Cadence Announces $5M Endowment at Massachusetts Institute of Technology

Rhea-AI Summary

Cadence Design Systems (Nasdaq: CDNS) has announced a $5 million Professorship Fund at MIT's Schwarzman College of Computing. This fund aims to establish a full professorship for faculty specializing in artificial intelligence (AI), machine learning (ML), and data analytics. It will also support career development for emerging researchers in these fields. CEO Lip-Bu Tan expressed pride in supporting MIT, highlighting the significance of AI, ML, and data analytics in the computational software industry.

Positive

• Establishment of a $5 million Professorship Fund will enhance research and teaching in AI, ML, and data analytics at MIT.
• The fund aims to provide career development opportunities for emerging researchers in cutting-edge technologies.

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• None.

Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced the establishment of the Cadence Design Systems Professorship Fund for the Massachusetts Institute of Technology (MIT) Stephen A. Schwarzman College of Computing.

The $5M fund will enable the college to establish a full professorship for outstanding faculty with research and teaching interests in the fields of artificial intelligence (AI), machine learning (ML) or data analytics and can also provide career development opportunities for rising stars doing cutting-edge research in these areas.

“We’re delighted to support MIT’s efforts to advance innovation in the exciting fields of AI, ML and data analytics,” said Lip-Bu Tan, chief executive officer of Cadence. “These transformative technologies are key to the computational software industry and Cadence, and we look forward to enabling the acceleration of MIT’s groundbreaking research in these areas. I was very fortunate to have obtained my master of science degree in nuclear engineering from MIT where I focused my studies on system simulation analysis, so this endowment is very personal to me.”

“Scholars within the MIT Schwarzman College of Computing are at the forefront of computing research and education. Cadence’s generous gift is providing vital new resources for the college in supporting these faculty as they deliver the latest advances in computing and AI,” says Daniel Huttenlocher, dean of the MIT Schwarzman College of Computing. “I’m extremely grateful to Cadence for their contribution and commitment to MIT and the college.”

Establishing the new fund at MIT is part of Cadence’s overall commitment to advancing education and fostering innovation in the burgeoning fields of AI, ML and data analytics.

About Cadence

Cadence is a pivotal leader in electronic design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary electronic products from chips to boards to systems for the most dynamic market applications, including consumer, hyperscale computing, 5G communications, automotive, mobile, aerospace, industrial and healthcare. For six years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at cadence.com.

© 2021 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.

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FAQ

What is the purpose of the $5 million fund established by Cadence (CDNS) at MIT?

The fund aims to establish a full professorship focused on AI, machine learning, and data analytics and provide career development for emerging researchers.

Who announced the Professorship Fund for MIT?

Cadence Design Systems, Inc. announced the Professorship Fund.

How does Cadence (CDNS) view its contribution to MIT's Schwarzman College of Computing?

Cadence sees its contribution as vital for advancing innovation in AI and related fields.

What impact does the fund have on faculty at MIT?

The fund will establish a full professorship and enhance resources to support faculty engaged in computing research and education.