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Academics, CEOs push for AI regulation, as Canadian companies race to adopt the technology (BETAKIT)
The proposed Artificial Intelligence and Data Act (AIDA) is meant to protect Canadians by ensuring high-impact AI systems are developed and deployed in a way that identifies, assesses, and mitigates the risks of harm and bias.
AI Drake just set an impossible legal trap for Google (THE VERGE)
There’s a new track called “Heart on My Sleeve” by a TikTok user called @ghostwriter877 with AI-generated vocals that sound like Drake and The Weeknd. The song mysteriously blew up out of nowhere over the weekend.
It is the start of a problem that will upend Google in one way or another — and it’s really not clear which way it will go.
Miovision acquires Global Traffic Technologies, raises $260 million from Telus, Maverix, EDC (BETAKIT)
The acquisition is Kitchener-based Miovision's fourth to date and makes the company one of North America’s leading smart city equipment vendors, according to The Globe and Mail.
Osler's market-leading Emerging and High Growth Companies Group has released its second annual Deal Points Report: Venture Capital Financings, a study of 353 anonymized venture capital and growth equity financings from 2020 to 2022, valued at more than US$6 billion.
This comprehensive report is a must read for founders, entrepreneurs, investors and advisors who are contemplating transactions in 2023 and beyond.
Read the Deal Points Report now.
Ericsson to invest $470-million for research and job creation at Ottawa, Montreal facilities with federal funding
(THE GLOBE AND MAIL)
Ericsson chief executive officer Börje Ekholm said the company decided to invest in Canada because of the tech talent and cultural fit. Already, Ottawa is Ericsson’s largest research and development facility in North America.
Yung Wu to depart as MaRS CEO at end of 2023 as innovation hub begins search for next leader (BETAKIT)
Over the past five-plus years, Wu guided MaRS through the pandemic, helped MaRS launch its flagship scale-up program, a climate impact program, biotech accelerator, cleantech accelerator, Graphite Ventures, a $100 million private venture capital fund, and open a new waterfront campus.
Google looks to turbocharge AI efforts with combined Brain, DeepMind Unit (THE WALL STREET JOURNAL)
Google said the new unit, Google DeepMind, would combine the existing Brain and DeepMind research groups into one team. The unit will be led by Demis Hassabis, the co-founder and CEO of DeepMind, which Google purchased for about $500 million in 2014.
AI beauty lab Omy raises $11 million CAD to expand personalized skin care product line in North America (BETAKIT)
In collaboration with dermatologists, Omy has developed an AI-powered virtual skin consultant, which is able to conduct consultations with users to find the best ingredients for their skin care products.
Omy has raised over $13 million in total funding to date, which includes $2 million in grants and subsidy funding, as well as raising $50,000 in equity financing in 2019.
How will Canada regulate AI? Ottawa will figure it out later
(THE GLOBE AND MAIL)
The Artificial Intelligence and Data Act (AIDA) is a component of Bill C-27, which also deals with consumer privacy and data protection. AIDA has been criticized by some experts for its vagueness and willingness to leave crucial details to sort out later.
Raghwa Gopal to retire as head of Innovate BC, kicking off search for new leader (BETAKIT)
Innovate BC has announced Raghwa Gopal, its president and CEO, is retiring in August.
Gopal was appointed to lead Innovate BC in 2019 after the organization’s previous CEO, Shirley Vickers, resigned at the beginning of that year.
AI-for-auditors startup MindBridge scores global deal with KPMG
(THE GLOBE AND MAIL)
Accounting giant KPMG International Ltd. is set to add the power of artificial intelligence to its financial audits globally, incorporating software from rapidly-growing Ottawa AI company MindBridge Analytics Inc. into workflows.
MindBridge's AI software helps auditors by automatically reviewing all accounting entries in an assignment, flagging irregularities or questionable entries for them to examine.
Fairly AI raises $2.2 million CAD to help AI firms comply with forthcoming regulatory requirements (BETAKIT)
Fion Lee-Madan, COO and co-founder of Fairly AI, told BetaKit in an interview: “We are not here to stop or slow down innovation. We’re here to help accelerate the safe adoption of AI.”
A father of AI looks on from Montreal, sick with worry (THE LOGIC)
Yoshua Bengio, one of the world’s foremost artificial intelligence (AI) experts, is once again worried about the beast he helped spawn. The forces that pushed Google and Facebook into our lives already have their grip on the new AI technology.
Mila secures $21 million from Québec government to support ethical AI research, projects (BETAKIT)
The Québec government is investing $21 million over three years into Montreal-based artificial intelligence institute Mila to further advance its work on “socially beneficial AI.”
Mila was co-founded by notable Canadian computer scientist Yoshua Bengio, who is among a syndicate of leaders in the AI community that signed an open letter calling for a six-month pause on the development of advanced AI.
Thinking Through the AI Hype (NEWCOMER)
Normally, the people shilling a technology hype it up and the opponents dismiss it.
In this case, critics are warning that artificial intelligence is going to doom humanity, while OpenAI CEO Sam Altman says stuff like “it is still flawed, still limited, and it still seems more impressive on first use than it does after you spend more time with it.”