IBM invests $2bn in AI tech in New York
IBM is investing $2 billion in new technology development at the SUNY Polytechnic Institute campus in Albany and throughout New York state, particularly in the establishment of a new artificial intelligence (AI) research hub in New York.
AI development, courtesy of IBM
It’s not limited to fintech of course, but the “AI Hardware Centre” will focus on computer-chip research, development, prototyping, testing and simulation.
New York Governor Andrew Cuomo says: “New York has always been at the forefront of emerging industries, and this private sector investment to create a hub for AI research will attract world-class minds and drive economic growth in the region.”
IBM plans to provide at least $30 million in cash and in-kind contributions for AI research across the SUNY system, with SUNY matching up to $25 million for a combined total of $55 million.
Empire State Development will provide a $300 million capital grant over five years to the Research Foundation for SUNY to purchase, own and install tools necessary to support the AI Hardware Centre.
IBM also plans to expand and extend its partnership with SUNY Poly for the Center for Semiconductor Research (CSR), which is set to expire at the end of 2021, through at least 2023, with an option to extend the CSR for an additional five years through 2028.
