Western Economic Diversification Canada Signs Contribution Agreement with AltaML
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 $1 million 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 and Co-CEO 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 a leading developer of artificial intelligence (AI)-powered solutions. Working with organizations that want to use AI to leverage their data to develop solutions that drive tangible business results, AltaML empowers partners to create operational efficiency, reduce risks and generate new sources of revenue. Through a deep understanding of organizational pain points and challenges, AltaML’s solutions encompass the entire machine learning (ML) life cycle, from evaluating potential use cases and determining feasibility to piloting solutions, putting code into production, and ensuring model evolution.