One of Canada’s biggest banks has purchased a promising artificial intelligence, or AI, startup that was co-founded by two U of T alumni and a local lawyer and entrepreneur – further evidence of how big corporations are eager to scoop up the country's top AI talent.
TD Bank said this week that it has agreed to buy Layer 6 for an undisclosed sum, although the Globe and Mail cites sources who say the price tag was in excess of $100 million when retention payments to employees are included.
Layer 6 uses machine learning technologies to help businesses better anticipate their customers’ needs, and won an international competition for best recommendation system last summer. The startup was co-founded in 2016 by Jordan Jacobs and U of T alumni Tomi Poutanen, who holds both a master's in applied science and an MBA from U of T, as well as computer science alumnus Maksims Volkovs (PhD 2013), whose graduate research was part of the machine learning group under the supervision of Professor Richard Zemel.
Read the full story at U of T News
Read more about TD's deal to purchase Layer 6 in the Globe and Mail
Read more about TD's deal to purchase Layer 6 at Betakit