Smart Healthcare Is Taking Over. Here's Where the Money's Headed
VANCOUVER, BC, June 10, 2025 /CNW/ -- Both politicians and leaders in academia are touting the AI revolution empowering the frontline of what's dubbed Smart Healthcare. In a recent write-up in Forbes, Prof. Nicos Savva of the London Business School cited recent speeches from former British Prime Minister Tony Blair, who insists that the UK needs to embrace a future with AI doctors and nurses, or risk being left behind. A new report from Wolters Kluwer has experts calling for more clarity around its use, adoption, and business strategy, because most healthcare organizations aren't currently ready to use GenAI tools. But as implementations increase across the sector, so too are major developments coming from innovators, including Avant Technologies, Inc. (OTCQB: AVAI), Renovaro Inc. (NASDAQ: RENB), Alphabet, Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL), Omada Health, Inc. (NASDAQ: OMDA), and Amazon.com, Inc. (NASDAQ: AMZN).
McKinsey's Global Institute estimates Gen AI could unlock $60–110 billion in annual value across pharma and medical products alone. Statista now projects the global AI healthcare market will soar from $11 billion to $188 billion by 2030.
Avant Technologies, Inc. (OTCQB: AVAI) has just taken a major step forward in its evolution from AI incubator to full-stack healthcare innovator. Today, the company announced it had signed a non-binding letter of intent to acquire 100% of Ainnova Tech, its joint venture partner and the developer of the Vision AI diagnostic platform. Prior to the acquisition, the two companies have been operating jointly through Ai-nova Acquisition Corp (AAC), which holds global licensing rights to Ainnova's technology portfolio and serves as the commercialization engine for Vision AI and all future device deployments.
"We believe bringing the two companies together will offer tremendous value for shareholders, it will simplify the process of advancing our technology to market, and it will deliver value to our customers and partners as we promote our technology portfolio globally," said Vinicio Vargas, CEO at Ainnova and a member of the Board of Directors of AAC. "We feel the joint venture has been a success and both companies have worked well together toward a common goal, so we believe that we can be even more successful and use our resources more effectively as one company to further AI in healthcare."
Under the proposed agreement, Ainnova would roll all of its outstanding equity into the combined public entity — unifying leadership and eliminating structural complexity ahead of a scheduled FDA pre-submission meeting in July.
While final terms of the deal are still being negotiated, both companies say the merger would streamline commercialization and accelerate the rollout of Ainnova's flagship Vision AI technology — a platform already in use across clinical sites in Latin America for the early detection of diabetic retinopathy, cardiovascular disease, and other chronic conditions. The move also signals growing confidence from Avant's leadership as they prepare to bring proprietary hardware into the mix.
In parallel with the merger discussions, Avant and Ainnova are entering the final prototyping stage of a low-cost, automated retinal imaging device — marking a potential turning point in the companies' shared push toward AI-powered early diagnostics.
The new device is designed to operate hands-free and feed imaging data directly into the Vision AI platform, enabling near-instant risk reports without expensive equipment or trained personnel.
The companies say the camera, developed under their joint venture Ai-nova Acquisition Corp. (AAC), is expected to cost a fraction of legacy fundus cameras. By combining affordability with automation, the device could expand screening access across primary care clinics and emerging-market providers that have traditionally been priced out of ophthalmic diagnostics.
"The cost of a fundus camera has always been a barrier to entry in this market," said Vargas. "Our low-cost camera, which is a fraction of the cost of currently available cameras on the market, should allow us to not only enter the market, but to capture a large share of the market."
Also in development are additional platform modules, including a patented dementia detection tool that combines a five-minute blood test with AI-trained algorithms. Although that technology remains in evaluation, the core platform continues to expand its reach and functionality — evolving from a retinal-focused application into a broader engine for predictive healthcare.
