Toronto's tech community is getting another big boost thanks to a new artificial intelligence institution that's slated to open in the city.

The Vector Institute, as the Toronto Star reports, will focus on both research and business-related ventures. It'll also will serve to retain (and attract) talent.

Even though Canada's a leader in AI-related research, many of those in the field leave the country to work south of the border. However, we do have a growing number of AI startups in the city now.

As the Star writes, the Vector Institute will get $50 million from the province over five years and at least $40 million from the federal government as part of the newly announced $125-million Pan-Canadian Artificial Intelligence Strategy.

Have to say, The Vector Institute might be the best name for any AI institute (okay, maybe a tie with Alan Turing Institute).

— Ali (@ismuhammadali) March 29, 2017

Among the 30 corporate backers, sponsors include the big five banks, Google, Loblaws, and Air Canada. The institute is also affiliated with the University of Toronto.

According to a U of T news release, computer science professor emeritus and vice president of engineering fellow at (and AI pioneer) Google Geoffrey Hinton will be Vector's chief scientific advisor.