June 12th, 2024

Auto parts maker Magna International signs strategic partnership with Sanctuary AI

By The Canadian Press on April 11, 2024.

A Magna logo is shown in Milton, Ont. on Saturday, March 24, 2023. Magna International Inc. and has signed a strategic partnership with Sanctuary AI for the development of general purpose AI robots for use in the company's manufacturing operations.  THE CANADIAN PRESS/Staff

VANCOUVER – Magna International Inc. has signed a strategic partnership with Sanctuary AI for the development of general purpose AI robots for use in the company’s manufacturing operations.

Financial terms of the agreement, which includes a strategic equity investment by Magna, were not immediately available.

Founded in 2018, Vancouver-based Sanctuary AI has developed a number of technologies including dexterous humanlike hands and an AI control system.

Magna has been an investor in Sanctuary AI since 2021.

The Ontario-based auto parts company aims to use Sanctuary AI’s technology across multiple applications within its business.

Todd Deaville, vice-president of advanced manufacturing innovation at Magna, says that by integrating general purpose AI robots into its factories for specific tasks, the company will be able to improve its operations.

This report by The Canadian Press was first published April 11, 2024.

Companies in this story: (TSX:MG)

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