"Our purpose is to create the future of early disease detection in an accessible way, so that patients can get a preventive check-up anywhere, at a low cost, and easily," said Vargas in a previous statement. "We want to prevent patients with risk factors from developing other diseases that could have been avoided before they became a real problem. To this end, we are seeking to integrate new technologies into our portfolio within a single platform, both through our R&D efforts and through potential exclusive licenses or acquisitions."
As the camera prototype nears completion, Avant is positioning itself for broader market entry. While a launch date has yet to be announced, the integrated platform is designed to reduce diagnostic friction, speed up referrals, and expand access to early-stage health insights — especially in geographies where affordability, not innovation, remains the primary barrier to care.
https://equity-insider.com/2025/03/21/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
Renovaro Inc. (NASDAQ: RENB) recently announced a major expansion to its intellectual property portfolio with a newly approved U.S. patent for its AI-powered drug discovery and diagnostics infrastructure.
"This patent is a strategic milestone for Renovaro," said David Weinstein, CEO of Renovaro. "Together with our previously granted patent, it forms the technological foundation of a scalable, end-to-end platform for AI-powered drug discovery and diagnostics and strengthens our position in the fast-growing market for data-driven therapeutics and clinical insights."
The patent protects methods that harmonize genomic, imaging, clinical, and health record data into a standardized framework for large-scale predictive analytics. These capabilities are built for distributed computing environments, aligning with the biopharma industry's move toward real-time, scalable analytics. The development enhances Renovaro's competitive positioning in data-driven therapeutics and clinical insight markets.
Alphabet, Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) recently showcased its leadership in AI-driven cancer research at the 2025 ASCO Annual Meeting, where Ruth Porat discussed Alphabet's evolving role in early diagnosis and treatment.
"AI has greater potential than the internet, because it can augment human capabilities," wrote Ruth Porat, President & Chief Investment Officer of Alphabet and Google, quoting Vint Cerf. "It is a partner for all of you, for each of us."
Porat highlighted Google's success with AlphaFold, which has accelerated cancer drug discovery by solving the decades-long problem of protein folding. She also noted the company's AI-assisted pathology tools that cut diagnostic time in half and improve detection of small metastases. From scalable diabetic retinopathy screening to generative AI for clinical workflows, she framed AI as a transformative force in healthcare delivery.
Omada Health, Inc. (NASDAQ: OMDA) entered the public markets with a strong debut, raising $150 million and closing its first trading day 21% above IPO pricing. The company delivers AI-augmented virtual care for chronic conditions like diabetes, hypertension, and obesity, serving more than 679,000 active members.
In May, prior to the IPO, Omada introduced Nutritional Intelligence, a new member experience powered by OmadaSpark—an AI agent that offers personalized, evidence-based nutrition coaching between clinical visits. As demand rises for GLP-1 medications, Omada is positioning its human-plus-AI model as essential to long-term metabolic health.
"We believe there is a clear market need for real-time educational support backed by behavioral science to improve mindsets and behaviors toward food," said Wei-Li Shao, President at Omada Health. "To meet the needs of our customers and members, Omada fine tuned its approach to offer AI-powered tools trained with clinical input and expertise to work alongside human care teams in helping members drive improved health and economic outcomes."
Amazon.com, Inc. (NASDAQ: AMZN) continues to scale its digital health footprint via Amazon Web Services (AWS), which recently brought its HealthLake platform to the EU's Dublin Region. The move enables hospitals and insurers to unify siloed patient data using FHIR standards, while running AI-driven analytics and maintaining full data residency compliance.
"I'm excited about AWS HealthLake launch in EU Region," said Ramon Postulart, CTO at Adapcare. " AWS HealthLake is a key AWS healthcare service helping us modernize interoperability across the 70+ care organizations and 60,000 health professionals we support in the Netherlands. By moving to this service, we're unlocking richer, standardized health data and leveraging the HealthLake fully managed capabilities to build smarter, AI-powered tools for care planning and coordination."
HealthLake now serves as the engine behind personalized care tools in development across Ireland, the Netherlands, and Finland. AWS also hosted its Health Data & AI Day in Dublin to promote cross-border health data innovation and the European Health Data Space initiative.
