TD Bank stakes $25 million on a Canadian AI firm in three-year push
François Chadwick, chief financial officer at Cohere, said the company “was founded in Canada with a mission to help enterprises and governments adopt AI securely and effectively.”
He said in the release that Cohere is working with the bank’s Layer 6 team “to explore practical applications of enterprise AI that can strengthen productivity, enhance client experiences and support the responsible adoption of AI.”
Maks Volkovs, co-founder and chief AI scientist at Layer 6, said in the same release that “world-class AI research creates the greatest impact when it is driven by real-world challenges,” describing the collaboration as an opportunity to translate AI advances into practical solutions.
The bank said in its release that the AI spending builds on the five-year, $150bn commitment TD made to accelerate investment, growth and innovation across sectors critical to Canada’s economic future.
That commitment covers lending and financing across energy, critical minerals and resources, defence and aerospace, digital and AI, and infrastructure, Reuters reported on September 14, during the Toronto investment summit at which 167 Canadian projects were put before global investors.
