Toronto-Dominion Bank announced Tuesday an initial investment of up to $25 million over three years to support the development and adoption of artificial intelligence technology across its operations. The funding will enable a strategic collaboration between TD's AI research centre, Layer 6, and Toronto-based large language model developer Cohere. The announcement builds directly on the bank's five-year, $150 billion commitment to accelerate investment in sectors that are critical to Canada's economic future and global competitiveness.
Strategic Collaboration for Enterprise AI
The collaboration will explore how Cohere's secure enterprise AI models can be applied within TD to improve productivity, strengthen decision-making and create better experiences for clients. It brings together Cohere's technical expertise and Layer 6's applied research capabilities to identify high-value use cases across the bank. The partners will work alongside each other at the MaRS Discovery District in Toronto, bringing technical expertise closer to the teams that develop and apply AI solutions.
Areas of Focus and Practical Value
Areas of focus will include knowledge management, security and responsible adoption, with an emphasis on practical value and high-value applications. The collaboration is designed to complement Layer 6's established work in machine learning, predictive analytics and AI, which has helped shape TD's leadership in these fields. A dedicated team of Cohere experts will support the Layer 6 group to accelerate the development and deployment of real-world AI use cases.
Leadership Perspectives on Responsible Adoption
Rizwan Khalfan, Executive Vice President and Vice Chair of Strategic Growth, Innovation and Partnerships at TD, described Canada as home to extraordinary AI talent, research and companies. He said the opportunity now is to connect that strength and translate it into practical applications that create tangible value for clients. Khalfan added that the collaboration can help Canada lead not only in AI innovation but also in responsible adoption across financial services and beyond.
François Chadwick, Chief Financial Officer at Cohere, noted that Cohere was founded in Canada with a mission to help enterprises and governments adopt AI securely and effectively. He said the company is excited to collaborate with Layer 6 on practical applications of enterprise AI that strengthen productivity, enhance client experiences and support responsible adoption. Maks Volkovs, Co-founder and Chief AI Scientist at Layer 6, emphasized that world-class AI research creates the greatest impact when it is driven by real-world challenges.
Broader Commitment to Canada's AI Ecosystem
The collaboration is part of TD's wider effort to advance AI literacy, research and knowledge sharing across Canada. The bank plans to support research, expert perspectives and educational content while engaging with innovators, researchers and business leaders to strengthen understanding of emerging AI opportunities and risks. TD also recently announced a $1 million donation to TechSpark's AI Lit for Entrepreneurs accelerator program, which provides underrepresented founders with training, tools and resources to build scalable businesses.
This partnership signals a deeper commitment by TD to applying Canadian AI innovation within financial services and to supporting responsible adoption across the economy. By connecting Cohere's enterprise AI models with Layer 6's applied research expertise, the bank aims to develop practical solutions that improve operations, decision-making and client outcomes. The collaboration highlights how strategic partnerships can accelerate AI adoption while reinforcing Canada's position in the global AI landscape.