Microsoft and RBC fueling new Canadian AI investments

One of Canada's largest banks and a multinational software firm are both announcing expanded investment in artificial intelligence (AI) that will include partnerships with Canadian universities, according to announcements made Wednesday morning. Microsoft Corp. just announced its acquisition of Montreal-based AI startup Maluuba Jan. 13 and now it says it wants to double the size of that team over the next two years. That investment will be paired with a $6 million gift to the Universite de Montreal and $1 million to McGill University to be spent on AI research over five years. The announcement was made by Microsoft President Brad Smith from the World Economic Forum in Davos, where he was joined by Navdeep Bains, Canada's Minister of Innovation, Science and Economic Development. "Microsoft's investment is proof of Canadians' world-renowned expertise in artificial intelligence and machine learning," Bains is quoted as saying in a press release.