Science, Innovation and Technology Minister Dr Shane Reti has introduced a serious funding in AI analysis to construct New Zealand’s AI functionality, fast-track commercialisation, and drive financial progress.
The Government will make investments as much as $70 million over seven years by means of the New Zealand Institute for Advanced Technology to assist progressive AI analysis and functions, develop world-class experience, and sharpen New Zealand’s aggressive edge.
“AI is transforming economies worldwide, and New Zealand must be bold and seize the opportunities,” Dr Reti says.
“Our existing AI research is expanding, with innovative work already under way in areas such as precision health and agriculture.
“This funding will speed up that work by bringing our greatest researchers and companies collectively to construct functionality, fast-track commercialisation, and create high-value jobs and new alternatives for Kiwi researchers.”
Dr Reti cited a recent partnership between the Auckland Bioengineering Institute and the Oden Institute at the University of Texas, supported by the Catalyst Fund, as an example of how AI can lift productivity, reduce costs, and deliver better outcomes for New Zealanders.
“New Zealand researchers, drawing on worldwide AI experience, are creating real-time digital fashions of the human physique to personalise therapy, minimize hospital prices, and generate thousands and thousands in licensing income.
“Teams behind the project estimate that AI-driven public health solutions could deliver between $80 million and $160 million in annual healthcare savings. By combining AI with advanced modelling, this project could save up to $32 million a year in hospital costs through better management of chronic diseases and generate up to $16 million in annual licensing revenue from digital twin tools.
“The $70 million funding in AI by means of the Advanced Technology Institute may also help scale up precisely this type of formidable, world-class analysis that strengthens our financial system and positions New Zealand as a worldwide chief in next-generation applied sciences,” Dr Reti says.
Investment in AI was recommended by the Prime Minister’s Science, Innovation and Technology Council, which recently appointed Grant Wright-an expert in digital transformation and product innovation through AI and emerging technologies.
“I’m happy to welcome Grant Wright as the latest member of the Council, which is working to form a future-focused, resilient, and globally aggressive science and know-how ecosystem.”