TD Bank buys Layer 6, a Toronto-based artificial intelligence startup Toronto Star

Royal Bank of Canada has been investing in AI research, setting up labs in Toronto and Edmonton, as well as one in Montreal in November 2017. RBC, Canada's largest bank by market capitalization, also last January tapped AI pioneer Dr. Meanwhile, the federal and Ontario governments have doubled down on AI, collectively investing $100 million in a Toronto-based research institute. The Vector Institute, which opened in March 2017, was also set to receive $80 million from more than 30 private sector companies. Both TD and RBC are Vector Institute partners, while Layer 6 founders Jordan Jacobs and Tomi Poutanen are Vector Institute founders.