IBM and the Massachusetts Institute of Technology (MIT) have joined forces to establish an MIT-IBM Watson AI Lab in Cambridge that will pursue research in artificial intelligence (AI) with a focus on healthcare and cybersecurity, as well as on commercialising AI technologies born out of the lab. Touted as one of the largest university-industry AI collaborations and investments, the 10-year, $240 million initiative is expected to hire and bring together over 100 AI-focused scientists, professors, and students. In addition to IBM's plan to commercialise technologies developed within the lab, the pair will encourage MIT faculty and students to launch new companies that will focus on commercialising inventions and technologies that are developed at the lab. "The field of artificial intelligence has experienced incredible growth and progress over the past decade. Yet, today's AI systems, as remarkable as they are, will require new innovations to tackle increasingly difficult real-world problems to improve our work and lives," said Dr John Kelly III, IBM senior vice president, Cognitive Solutions and Research.