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Avant Technologies Inc. which were purchased in the open market. MIQ reserves the right to buy and sell, and will buy and sell shares of Avant Technologies Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
43 minutes ago
- Winnipeg Free Press
With retail cyberattacks on the rise, customers find orders blocked and and empty shelves
NEW YORK (AP) — A string of recent cyberattacks and data breaches involving the systems of major retailers have started affecting shoppers. United Natural Foods, a wholesale distributor that supplies Whole Foods and other grocers, said this week that a breach of its systems was disrupting its ability to fulfill orders — leaving many stores without certain items. In the U.K., consumers could not order from the website of Marks & Spencer for more than six weeks — and found fewer in-store options after hackers targeted the British clothing, home goods and food retailer. A cyberattack on Co-op, a U.K. grocery chain, also led to empty shelves in some stores. Cyberattacks have been on the rise across industries. But infiltrations of corporate technology carry their own set of implications when the target is a consumer-facing business. Beyond potentially halting sales of physical goods, breaches can expose customers' personal data to future phishing or fraud attempts. Here's what you need to know. Cyberattacks are on the rise overall Despite ongoing efforts from organizations to boost their cybersecurity defenses, experts note that cyberattacks continue to increase across the board. In the past year, there's also been an 'uptick in the retail victims' of such attacks, said Cliff Steinhauer, director of information security and engagement at the National Cybersecurity Alliance, a U.S. nonprofit. 'Cyber criminals are moving a little quicker than we are in terms of securing our systems,' he said. Ransomware attacks — in which hackers demand a hefty payment to restore hacked systems — account for a growing share of cyber crimes, experts note. And of course, retail isn't the only affected sector. Tracking by NCC Group, a global cybersecurity and software escrow firm, showed that industrial businesses were most often targeted for ransomware attacks in April, followed by companies in the 'consumer discretionary' sector. Attackers know there's a particular impact when going after well-known brands and products that shoppers buy or need every day, experts note. 'Creating that chaos and that panic with consumers puts pressure on the retailer,' Steinhauer said, especially if there's a ransom demand involved. Ade Clewlow, an associate director and senior adviser at the NCC Group, points specifically to food supply chain disruptions. Following the cyberattacks targeting M&S and Co-op, for example, supermarkets in remote areas of the U.K., where inventory already was strained, saw product shortages. 'People were literally going without the basics,' Clewlow said. Personal data is also at risk Along with impacting business operations, cyber breaches may compromise customer data. The information can range from names and email addresses, to more sensitive data like credit card numbers, depending on the scope of the breach. Consumers therefore need to stay alert, according to experts. 'If (consumers have) given their personal information to these retailers, then they just have to be on their guard. Not just immediately, but really going forward,' Clewlow said, noting that recipients of the data may try to commit fraud 'downstream.' Fraudsters might send look-alike emails asking a retailer's account holders to change their passwords or promising fake promotions to get customers to click on a sketchy link. A good rule of thumb is to pause before opening anything and to visit the company's recognized website or call an official customer service hotline to verify the email, experts say. It's also best not to reuse the same passwords across multiple websites — because if one platform is breached, that login information could be used to get into other accounts, through a tactic known as 'credential stuffing.' Steinhauer adds that using multifactor authentication, when available, and freezing your credit are also useful for added lines of defense. Which companies have reported recent cybersecurity incidents? A range of consumer-facing companies have reported cybersecurity incidents recently — including breaches that have caused some businesses to halt operations. United Natural Foods, a major distributor for Whole Foods and other grocers across North America, took some of its systems offline after discovering 'unauthorized activity' on June 5. In a securities filing, the