ElementAI provides AI solutions to enterprises in the fields of cybersecurity, fintech, manufacturing, logistics and transportation, robotics, etc. around the world, enabling them to use AI in conjunction with their proprietary and valuable data. ElementAI was co-founded in October 2016 by serial entrepreneurs Jean-François Gagné and Nicolas Chapados and the "Father of Deep Learning" Yoshua Bengio.
ElementAI currently has nearly 500 employees spread across its Montreal headquarters and offices in Toronto, London, Seoul, South Korea, and Singapore.
ElementAI's operating model:
Element's operating model is similar to that of a consulting company. When large companies want to use artificial intelligence technology to solve their own problems, Element will participate in the development of their large-scale projects, such as insurance companies redesigning their underwriting systems. In the future, Element hopes to further train its algorithms and improve their intelligence so that any company can get relevant analysis by simply inputting data into them. This is the "AI as a service" model that Amazon, Microsoft, and Google are currently experimenting with.
ElementAI Financing:
In June 2017, ElementAI received US$102 million in Series A financing. Other investors in this round of financing include the Development Bank of Canada, Fidelity Investments Canada, Hanwha Investment, Intel Investment, Microsoft Ventures, National Bank of Canada, Nvidia, RealVentures and GlobalWealth Fund. The company hopes to grab a share of the artificial intelligence industry as internet giants such as Alphabet and Amazon make aggressive moves.
In September 2018, ElementAI, a Canadian AI software solution developer, announced the completion of a US$151.4 million Series B financing round led by Canadian public pension fund CDPQ. In addition to CDPQ, new investors participating in this round of financing include McKinsey & Company and the Government of Quebec. Existing investors participating in this round of financing include DCVC, a well-known American venture capital fund, Hanwha Asset Management, BDC Capital, and Canadian venture capital firm RealVentures.
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