Stevens Institute of Technology celebrates $7.5 million funding in state budget allocation

The Stevens Institute of Technology is celebrating the $7.5 million they received from the 2024-2025 New Jersey budget, with plans to enhance their computer science and artificial intelligence programs. The state funding includes $5.75 million for the university and $1.75 million for their artificial intelligence institute.

Stevens President Nariman Farvardin expressed gratitude to various officials for their support, recognizing the importance of AI and computer science in New Jersey’s economic future. This funding will allow Stevens to educate more students in these fields, enhance their AI research initiatives, and benefit the state’s technology workforce and innovation ecosystem.

The institute’s growth in recent years has been notable, with a significant increase in undergraduate and graduate applications and research awards. With these enhancements, Stevens will be able to accommodate more students in industry-relevant disciplines, increase research output, and strengthen collaborations with industry partners.

Farvardin emphasized that the appropriation is a step forward in meeting the growing demand for AI education and research. Stevens looks forward to leveraging this investment to continue providing technology talent and innovations that drive New Jersey’s economy.