IBM and MIT university will be collaborating together to conduct a comprehensive research on Artificial Intelligence (AI) at a new state-of-the art lab. This new lab will be called The MIT-IBM Watson AI Lab, and IBM will be investing nearly $240 million in this new lab over the span of 10 years.
The mission of this new lab includes developing new AI algorithms, creating new sophisticated hardware for AI computation, developing AI that can be used for specific industries and evaluating the impact of AI on important social issues.
As per the deal, the intellectual properties of all the AI products developed at this new lab will be jointly co-owned by IBM and MIT, while the former will be free to use these experimental AI products in all its commercial products.
This lab will also prove beneficial for development of startup ecosystem in America. Both entities have announced that they will encourage the creation of startups with an aim to commercialize the AI products that will be developed in this lab. IBM Research vice president Dario Gil disclosed that the company is open to invest, collaborate or even acquire these startups if necessary.
IBM is not the only tech giant that is pouring millions of dollars in AI research. Google, Amazon, Microsoft and well-known entrepreneurs like Elon Musk have made huge investments in AI research. Even AI focused startups have managed to grab good amount of funding from several VC firms.
These investments are been seen as a validation of AI’s emergence as a next big thing in the tech world, with many companies believing that AI will open multitude of growth opportunities in future.