The federal government has announced more than $1.3 million interest-free loans to help three Saskatchewan companies boost AI innovation in the country.
Eleanor Orssouski, Minister for Prairie Economic Development Canada, said the investment will use AI to support “scaling up and innovation.”
“I think it's a really exciting opportunity for these three Saskatchewan businesses,” Orzewski said in a announcement in Regina on Monday.
Saskatchewan-based Ground Truth Agriculture will receive $586,900 to complete and commercialize its AI-driven grain grading system. Greenwave Innovations Inc. will receive $425,000 to enhance its energy surveillance platform for commercial and industrial buildings. Offstreet Technology Inc. has won $300,000 to enhance its cloud-based guest registration parking technology and expand its North American market.
“They are interest-free, so they can be repaid,” Orzwski said.
“This money is huge for us.”
Ground Truth Agriculture CEO Kyle Folk said funding is coming at a critical time as the company is pushing new technology into the market.
“This money is huge for us,” Falk said. “It allows us to grow beyond the Saskatchewan border.”
According to Fork, the company's AI system automates grain grading. This is a process that has been done by hand for over a century.
“For example, hard red spring wheat has 50-60 visual properties that humans have to look at and evaluate. You can do that through AI and train a model that can identify all of those characteristics,” he said.
Eleanor Orssouski, Minister for Prairie Economic Development Canada, says the funds will accelerate AI adoption and boost the Canadian economy. (Richard Ajektey/CBC)
Olszewski said the money corresponds to a rapidly evolving global market.
“As other companies around the world are starting to use AI, we can't compete unless the productivity increases that will help businesses grow and create jobs,” she said. “We need to stop fearing AI just like we do.”
The three projects are expected to create 50 jobs and generate revenue growth of $30 million, including $5.6 million in exports.
“When we invest in Saskatchewan, we are also investing in the entire Canadian economy,” Orssoukeski said.
