PHOTO: The Element AI executive team. / Element AI
THE Series B included participation from new and existing investors including Gouvernement du Québec, Data Collective, BDC, Hanwha Asset Management, Caisse de dépôt et placement du Québec, Real Ventures, and McKinsey & Company.
According to TechCrunch, the financing marks one of the largest amounts raised so far this year for an early-stage tech company in Canada. Element AI – whose co-founders include CEO Jean-François Gagné and Turing Award winner and computer scientist Yoshua Bengio – is working on software to help corporations improve AI tools in operations.
Among its first products are decision-making automation tools that utilize AI systems such as computer vision and optical character recognition. Element has now raised $257 million (CAD $340 million) since its inception.