Toronto-Dominion Bank (TD) announced late Tuesday an initial investment of up to $25 million over three years to support AI development and adoption across its operations.
That money will fund a strategic collaboration between TD’s AI research centre, Layer 6, and Toronto-based large language model (LLM) developer Cohere.
Canada’s second-largest bank says this partnership will explore how Cohere’s secure enterprise AI models could be applied within TD to improve productivity, decision-making, and client experience, as the two firms work alongside each other at MaRS Discovery District.
“Cohere was founded in Canada with a mission to help enterprises and governments adopt AI securely and effectively,” Cohere CFO François Chadwick said in a statement. “We’re excited to collaborate with the bank’s Layer 6 team to explore practical applications of enterprise AI.”
This promise follows TD’s $150-billion commitment last week to financing AI and other sectors critical to Canada’s economic future.
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Feature image courtesy Cohere.