IBM plans to invest $240 million in the construction of a new artificial intelligence research laboratory that the company will operate in partnership with the Massachusetts Institute of Technology.
The company said Thursday its 10-year investment in the MIT-IBM Watson AI Lab will aid research efforts of scientists from both institutions.
The partnership aims to further develop AI hardware, software and deep learning algorithms; increase the use of AI in industries such as healthcare and cybersecurity; and study the potential economic and ethical impact of AI technologies.
Dario Gil, vice president of AI at IBM’s research arm, will co-chair the lab with Anantha Chandrakasan, dean of MIT’s School of Engineering.
IBM and MIT plan to solicit proposals on joint research opportunities that could advance AI algorithms, AI physics, the industry applications of AI and its economic and societal benefits.
The collaboration will also encourage MIT faculty and students to form companies that will commercialize AI technologies developed at the new research facility.
Scientists from the lab will publish their research, support the release of open source material and promote the ethical use of AI, IBM noted.