Cadence Announces $5M Endowment at Massachusetts Institute of Technology
Gift to advance research and teaching in the fields of AI, ML or data analytics
SAN JOSE, Calif.–(BUSINESS WIRE)–$CDNS–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.
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.
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