Compute is the technology that powers artificial intelligence (AI). It's the chips and the data centres, the backbone of this transformative new technology. Canada is home to some of the world's best and brightest AI researchers, and Canada is already championing the use of AI. More access to cutting-edge compute infrastructure is crucial to securing Canada's AI advantage and empowering Canadian innovators to thrive.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced an investment of up to $240 million in Cohere, a Toronto-based AI leader-the first investment through the new $2 billion Canadian Sovereign AI Compute Strategy launched yesterday.
Today's investment will enable Cohere to secure enough private capital to incentivize its strategic partners to build a new cutting-edge, multi-billion dollar AI data centre in Canada. The new AI data centre will come online in 2025 and enable Cohere, and other firms across Canada's thriving AI ecosystem, to access the domestic compute capacity they need to build the next generation of AI solutions here at home.
In the competitive global race to discover the next AI breakthroughs, Canada is staying ahead of the pack, with a plan that is already crowding in billions of private investment into Canadian AI.
We are ensuring that Canadian AI innovators and researchers have the tools they need to develop Made-in-Canada AI solutions and compete at the global forefront.
