With this simulation capability, the researchers are experimenting with various mathematical hypotheses of brain function and structure as they work toward discovering the brain’s core computational micro and macro circuits.

In the past, the field of artificial intelligence research has focused on individual aspects of engineering intelligent machines.

Cognitive computing, on the cutting edge of this line of research, seeks to engineer holistic intelligent machines that neatly tie together all of the pieces. IBM’s cognitive computing initiative was born out its 2006 Almaden Institute, which annually brings together top minds to address fundamental challenges at the very edge of science and technology.

IBM has a rich history in the area of artificial intelligence research going all the way back to 1956 when IBM performed the world’s first large-scale (512 neuron) cortical simulation.

If you want to follow up a bit more on this, Dr. Modha has a cognitive computing blog here.

In the blog he says that "DARPA has provided mission, money, mandate, meaning, motivation, and metrics that are indispensable to such an ambitious undertaking and to bring a wide-ranging, interdisciplinary group of researchers together. ... I am proud to serve as the Principal Investigator for a truly star-studded cast that is comprehensive, creative, and committed!"