FedDev Ontario supports growth of AI technology platform
$882,000 helps IT company to accelerate growth, create skilled jobs and gain North American market share
February 6, 2019 – Concord, Ontario
Artificial intelligence (AI) is transforming industries, opening up more opportunities for businesses and helping to build a stronger, more innovative Canadian economy.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced a FedDev Ontario contribution of up to $882,000 for Daisy Intelligence, an information technology company that uses a cloud-based AI platform, comprised of proprietary algorithms and theories that enhance its approach to machine learning. The model is capable of analyzing large amounts of data to support strategic business decisions such as product mix selection in the retail industry and identification of fraudulent claims in the insurance industry.
The company’s software-as-a-service platform is generating interest from some of North America’s leaders in the retail and insurance industries, and to stay competitive, Daisy Intelligence must continue to innovate and grow.
FedDev Ontario’s contribution is helping Daisy Intelligence to scale up and increase its presence in both Canada and the United States. In addition, this project would create up to 29 new highly-skilled Science, Technology, Engineering and Mathematics (STEM) jobs in southern Ontario.
“Our Government is committed to positioning Canada as a leader in emerging fields like artificial intelligence. FedDev Ontario’s contribution will help Daisy Intelligence to quickly gain access to new markets, which aligns with our plan to turn Canada’s economic strengths into global successes.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario
“We’re appreciative of the support from FedDev Ontario. As our AI-powered technology delivers exceptional ROI for customers, we see huge opportunities for growth in North America and internationally. As important, we’re excited to see Canada’s AI ecosystem establishing itself as a global leader.”
– Gary Saarenvirta, Founder and Chief Executive Officer, Daisy Intelligence
By analyzing 100% of customers’ data, Daisy Intelligence can help grocery retailers optimize their pricing, product selection and demand forecasting, driving significantly higher profits and sales.
By analyzing insurance claims data, Daisy Intelligence can effectively identify potentially fraudulent claims and manage the loss-ratio by improving the accuracy of insurance underwriting.
Daisy Intelligence received the AIconics Award for “Best AI Start-Up” in September 2018; and was named Cool Vendor in AI for Retail by Gartner Inc. in May 2018. FedDev Ontario’s repayable contribution has secured an additional $1.76 million in private investment from accredited members of the Spark Angel Network.
FedDev Ontario is now accepting new projects, using a single application form, through three simplified funding streams that have been designed to meet the needs of innovators and job creators. For more information, visit www.FedDevOntario.gc.ca.
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