Press release
Cadence Launches Fem.AI, Pledges $20M to Kickstart Gender Equity in the AI Workforce
Inaugural Fem.AI Summit will convene industry, academia, nonprofits and gender equity leaders in October SAN JOSE, Calif.--(BUSINESS WIRE)-- Cadence Design
About this update from Cadence Design Systems, Inc.
[{"type":"text","content":"\nInaugural Fem.AI Summit will convene industry, academia, nonprofits and gender equity leaders in October\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nCadence Design Systems, Inc. (Nasdaq: CDNS) today announced the launch of Fem.AI—an initiative to propel women and the industry towards a more equitable tech sector, with an emphasis on opportunities in AI. The Cadence Giving Foundation has committed $20 million towards this initiative, including philanthropic and product donations over the next decade to organizations that align with Fem.AI’s mission. By catalyzing the industry to invest in nonprofits, university students and programs, champion women-led ventures, drive product innovation and leverage industry influence, Fem.AI aims to close the gender gap in this critical space.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240822604709/en/Cadence launched the Fem.AI initiative to propel women and the industry towards a more equitable tech sector, with an emphasis on opportunities in AI. The Cadence Giving Foundation has committed $20 million towards Fem.AI, including philanthropic and product donations over the next decade to organizations that align with Fem.AI’s mission. (Graphic: Business Wire)\nAddressing Key Challenges for Women in AI\n\n\nDespite years of effort, the tech industry is lagging on critical measures of gender balance.\n\n\nInitial research by Cadence has identified three “leakage points” in the tech/AI ecosystem where women are losing traction:\n\n\n\nCompleting Higher Education: In 2021, approximately 20% of computer science graduates were female, while 45% of women who start college as STEM majors leave to pursue another degree.\n\n\n\nAccessing First Jobs: Women with STEM-related degrees face more unemployment challenges post-graduation, with women holding just over 20% of AI roles in US tech companies.\n\n\n\nRetaining STEM Careers: Over 56% of women in tech are likely to leave the industry before mid-career, further exacerbating the gender gap.\n\n\n\n“Achieving true innovation in the current AI revolution requires the full participation of talented individuals, and too many women are slipping through the cracks of the AI pipeline,” said Dr. Anirudh Devgan, president and CEO of Cadence. “Cadence is committed to shrinking the gender gap in A...