AI-focused Institute will be supported by over $150 million from gov't, big five banks

According to a report from The Toronto Star, a new institute is launching in Toronto with the goal of commercializing AI research. The non-profit Vector Institute, which is affiliated with the University of Toronto, will hire approximately 25 new faculty and research scientists. The federal government is providing at least $40 million from its $125 million Pan-Canadian Artificial Intelligence Strategy announced as part of the federal budget. Reportedly, two dozen companies have committed millions in funding over 10 years, including $5 million each from companies like Google, Air Canada, Loblaws, and Canada's five biggest banks. It will be backed by over $150 million in combined public and corporate funding.