company said the incident had impacted its 'ability to fulfill and distribute customer orders.' United Natural Foods said in a Wednesday update that it was 'working steadily' to gradually restore the services. Still, that's meant leaner supplies of certain items this week. A Whole Foods spokesperson told The Associated Press via email that it was working to restock shelves as soon as possible. The Amazon-owned grocer's partnership with United Natural Foods currently runs through May 2032. Meanwhile, a security breach detected by Victoria's Secret last month led the popular lingerie seller to shut down its U.S. shopping site for nearly four days, as well as to halt some in-store services. Victoria's Secret later disclosed that its corporate systems also were affected, too, causing the company to delay the release of its first quarter earnings. Several British retailers — M&S, Harrods and Co-op — have all pointed to impacts of recent cyberattacks. The attack targeting M&S, which was first reported around Easter weekend, stopped it from processing online orders and also emptied some store shelves. The company estimated last month that the it would incur costs of 300 million pounds ($400 million) from the attack. But progress towards recovery was shared Tuesday, when M&S announced that some of its online order operations were back — with more set to be added in the coming weeks. Other breaches exposed customer data, with brands like Adidas, The North Face and reportedly Cartier all disclosing that some contact information was compromised recently. In a statement, The North Face said it discovered a 'small-scale credential stuffing attack' on its website in April. The company reported that no credit card data was compromised and said the incident, which impacted 1,500 consumers, was 'quickly contained.' Meanwhile, Adidas disclosed last month that an 'unauthorized external party' obtained some data, which was mostly contact information, through a third-party customer service provider. Wednesdays Columnist Jen Zoratti looks at what's next in arts, life and pop culture. Whether or not the incidents are connected is unknown. Experts like Steinhauer note that hackers sometimes target a piece of software used by many different companies and organizations. But the range of tactics used could indicate the involvement of different groups. Companies' language around cyberattacks and security breaches also varies — and may depend on what they know when. But many don't immediately or publicly specify whether ransomware was involved. Still, Steinhauer says the likelihood of ransomware attacks is 'pretty high' in today's cybersecurity landscape — and key indicators can include businesses taking their systems offline or delaying financial reporting. Overall, experts say it's important to build up 'cyber hygiene' defenses and preparations across organizations. 'Cyber is a business risk, and it needs to be treated that way,' Clewlow said.
Globe and Mail
an hour ago
- Globe and Mail
Smart Warehousing Market to Witness Notable Growth Analysis, Opportunities, and Future Scope Forecast 2030
Smart Warehousing Market by Offering (AGVs, AMRs, AS/RS, AIDC, Palletizing & Depalletizing Systems, Conveyors & Sorters, TMS, WMS, Order Management), Technology (AI, IoT, Blockchain, Big Data & Analytics, Robotics & Automation) - Global Forecast to 2030. The global smart warehousing market is expected to grow at a compound annual growth rate (CAGR) of 8.3% between 2025 and 2030, from an estimated USD 31.21 billion in 2025 to USD 46.42 billion by 2030. Rising e-commerce demand, the requirement for real-time inventory management, and the growing use of cutting-edge technologies like IoT, AI, robots, and cloud computing are all factors propelling the smart warehousing market's expansion. Predictive maintenance, data-driven decision-making, and a decrease in human error are all made possible by these technologies. Modernization of logistics infrastructure is also being driven by the increasing expectations of consumers for delivery that are more precise and timely. Government programs that encourage the digital transformation of logistics also help the global market grow. Download PDF Brochure@ Services segment by offering is poised for the fastest growth during the forecast period The services segment in the smart warehousing market is expected to grow fast during the forecast period due to increasing demand for system integration, maintenance, and support services. As companies adopt IoT, AI, and robotics, expert services are needed to implement and manage these systems effectively. Additionally, the shift to cloud-based solutions drives demand for ongoing