Capital One is investing $3 million through an endowment gift to advance machine learning and the two plan to create an innovation lab where students will apply classroom lessons to real-world problems.
“This partnership will not only help attract and retain top faculty and students, but will also propel UMD to national prominence and excellence in these critically important fields,” said Mary Ann Rankin, senior vice president and provost at University of Maryland.
Just over $2 million of Capital One’s gift will be used to endow a faculty chair in the department of computer science. The remaining $900,000 will support research and educational initiatives in machine learning, data analytics and cyber security.
The innovation lab will be located in the University of Maryland’s Discovery District, a planned research and economic development hub along the Baltimore Avenue corridor.
Capital One scientists and researchers will help the university develop academic courses to be offered through the its First-Year Innovation & Research Experience program.
“At Capital One, we are steadfast in our belief that machine learning and data analytics can greatly enhance our customers’ experience, and we are proud to support the next generation of technology innovators from UMD that will continue to harness these opportunities more broadly,” Adam Wenchel, a vice president at Capital One, said in a statement.
The Maryland Department of Commerce committed $2.1 million in August to endow two additional professorships, and to support research, education and entrepreneurship initiatives.
The partnership is part of the university’s Greater College Park initiative, a $2 billion public-private investment to revitalize the Baltimore Avenue corridor and College Park campus.
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