Vaughan-based AI firm Daisy receives $882,000 in FedDev government funding

To stay competitive, Daisy wants to increase presence in both Canada and the United States

Yorkregion.com
Feb. 6, 2019
Sina Al-Shibeeb

The Vaughan-based Daisy Intelligence has received up to $882,000 in FedDev Ontario funding, a statement from Navdeep Bains, Minister of Innovation, Science and Economic Development said on Wednesday, Feb. 6.

FedDev Ontario backs programs and services to spur innovation and economic growth in southern Ontario, Canada’s most populous region, and it's part of Bain’s ministry.

The FedDev contribution is to help Daisy Intelligence scale up and increase its presence in both Canada and the United States. Daisy’s expansion is expected to create up to 29 new highly-skilled Science, Technology, Engineering and Mathematics (STEM) jobs in southern Ontario.

Gary Saarenvirta, Founder and Chief Executive Officer, Daisy Intelligence, said: “We’re excited to see Canada’s AI ecosystem establishing itself as a global leader,” signalling for the company's need to expand.

“Our AI-powered technology delivers exceptional ROI for customers, we see huge opportunities for growth in North America and internationally.”

The grant comes after Daisy Intelligence, an information technology company that uses a cloud-based AI platform to help companies ranging from grocery stores to insurance firms by processing their huge data to understand their customer base, received $5 million in early October after beating 16 other finalists from across Canada in an AI event in Toronto.

Daisy Intelligence also 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.

“Our Government is committed to positioning Canada as a leader in emerging fields like artificial intelligence,” said Bains. “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.”

Meanwhile, the FedDev Ontario’s repayable contribution has also secured an additional $1.76 million in private investment from accredited members of the Oshawa-based Spark Angel Network.

FedDev Ontario is now accepting new projects, using a single application form. For more information, visit www.FedDevOntario.gc.ca.