International Business Machines Corp. (NYSE: IBM) and Massachusetts Institute of Technology announced on Thursday that the two plan for 10 year, $240 million investment to create the MIT-IBM Watson AI Lab. The lab’s purpose is to research fundamental artificial intelligence and seek scientific breakthroughs through the use of AI, according to MIT’s statement.

The lab will be located in Cambridge, Massachusetts and another location in Kendall Square, a nearby campus by MIT and will have over a hundred professionals and scientists researching AI.

IBM has already spent years of research and exploration in the field of AI and have built breakthrough cloud-based platforms that are currently used in business to medical purposes to agriculture.

IBM and MIT hope to advance AI hardware, software, and algorithms related to deep learning and other areas, such as increase AI use with industries or using it for security reasons, according to the statement.

“The field of artificial intelligence has experienced incredible growth and progress over the past decade. Yet today’s AI systems, as remarkable as they are, will require new innovations to tackle increasingly difficult real-world problems to improve our work and lives,” says John Kelly III, IBM senior vice president, Cognitive Solutions and Research.

MIT President L. Rafael Reif says. “True breakthroughs are often the result of fresh thinking inspired by new kinds of research teams. The combined MIT and IBM talent dedicated to this new effort will bring formidable power to a field with staggering potential to advance knowledge and help solve important challenges.”

The successful research of AI with MIT is necessary for IBM, as the company’s shares have fallen from over 30 percent from its all time high, nearly four years ago, to now. IBM has other AI research investments, but have not been able to pay out for the company. The company hopes to reach breakthrough research that could potentially change the field AI usage as well generating revenue.

“The extremely broad and deep technical capabilities and talent at MIT and IBM are unmatched, and will lead the field of AI for at least the next decade.” said Kelly.