The partnership was unveiled Thursday just before the start of Pittsburgh's AI Horizons Summit, a two-day event for government and industry leaders to promote AI use in finance, health care, defense and other sectors.
BNY will spend the money over the next five years to "make sure we are going to be at the very forefront of research of how AI can apply to our firm and our industry," CEO Robin Vince said Thursday at the summit in Bakery Square.
The physical space, called the BNY AI Lab, is set to open this academic year. The exact location has yet to be announced.
Funding will also support faculty-led research and comprehensive multi-disciplinary projects as well as mentoring and internship opportunities for students.
Carnegie Mellon University president Farnam Jahanian said in a statement he's thrilled to collaborate with BNY "to responsibly scale emerging AI technologies and democratize their impact for the benefit of industry and society at large."
According to the bank, research will focus on "developing technologies and frameworks that can ensure the robust governance, trust and accountability" needed to use AI, including for financial services. It touted the partnership as strengthening Pittsburgh's position as an AI hub and supporting regional economic development.
BNY, with its headquarters in New York City but most of its workforce in Pittsburgh, is already deeply intertwined with prestigious university.
The nation's 12th largest bank by assets claims it employs more graduates of Carnegie Mellon University's Master of Science in Artificial Intelligence and Innovation program than any other firm. It also sponsors various projects at the school, like the Corporate Startup Lab, which pairs graduate students with companies looking build internal startups.
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