technical support. Customization and scalability offered through services also appeal to businesses seeking agile operations. This makes services essential for optimizing smart warehouse performance. Robotics & Automation Technology will register the largest market share during the forecast period The robotics and automation technology segment is expected to register the largest market share in the smart warehousing market due to its ability to significantly improve operational efficiency, reduce labor costs, and enhance accuracy in inventory management. As e-commerce and omnichannel retailing grow, the demand for faster order fulfillment and real-time inventory tracking increases, driving the adoption of automated systems such as autonomous mobile robots and robotic picking solutions. These technologies streamline repetitive tasks, minimize human error, and enable 24/7 operations, making them indispensable for modern warehouses. North America is projected to hold the largest market share during the forecast period North America is projected to dominate the smart warehousing market due to its early adoption of IoT, AI, and robotics. The region has a strong presence of key market players and a well-established logistics infrastructure. High e-commerce penetration drives demand for efficient and automated warehousing solutions. Additionally, significant investments in digital transformation and supply chain optimization support market growth. Government initiatives and favorable policies also contribute to technological advancements in the sector. Request Sample Pages@ Unique Features in the Smart Warehousing Market Smart warehousing leverages Internet of Things (IoT) devices and sensor-based systems to track inventory in real-time, monitor environmental conditions, and streamline logistics. These technologies enable warehouse managers to make data-driven decisions, reduce manual errors, and ensure better inventory visibility and accuracy. The market is witnessing a surge in the use of AGVs, drones, and robotic arms for material handling, picking, and sorting. These systems enhance operational efficiency by reducing reliance on human labor, optimizing workflows, and improving speed and safety in warehouse operations. AI-driven analytics play a critical role in demand forecasting, warehouse optimization, and inventory management. Predictive models help businesses anticipate stock shortages, manage seasonal fluctuations, and plan replenishments, leading to minimized downtime and increased cost savings. Cloud-enabled WMS platforms offer scalability, real-time data access, and remote monitoring. These systems allow seamless integration with ERP and supply chain platforms, supporting centralized management across multiple warehouse locations and enabling agility in operations. Major Highlights of the Smart Warehousing Market The smart warehousing market is experiencing rapid growth driven by rising e-commerce demand, global supply chain disruptions, and the need for operational efficiency. Enterprises are increasingly investing in automation and digitalization to remain competitive and meet consumer expectations for faster deliveries. While traditionally used in logistics and retail, smart warehousing is now expanding into sectors like manufacturing, healthcare, food & beverage, and automotive. This cross-industry adoption is fueled by the need for improved inventory control, compliance, and streamlined distribution. Rather than fully replacing human labor, smart warehousing technologies are being used to augment workforce capabilities. Automation handles repetitive tasks, while human workers focus on complex decision-making and value-added services, improving overall productivity and job satisfaction. AI and machine learning are becoming mainstream in warehouse operations, from robotic automation to intelligent demand planning. The increasing availability of AI-as-a-Service (AIaaS) and advanced analytics tools makes it easier for organizations to adopt smart technologies without heavy infrastructure investments. Inquire Before Buying@ Top Companies in the Smart Warehousing Market Some of the leading players in the smart warehousing market include Dematic (US), SSI Schaefer (Germany), Daifuku (Japan), Körber (Germany), and Blue Yonder (US). These players focus on strategic partnerships, continuous innovation, and AI, robotics, and IoT integration to enhance automation and efficiency. They invest in scalable cloud-based platforms, offer end-to-end solutions, and prioritize customer-centric approaches to meet evolving supply chain demands and gain competitive advantage. Dematic Dematic is a prominent player in the smart warehousing