Canadian tech company reaches new milestone using blockchain and artificial intelligence solutions
OTTAWA, ON, Feb. 26, 2021 /CNW/ – The Government of Canada turned to the private sector to find ways to improve the end-to-end traceability of the steel supply chain in Canada. By doing so, the government is using its advantage as the country’s single-largest purchaser of Canadian goods and services to support the growth of homegrown innovators and entrepreneurs.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced the selection of Mavennet, which, over the next two years, will refine its prototype for a digital tracing system that uses blockchain and artificial intelligence. This system could be used in the Canadian, and possibly North American, steel supply chain for businesses and government.
This technology could help the Government of Canada’s decision-making process and possibly ease and digitize the procedures for clearing customs. For steel companies, this technology could help improve supply and demand forecasts, allow for instant verification of origin, confirm responsible sourcing, reduce costs, and increase efficiency and productivity.
The Toronto-based company will receive $1.125 million through Innovative Solutions Canada—a program that invites Canadian small business to develop innovative solutions to address government challenges.
Innovative Solutions Canada is a key component of the government’s Innovation and Skills Plan, a multi-year plan to make Canada a global innovation leader and prepare Canadians to succeed in tomorrow’s economy.
“Our government is committed to helping Canadian small businesses innovate and become more competitive. To achieve this, we are focusing on Canada’s greatest asset: its people. By supporting Canadian innovators—such as Mavennet—and their best ideas, we are funding new and innovative products and technologies to solve some of Canada’s most pressing challenges, while helping the economy grow and creating good middle-class jobs across the country.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“We are very thankful to have been chosen by the government to partner in the advancement of such an important industry for Canada. Aligning the latest digital technology innovations with an industry such as steel can have a positive ripple effect in our country as a whole, and we are honoured to be at the forefront.”
– Patrick Mandic, CEO, Mavennet
- Mavennet will work closely with various government departments and the Canadian steel industry over the next 15 months to pilot this prototype technology.
- Innovative Solutions Canada helps Canadian innovators by funding R&D and testing prototypes in real-life settings. Its two streams have a combined funding of over $140 million dedicated to Canadian innovators who want to start up, grow and get to market. Innovators can sign up to receive updates on the Innovative Solutions Canada program.
- There are hundreds of programs and services that offer everything from funding to expert advice to help businesses innovate, create jobs and grow Canada’s economy. Using a simple, story-based user interface, the Innovation Canada platform can match businesses with the most fitting programs and services in about two minutes.
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SOURCE Innovation, Science and Economic Development Canada
For further information: Contacts: John Power, Press Secretary, Office of the Minister of Innovation, Science and Industry, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, [email protected]