AI-powered software solutions provider, Element AI has announced that it has raised $151.4 million (CAD 200 million) in its series B round of financing. The round saw the participation of new investors Caisse de dépôt et placement du Québec (CDPQ), QuantumBlack, McKinsey & Company, Gouvernement du Québec, and returning investors - DCVC, Hanwha Asset Management, BDC Capital, Real Ventures and few others.
With the new round of financing in the books, the company has now raised $257 million (CAD 340 million). “Operationalizing AI is currently the industry’s toughest challenge, and few companies have been successful at taking proofs-of-concepts out of the lab, imbedding them strategically in their operations, and delivering actual business impact,” said Element AI CEO Jean-François (JF) Gagné. “We are proud to be working with our new partners, who understand this challenge well, and to leverage each other’s expertise in taking AI solutions to market.”
Charles Émond, EVP and Head of Québec Investments and Global Strategic Planning at la Caisse commented that the organization is investing in Element AI to strengthen Quebec’s global presence in artificial intelligence. The transaction from CDPQ is part of their CDPQ-AI fund which was recently created to invest on the artificial intelligence solutions.
Element AI was founded in 2016 by JF Gagne and YoshuaBengio to provide software solutions to businesses through AI research. The company has strong connections to academia through research collaborations.