MIT joined hands with IBM on a $240 million deal and is all set to rule the AI world

MIT-IBM is one of the most remunerative partnerships ever between a corporation and a university. IBM is teaming up with MIT to engage in 10 years of ‘Fundamentals of Artificial Intelligence’. The $240 million deal will go to the ‘MIT-IBM Watson AI Lab’, a team of IBM researchers and 100 MIT academics, who will be working at the MIT campus in Cambridge, Massachusetts.

“The collaboration aims to advance AI hardware, software, and algorithms related to deep learning and other areas, increase AI's impact on industries, such as health care and cybersecurity, and explore the economic and ethical implications of AI on society”, said one of the IBM reps. The MIT-IBM Watson AI Lab will focus on the fundamental AI research with the aim to drive scientific breakthroughs that unlock the potential of AI. Moreover, the lab will also provide information on the four pillars of research, i.e., AI Algorithms, the Physics of AI, the Applications of AI to industries, and Advancing shared prosperity through AI.

“I am delighted by this new collaboration”, says MIT President L. Rafael Reif. “True breakthroughs are often the result of fresh thinking inspired by new kinds of research teams. The combined MIT and IBM talent dedicated to this new effort will bring formidable power to a field with staggering potential to advance knowledge and help solve important challenges.” Currently, the MIT- IBM Watson AI Lab is assembling an assorted team of great minds to tackle some of AI's greatest challenges, who will be focusing on the fundamental scientific breakthroughs, publish their results, and contribute towards the development of AI.