News > 2016 > IVADO receives a $93.6 M grant from Canada First

IVADO receives a $93.6 M grant from Canada First

September 6, 2016

IVADO receives a $93.6 M grant from Canada First

The Institute for Data Valorization (IVADO), launched with the goal of making Montréal a world leader in big data mining, today was awarded the largest grant ever received by our university campus. The Canada First Research Excellence Fund awarded a $93.6 million grant to the centre of expertise founded by HEC Montréal, Polytechnique Montréal and the Université de Montréal.

“This major grant represents not only true recognition of our campus’ expertise in data science, but by boosting IVADO’s overall budget to $234.1 million* it gives us the means to achieve our ambitions of transforming scientific discoveries into concrete applications, economic opportunities and benefits for society,” explains HEC Montréal Director Michel Patry.

IVADO already has plenty going for it, of course. The Institute brings together nearly 900 data scientists acknowledged as global leaders. HEC Montréal, Polytechnique Montréal and the Université de Montréal have a number of renowned researchers in the areas of operational research and artificial intelligence. Our three institutions have been investing for decades now in these cutting-edge fields. Their alliance has created the country’s largest centre of expertise in big data mining.

IVADO will also be able to count on the support of 70 industrial partners and collaborators from across North America and Europe. More specifically, these organizations have committed to investing $110.4 million in knowledge transfer, training a skilled workforce and developing new technologies to meet their specific needs. The Institute will also be encouraging entrepreneurship and business creation, as it focuses on four areas of research and applications: transportation and logistics, finance and trade, health and biomedical research, and energy.

For HEC Montréal in particular, the grant will let the School position itself and take an international leadership role in data science, in all fields of management.

“This major grant is not a matter of luck,” says Robert Gagné, Chair of the IVADO Executive Committee and Director of Research at HEC Montréal. “We were awarded it because IVADO represents the largest data science brain pool in Canada and their work can make a significant contribution to Canada’s economic development. In short, the grant gives us the means to create a real economic hub in Montréal, one that will foster new businesses, new jobs and new technologies that we can build on.”

With a total budget of nearly a quarter of a billion dollars, IVADO is now equipped to not only breathe new life into the Montréal economy but also make an active contribution to the 4th industrial revolution.

* Total IVADO budget: $110.4 M (industrial partners) + $93.6 M (Canada First) + $30.1 M (HEC Montréal, Polytechnique Montréal and Université de Montréal)