MIT to develop $1bn artificial intelligence college

The Massachusetts Institute of Technology (MIT) has announced it will invest US$1bn into the develop of an artificial intelligence (AI) focused college.

MIT has already raised two-thirds of the required funding for the MIT Stephen A. Schwarzman College of Computing.

Stephen A. Schwarzman, the Chief Executive Officer of the private equity group Blackstone Group, provided $350mn for the project.

The college is set to open 50 faculty positions, as well as fellowships for graduate students, the New York Times reported.

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The university will launch the college in the autumn of 2019 in a temporary building, before it is moved to its permanent location in 2022.

“As computing reshapes our world, MIT intends to help make sure it does so for the good of all,” stated L. Rafael Reif, MIT’s President.

“The MIT Schwarzman College of Computing will constitute both a global center for computing research and education, and an intellectual foundry for powerful new AI tools.”

“Just as important, the College will equip students and researchers in any discipline to use computing and AI to advance their disciplines and vice-versa, as well as to think critically about the human impact of their work.”