Tech Mahindra to invest $79 mn in Canada on AI, blockchain technologies

CEO & MD says that the partnership will draw from the best of both the worlds

IT services provider Tech Mahindra will invest $79 million in Canada over the next five years to establish a centre of excellence, which will work on major technologies such as artificial intelligence (AI) and blockchain application.

These two technologies are driving innovation across industries, especially in the 'fintech' and 'smart cities' spaces.

Tech Mahindra said its expanded Canadian presence will help foster stronger connections with the Canadian innovation ecosystem, both in the business community and in academia.

The centre of excellence will be based out of Toronto and it will focus on jointly developing cutting-edge business solutions in digital technologies in collaboration with the leading academic institutes, innovators and accelerators in the start-up ecosystem like the Vector Institute.

Speaking on the partnership, Navdeep Bains, Minister of Innovation, Science & Economic Development of Canada said, "We are committed to supporting new well-paying Canadian jobs and industry growth in emerging technologies such as Artificial Intelligence and Blockchain."

CP Gurnani, CEO & MD, Tech Mahindra said that the partnership will draw from the best of both the worlds, leveraging tech capability of India and the Innovation edge of Canada.