Magna Commits Investment of $5 Million in Artificial Intelligence Research Institute

  • Fostering next generation of artificial intelligence experts
  • Investment supports Magna’s AI strategy in manufacturing and autonomous driving

Magna is playing a key role in bolstering Canada’s artificial intelligence (AI) expertise and leadership position by investing in the next generation of AI research and experts. Magna announced it has committed to invest $5 million CDN into the Vector Institute, a new independent AI research facility which held its launch event today in downtown Toronto. Vector will be dedicated to cutting-edge exploration of AI, specializing in the transformative fields of deep learning and machine learning. The research aims at attracting, developing and retaining some of the best and brightest in the area of AI.

Magna’s AI strategy revolves around two key areas: manufacturing and autonomous driving. From a manufacturing standpoint, leveraging AI can provide human operators enhanced information for decision making and it can automate quality, sorting and material handling to help reduce production costs. AI-enhanced predictive maintenance systems can also enable effective error-free maintenance of equipment which ensures higher machine up-time. As future mobility continues to evolve, AI will play a major role in dynamic decision-making in autonomous driving. Object detection and classification combined with scene segmentation, including traffic volume, speeds and road conditions (weather, light and visibility), will be key attributes to self-driving capabilities.

Source: Magna