market, offering a comprehensive range of automation solutions to optimize supply chain operations. The company provides integrated systems that include automated storage and retrieval systems (AS/RS), automated guided vehicles (AGVs), and warehouse control systems (WCS) designed to enhance efficiency and reduce operational costs. Dematic's solutions particularly benefit e-commerce, retail, and manufacturing industries, where rapid order fulfillment and inventory accuracy are critical. By leveraging advanced technologies, Dematic helps businesses streamline their warehousing processes, improve scalability, and maintain competitiveness in the evolving logistics landscape. Körber Körber is one of the prominent players in the smart warehousing market, leveraging its core competencies in warehouse management systems (WMS), automation, robotics, and AI-driven supply chain solutions. The company emphasizes ecosystem development and end-to-end integration, aligning with global megatrends and technology advancements. Körber has strategically expanded through notable acquisitions, including MercuryGate, which has improved its transportation management capabilities, and the mail and parcel business from Siemens Logistics, which has strengthened its automation and software offerings. Additionally, a joint venture with KKR further supports Körber's growth and innovation initiatives. Through vertical integration and strategic partnerships, Körber delivers comprehensive, scalable solutions across diverse industries, solidifying its position in the global smart warehousing landscape. SSI Schaefer SSI Schaefer, based in Germany, is a global leader in smart warehousing solutions, offering integrated systems that combine automation, robotics, and intelligent software to optimize intralogistics operations. Their WAMAS® software suite, encompassing Warehouse Management System (WMS) and Warehouse Control System (WCS), orchestrates complex warehouse processes, ensuring real-time inventory tracking and efficient material flow . Innovations like the Order Verifier and advanced piece-picking robots with integrated image processing enhance accuracy in order fulfillment, particularly in sectors like healthcare and cosmetics where precision is critical . SSI Schaefer's modular and scalable solutions support businesses of all sizes, facilitating the transition from manual to automated warehousing while ensuring compliance with stringent industry regulations. Daifuku Daifuku Co., Ltd., founded in 1937 and headquartered in Osaka, Japan, is a global leader in smart warehousing and intralogistics solutions. Renowned as the world's top supplier of automated material handling systems, Daifuku offers a comprehensive range of technologies, including Automated Storage and Retrieval Systems (AS/RS), conveyors, sorters, Automated Guided Vehicles (AGVs), and Autonomous Mobile Robots (AMRs). These solutions are tailored for diverse industries such as automotive, e-commerce, pharmaceuticals, and food and beverage, enhancing operational efficiency and adaptability. With a presence in over 25 countries and a significant footprint in India through Daifuku Intralogistics India Private Limited, the company combines Japanese engineering excellence with localized manufacturing to deliver scalable, high-performance warehousing systems. Daifuku's commitment to innovation is exemplified by its Hini Arata Kan Innovation Center in Japan, showcasing over 400 products and integrated systems, reflecting its dedication to advancing smart warehousing technologies Blue Yonder Blue Yonder, based in the United States, is a prominent provider of smart warehousing solutions, offering a comprehensive suite of AI-driven tools designed to optimize end-to-end warehouse operations. Its Warehouse Management System (WMS) integrates seamlessly with labor management, yard operations, and robotics orchestration, enabling real-time visibility and intelligent task prioritization across distribution centers and micro-fulfillment hubs. Recognized as a Leader in the 2024 Gartner Magic Quadrant for Warehouse Management Systems for the 13th consecutive year, Blue Yonder serves clients across 19 industries, including retail, logistics, automotive, and life sciences. The company's cloud-native platform supports advanced features such as dynamic task sequencing, resource capacity smoothing, and automated escalation protocols, helping businesses enhance throughput, reduce costs, and improve service levels. Blue Yonder's solutions are trusted by global brands like Henkel and Silk Logistics, and its commitment to innovation continues to drive digital transformation in warehouse and supply chain management.
