The bank group has announced a financial investment as well as AI-based research to help diabetes patients
TD Bank Group has announced two initiatives that it says are part of its commitment to invest in innovation and healthcare to create more equitable outcomes for Canadians.
TD said it will become a Corporate Founding Member of the Creative Destruction Lab’s (CDL) Health Stream with a $2.5-million contribution to be disbursed over five years. TD’s support for CDL in pursuing equitable healthcare outcomes for Canadians aligns with The Ready Commitment, a multi-year program that’s earmarked $1 billion for community giving in critical areas of need.
“We know that the long-term success of our business depends upon the resilience and health of the people we serve,” said Andrea Barrack, TD's Vice President of Global Corporate Citizenship. “We're thrilled to support the CDL with this contribution, which will help accelerate advances in healthcare through fresh thinking and entrepreneurship.”
Launched at the University of Toronto’s Rotman School in 2012, CDL aims to bring aspiring entrepreneurs and technological innovations to market. The CDL’s Health Stream, operating out of the CDL Toronto and CDL-West locations, is focused on biotechnology, bioinformatics, diagnostics, and digital care for Canadians.
The bank is also promoting digital healthcare innovation through Layer 6, an artificial intelligence (AI) start-up that it acquired at the beginning of the year. As one of the first companies in the world to apply deep learning in solving modern banking and enterprise challenges, Layer 6 is a pioneer in delivering responsive, personalized, and insight-driven experiences,
Data scientists from Layer 6 are supporting a University of Toronto student, along with associate professor Laura Rosella, in developing advanced machine learning models to improve health outcomes for Canadians living with diabetes. The first research goal, which is to further sub-type patients diagnosed with the condition, is expected to show how machine learning can enable more personalized and effective treatment, as well as facilitate more efficient use of health resources.
“Healthcare is one of the next frontiers for artificial intelligence to make a meaningful and positive impact on the lives of Canadians,” said Tomi Poutanen, Layer 6 Co-Founder and chief AI officer at TD. “The limitless potential for data to make personalized therapies, tailored approaches and early diagnosis accessible to all Canadians is what drives our team to push forward and continue to innovate.”
The two newly announced initiatives add to TD’s history of investing in hospitals, healthcare programs, and children’s health, which since 1998 has added up to more than $83.5 million dollars.
