Element AI, a Montreal, QC, Canada-based global developer of artificial intelligence-powered (AI) software solutions, raised CAD $200m (USD $151.4m) in a Series B financing.
Backers included new investors the Caisse de dépôt et placement du Québec (CDPQ), McKinsey & Company, a global management consulting firm and owner of advanced analytics company QuantumBlack, and Gouvernement du Québec, as well as returning Series A investors DCVC (Data Collective), Hanwha Asset Management, BDC Capital, Real Ventures and many others.
The company, which has now raised CAD $340M (US $257M), intends to use the funds to accelerate the deployment and commercialization of its solutions while continuing to develop AI products.
Founded in 2016 by serial entrepreneurs including JF Gagné and A.M.Turing Award recipient, Yoshua Bengio, PhD, Element AI is a global developer of AI software that exponentially learn and improve for people to work smart.
Its end-to-end offering, including advisory services, AI enablement tools and products, aims at helping large organizations operationalize AI and create real business impact.