wealth from export of our ingenuity.”
AltaML is an award-winning AI software company driven by a purpose to elevate human potential through applied AI. AltaML works with organizations as an invested partner, bringing its deep AI expertise together with partner domain expertise to create productivity-enhancing solutions to complex problems. AltaML’s customers are primarily enterprise-level organizations undergoing digital transformation and looking for predictive value from their data. AltaML is also developing AI software products for large markets. In 2020, AltaML was named one of Canada’s Companies-to-Watch in Deloitte’s Technology Fast 50TM awards, was named a 2020 Responsible AI Award winner by AI Global, now the Responsible AI Institute, and was the winner of Start Alberta’s “Most Significant Cross-Community Collaboration of the Year” award for the AltaML Applied AI Lab. AltaML has offices in Edmonton, Calgary and Toronto.
Claire Kay, External Relations Lead