TD Bank teams up with Cohere for up to $25M AI push

TORONTO - TD Bank Group has announced a strategic partnership with Cohere to foster artificial intelligence development and adoption. The lender has pledged an initial investment of up to $25 million over a period of three years. This collaboration will see Layer 6, a Toronto-based AI company acquired by TD in 2018, team up with Canadian AI firm Cohere.

The objective is to explore how AI can be utilized within the bank to enhance productivity, refine decision-making, and elevate client experience. A team from Cohere will collaborate with Layer 6 at the MaRS Discovery District. TD Bank Group has also recently announced a five-year commitment of $150 billion to accelerate investment in key sectors across Canada, including AI.