The New Brunswick Innovation Foundation (NBIF) has launched a new program focusing on artificial intelligence (AI).

Named the AI Fund, it offers programs that will increase AI research in New Brunswick. The program will also focus on building a pool of talent, and support companies looking to adopt AI technology.

Given the fast-growing nature of this technology, AI has the ability to create well-paying jobs and support future innovation. These factors have contributed to the federal government showing support for the project as well.

“This fund will accelerate the creation and adoption of artificial intelligence solutions for companies through strategic partnerships with New Brunswick research experts in our academic and research institutions. Additionally, it will support the training and development of experts who will be critical to delivering these solutions to industry,” Jeff White, CEO of NBIF, said in a statement.

Atlantic Canada Opportunities Agency (ACOA), an agency run by the federal government, is providing $997,000 towards the program. The NBIF is investing $1.3 million. An additional $850,000 is coming from researchers and partners within the industry.

“Adopting AI technologies will increase the resiliency and competitiveness of New Brunswick companies facing ever-changing market conditions,” White said.

Image credit: ShutterStock

Source: ACOA

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