Element AI bags ‘historic’ $102 million series A funding to invest in large-scale projects
Artificial intelligence solutions provider Element AI has announced series A funding amounting to $102 million (£80.8m), aiming to invest in large scale AI projects on a global level.
The round was led by Data Collective (DCVC) along with Real Ventures, Development Bank of Canada (BDC), Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank of Canada, NVIDIA, Tencent, alongside several of the world’s largest sovereign wealth funds.
Element AI endeavours to expand its offerings to reach its customers in cybersecurity, fintech, manufacturing, logistics and transportation, and robotics, as well as become the largest global AI company in Canada, thereby creating 250 jobs in the sector by January 2018. It helps many global organisations to overcome the hurdles arising in their pursuit of urgent adoption of AI that they intend to integrate with their proprietary and valuable data.
Element AI has recorded a milestone achievement of pioneering a unique, non-exploitative model of academic cooperation that provides Element AI with insight, talent, and cutting-edge research that matches or exceeds reach and budgets of many tech corporations.
As Element AI CEO Jean-François Gagné, puts it, companies would be competitively impaired had it not been for AI. He said: “Seasoned AI investors at DCVC understood this, and supported us to democratise the AI firepower reserved today for only the largest of tech corporations. Intel, Microsoft, and NVIDIA, as pioneers and champions of AI hardware and software, likewise understand that their businesses flourish as every company is empowered with world-class AI.”
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