Pedestrians pass a TD bank in Toronto in January.Sammy Kogan/The Globe and Mail
TD Bank Group TD-T has announced a strategic relationship with Cohere to support artificial intelligence development and adoption.
The lender says the agreement includes an initial investment of up to $25-million over three years.
The relationship will see a collaboration between Layer 6, a Toronto-based AI company that was acquired by TD in 2018, and Canadian AI firm Cohere.
The organizations will explore how AI can be applied at the bank to improve productivity, strengthen decision-making and improve client experience.
As part of the agreement, a team from Cohere will work with Layer 6 at the MaRS Discovery District.
Earlier this month, TD announced a five-year $150-billion commitment to accelerate investment in the country in key sectors, which included AI.