New York Governor Andrew Cuomo announced Thursday that computing giant IBM plans to invest more than $2 billion at the campus of the SUNY Polytechnic Institute in Albany, NY to grow the company's high-tech footprint there and throughout the Empire State. A press release from IBM stated the plans include forming an "AI Hardware Center" at the campus for computer chip research, development, prototypying, testing, and simulation.
"Once established, the AI Hardware Center will be the nucleus of a new ecosystem of research and commercial partners, and further solidify the Capital Region's position as "Tech Valley"—a global hub for innovative research and development," IBM said.
"New York has always been at the forefront of emerging industries, and this private sector investment to create a hub for artificial intelligence research will attract world-class minds and drive economic growth in the region," Cuomo said. "Artificial intelligence has the potential to transform how we live and how businesses operate, and this partnership with IBM will help ensure New York continues to be on the cutting edge developing innovative technologies."
IBM said the investment will be made at SUNY Poly and other IBM facilities in New York. The company plans to provide at least $30 million in cash and in-kind contributions for artificial intelligence research across the SUNY system, with SUNY matching up to $25 million for a combined total of $55 million. Empire State Development will provide a $300 million capital grant over five years, to the Research Foundation for SUNY to purchase, own, and install tools necessary to support the AI Hardware Center. IBM has been a long-time anchor tenant of the SUNY Poly campus.
The company's press release said IBM also plans to expand and extend its partnership with SUNY Poly for the Center for Semiconductor Research (CSR), which is set to expire at the end of 2021, through at least 2023. There would be an option to extend the CSR for an additional five years through 2028.
"The AI Hardware Center will attract new AI industry companies and federal research to the state, while fostering economic development and working to create several hundred new jobs and retain hundreds of other existing jobs at the SUNY Poly campus and at IBM's and its collaborators' facilities," IBM said.
