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One of the largest D.C.-area financial institutions is teaming up with one of its top universities to develop a high-tech talent pipeline.
Capital One is investing $3M as part of a partnership with the University of Maryland that will include the opening of a 7,500 SF innovation lab along Route 1 in College Park.
The facility will sit behind the new Hotel at UMD in a space College Park is calling the "Diamodback Garage." It is part of the Discovery District, a 150-acre area between Route 1 and the College Park Metro station where College Park, the university and private partners plan to invest $2B to attract companies.
“We are taking a major step forward in growing the Discovery District with Capital One’s presence in a new and dynamic facility located in Diamondback Garage,” UMD Chief Economic Development Strategy Officer Ken Ulman said in a release. “This means more jobs for Greater College Park, more vibrancy in our surrounding communities, and a new model for how the university can engage private sector partners.”
The investment from the McLean-based bank is aimed at giving students skills in machine learning, data analytics and cybersecurity. It is giving $2.1M, which the Maryland Department of Commerce is matching, to endow a faculty chair in the Department of Computer Science focused on machine learning. The additional $900K will support research and educational initiatives.
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