The Caisse de dépôt et placement du Québec is entering into a strategic partnership with Mila, the province’s artificial intelligence institute, to support and accelerate the development of AI in Quebec.

Mila will set up the new Axe IA in the O Mile-Ex complex in Montreal. The projects chosen to be housed there will have to demonstrate their potential for technological acceleration and must have a plan for bringing their AI products to market, according to a press release.

Read: Caisse names new executive VP of digital technology and operations

“With this partnership, la Caisse is pursuing its commitment to helping Quebec businesses in this new economy thrive and expand,” said Michael Sabia, president and chief executive officer of the Caisse, noting the goal is to strengthen the collaborative culture between the academic and business communities. “Our approach aims to drive the commercialization of new AI projects in Quebec.”

Following an open application process, which was launched through the partnership, committees established by the Caisse and Mila have assessed the candidates, basing final selection on four criteria: technology, synergy, entrepreneurial team and the company itself. Each company will spend 12 months with access to Mila’s resources, as well as coaching and a network of experts from the Caisse.

Read: Caisse providing $150M in financing to Quebec-based insurer

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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