NEW YORK, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Historically, the high-tech industry has not been known for gender diversity and creating opportunities for women. Will history repeat itself with the Artificial Intelligence boom? Not according to the Cadence Giving Foundation which is launching Fem.AI to make sure women play a critical role in the AI industry.

In the high-tech industry, gender equity lags, demanding decisive action. Alarming stats echo the challenge:

• 45% of women who start college as STEM majors leave to pursue another degree
• Over 56% of women in tech are likely to leave the industry before mid-career
• STEM-degree women face more unemployment challenges post-graduation
  
  

The program, which includes a $20 million commitment from Cadence, is launching with the Fem.AI Summit in October to celebrate “National Women in AI Month.” The Summit features industry leaders with the hope of propelling women and the industry towards a fairer tech sector. A pilot program reaching 14,000 women convinced the organization to expand its investment.

During the nationwide media tour Nicole Johnson, President, Cadence Giving Foundation and Tina Jones Senior Vice President, Global Human Resources, Cadence discussed:

• The importance of making sure women have full opportunity to prosper with the growth of AI
• What the “International Women in AI Day” and Fem.AI campaigns are about
• What happens at the Summit
• Important progress that is already happening, including the creation of a satellite by an all women team to monitor and help reduce pollution from computer farms supporting AI
  
  

For more information, visit FEM.AI.

Inaugural Fem.AI Summit
At the heart of Fem.AI lies the unification of the industry to shape the course of gender equity endeavors in AI. On October 1, Cadence will host the inaugural Fem.AI Summit to unite business, academia, media and social impact leaders to promote cross-sector collaboration. More details on the summit are forthcoming, with an exciting lineup of speakers and participants expected at the event in Menlo Park.

“The rapid expansion of AI brings immense opportunities for the workforce. However, if women continue to be left out, the effects will hinder innovation and exacerbate current labor shortages in the high-tech sector. Fem.AI is part of Cadence’s ongoing commitment to propelling women in STEM and other inclusion initiatives at the core of the company,” said Tina Jones, senior vice president, Global Human Resources and Social Impact at Cadence. “We believe that innovation thrives when diverse perspectives come together, and through Fem.AI, we hope to move the needle toward gender balance in this space.”

To learn more about Fem.AI, visit https://www.cadence.com/en_US/home/company/foundation/femai.html

About Cadence
Cadence is a pivotal leader in electronic systems design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world’s most innovative companies, delivering extraordinary products from chips to boards to complete systems for the most dynamic market applications, including hyperscale computing, 5G communications, automotive, mobile, aerospace, consumer, industrial and healthcare. For 10 years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For. Learn more at www.cadence.com.

About D S Simon Media
The firm is well known as a leader in the satellite media tour industry and produces tours from its studio and multiple control rooms at its New York headquarters. Clients include top brands in healthcare, technology, travel, financial services, consumer goods, entertainment, retail and non-profits. Established in 1986 the firm has won more than 100 industry awards.

Dante Muccigrosso
Director of Media Integration & Client Reporting
E: dantem@dssimon.com
C: 973.524.0104

A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8e4ee7b2-d3b1-48d9-8cb1-4723d88ca113