Toronto Star
2 hours ago
- Toronto Star
Carney government balancing AI regulation against the promise to unlock its potential
OTTAWA—Prime Minister Mark Carney believes artificial intelligence is key to unlocking Canada's economic potential. He carved out a specific ministry for the file, installing former broadcaster Evan Solomon as the country's first-ever minister of AI. The 'transformative nature' of the technology garnered a mention in the sole mandate letter he issued for his cabinet. ARTICLE CONTINUES BELOW Capitalizing on the use of AI is one of Carney's three 'core missions' as he prepares to host next week's G7 leaders' summit. Yet among the nascent Liberal government's ambitious promises to return Canada to its position as a global AI leader, promote the widespread adoption of the technology, and invest in the infrastructure needed to do so, there are no concrete pledges to regulate the sprawling uses of the rapidly evolving tools. 'AI is a fundamentally transformative technology and has the capacity to change the way we do almost everything. So I see this as just a point in history where we are transforming the way our markets work, the way our societies work, and we want that to be good,' said Gillian Hadfield, a professor of AI alignment and governance at Johns Hopkins University, and former member of the Canadian AI Advisory Council. 'When I look around the world, I see governments that have not really figured out: 'What do we need to do in the legal and regulatory space to manage this transition well?'' On Tuesday, Solomon danced around the issue of regulation, noting the difficulties of spurring AI development while also ensuring the technology is deployed responsibly. 'It's easy for editorials to write: 'Just find the right balance. Don't be so unconstrained as the U.S. and China, who see any regulation as a constraint on security or innovation. But don't be too overly protective like Europe,'' Solomon said at a Canada 2020 conference in Ottawa. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'OK. Perfect. Easy. Throw the dart, blindfolded, after six beers.' What Solomon did suggest is that the Carney government will distance itself from the previous Liberal government's appetite for imposing regulations. 'We are moving from our back foot of just warning and overindexing on warnings and regulation, to our front foot, to make sure that the Canadian economy and all Canadians benefit from … using this technology productively,' he said. Carney has pushed for advancing AI in myriad ways, from pledging to build data centres, proposing tax credits that would incentivize businesses to adopt the technology, and using it to improve government efficiency. But his government has not addressed what will happen to the Artificial Intelligence and Data Act (AIDA), which was folded into a larger bill aimed at updating privacy laws and creating a regulatory framework for AI. The bill never became law due to the suspension of Parliament earlier this year and the triggering of a snap spring election. The act was a particularly contentious prong of the proposed legislation, with critics blasting the act for concentrating too much power in unwritten regulations, concerns that having the same ministry simultaneously regulate and champion AI would introduce conflicts, and a lack of clarity on what AI systems it would apply to and what kinds of harms the legislation would minimize. But some experts urged the government to swiftly pass the legislation, warning that Canada was falling 'out of sync' with the uncontrollable pace at which technology was being used. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Solomon referenced the bill Tuesday, saying he wouldn't 'abandon regulation,' but that Canada will need to 're-examine, in this new environment, where we're going to be on that.' Ignacio Cofone, a professor of AI regulation at the University of Oxford and former Canada research chair in data governance at McGill University, told the Star in an email that it was critical that Canada move forward with an improved version of the act. 'AI systems already shape decisions in consequential areas as diverse as housing, employment, health care, and criminal justice, often in opaque and unaccountable ways,' Cofone wrote, adding that industry, which has 'incentives to prioritize profit' should not be left to regulate itself. Two former senior government officials with knowledge of the previous government's AI strategy told the Star, on the condition they not be named, that they believe the Carney government will take a more hands-off approach. One source said they believed that Carney is likely wary of the 'political mess' the Trudeau government found itself in as it crafted its legislation. 'Every day Canada doesn't advance its own responsible use policies or regulatory frameworks, we are just going to be further and further behind,' the source said. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Another source said that while they agreed that Canada cannot 'overregulate' the industry, particularly in the face of unprecedented trade disputes with the U.S., 'it shouldn't be controversial to say that we need to enshrine rights for Canadians against some of these uses.' Teresa Scassa, a Canada research chair in information law and policy at the University of Ottawa, said Canada appears to be stuck between Europe — which last year passed the world's first AI regulation law — and the U.S., which has dismantled efforts to address the risks of the technology. Scassa said a Canadian AI regulation law could be leveraged in the country's trading relationship with the EU, potentially allowing Canadian companies to do business in Europe. 'On the other hand, we have a government south of the border that sees everything through a trade lens. And if Canada has strong AI regulation or even weak AI regulation, that could be seen as a trade irritant,' Scassa said. But Hadfield said the government should not be looking at innovation and regulation as mutually exclusive objectives. 'Our economies are built on good, reliable, legal infrastructure. And if the economy is changing so rapidly with this very different technology … then we absolutely need to be thinking very hard about governance,' Hadfield said. Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
