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    • Massive Economic Bill Allocates Millions to AI, Quantum Computing
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    Massive Economic Bill Allocates Millions to AI, Quantum Computing

    Umito Posted on

    The sweeping $3.96 billion economic development bill approved Thursday by state lawmakers includes new funds reserved for the technology community. Namely, a grant system to support statewide artificial intelligence projects and a new quantum computing center in the Pioneer Valley in western Massachusetts.

    The bill sets aside $103 million to improve Massachusetts’ competitiveness by funding the use of AI technologies. in sectors such as life sciences, financial services and healthcare. The grant program, run by the quasi-public agency Mass Tech Collaborative, would support AI companies and attempt to advance. Development, adoption and commercialization of AI.

    The state says grant distribution will align with the “strategic goals and priorities” of the Artificial Intelligence Strategic Task Force, which Gov. Maura Healey established. established by decree in February to study AI and its impacts on state government, universities and businesses. At least $3 million will be spent on a ‘financial innovation and research center’ in Worcester to study the uses and impacts of AI and machine learning in the financial services industry and promote AI education and literacy, according to the bill.

    The economic development bill also provides $40 million for a “quantum innovation hub” in the Pioneer Valley. Last monthThe Mass Tech Collaborative announced a partnership between the state and QuEra Computing, a Boston-based company, to install a quantum computer over a two-year period at the Massachusetts Green High Performance Computing Center in Holyoke. Quantum computing uses subatomic particles (and properties of quantum physics) to increase speed and efficiency beyond the capabilities of traditional computersbut the field presents many technical challenges.

    The quantum innovation hub should boost access to research and development and hands-on training opportunities in an area that experts and officials say will impact financial services and biomedical research. The Healey administration has already allocated $5 million in public funds to the partnership, while QuEra contributed $11 million.

    “This project will catalyze the growth of a local quantum industry in Western Massachusetts, create new industry career pathways, and drive innovation across multiple sectors, including biomedical research and financial services,” said Economic Development Secretary Yvonne Hao in a press release. the project was announced in October.

    Healey said in a statement announcing the AI Working Group earlier this year that Massachusetts has everything to gain from staying “ahead” in AI.

    “Massachusetts has the opportunity to become a global leader in applied AI, but it will require us to bring together the brightest minds in technology, business, education, health care and government,” Healey said.

    Stella Tannenbaum can be contacted at [email protected].

    Umito
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