Element AI

Element AI

An artificial Intelligence company making a business intelligence platform.

Element AI is an artificial Intelligence company making a business intelligence platform that is headquartered in Montreal, Quebec and was founded in 2016 by Jean-François Gagné. The company is offering machine learning and artificial intelligence services for companies involved in advisory and enablement, cybersecurity, financial services (insurance, banking, and capital markets), and supply chain (manufacturing, logistics, consumer packaged goods, and retail). Companies in partnership agreements with Element AI include: AWS, Intel, Microsoft, Nvidia, Kinova, Omni, Automat, and Takano Co., LTD..

Funding
Series A

On June 14, 2017 Element AI completed their series A funding round with $102 million in funding from Real Ventures, Development Bank of Canada (BDC), Fidelity Investments Canada, Hanwha Investment, Intel Capital, Microsoft Ventures, National Bank of Canada, NVIDIA, Tencent, and several sovereign wealth funds. The founder and CEO of Element AI , Jean-François Gagné, made the following comment after announcing the companies series A funding round:

Artificial Intelligence is a ‘must have’ capability for global companies. Without it, they are competitively impaired if not at grave risk of being obsoleted in place. Seasoned AI investors at DCVC understood this, and supported us to democratize 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. This is why these leaders have backed us with the world’s largest Series A round ever for an artificial intelligence company. This historic round will help Element AI deliver profoundly powerful AI platforms for all, not just the few.
Series B

On September 13, 2019 Element AI completed their series B funding round with $151 million in funding from Gouvernement du Québec, Data Collective (DCVC), Hanwha Asset Management, BDC, Real Ventures, Caisse de dépôt et placement du Québec (CDPQ), McKinsey & Company, and existing investors. In an Element AI press release the company said it was going to use the series B funding to 'accelerate the deployment and commercialization of solutions that meet customer needs for the operationalization of AI'.

Timeline

September 23, 2019
Element AI announces first product for the insurance market.
September 2019
Element AI raises a $151,300,000 series B round from BDC Capital, Business Development Bank of Canada, Caisse de dépôt et placement du Québec, Data Collective, Hanwha Asset Management and Real Ventures.
April 2019
Element AI partners with Gore Mutual.
December 5, 2018
Element AI raises a $5,000,000 grant from Government of Canada.
June 14, 2017
Element AI raises a $102,000,000 series A round from Business Development Bank of Canada, Data Collective, Fidelity Ventures, Intel Capital, M12, National Bank of Canada, Nvidia GPU Ventures and Real Ventures.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Element AI Series A round, June 14, 2017
102,000,000
June 14, 2017
4 Results
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People

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Further reading

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Documentaries, videos and podcasts

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Companies

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News

Title
Author
Date
Publisher
Description
Isabelle Kirkwood
March 25, 2021
BetaKit
The Government of Québec has tabled its fiscal budget for 2021. Here is what it means for the Canadian tech and innovation sector.
Julie Bort
February 5, 2021
Business Insider
A limited partner investor came to him with an idea and he reluctantly agreed. The next thing he knew, he had invented a new VC business model.
Josh Scott
January 15, 2021
BetaKit
California-based software company ServiceNow has officially acquired Element AI for approximately $230 million USD.
January 14, 2021
WebWire
At CES® 2021, LG Electronics (LG) president and CTO Dr. I.P. Park and Element AI CEO Jean-François Gagné will unveil AIX Exchange: The Future of AI and Human Experience, a multifaceted digital report that includes in-depth interviews with leading experts in AI, consumer advocacy, design and business. AIX Exchange builds on the Levels of Artificial Intelligence Experience (AIX) Framework which launched at CES in 2020 and proposes a shared definition for advancements in consumer AI while ma...
Geoff Zochodne
November 30, 2020
financialpost
The artificial-intelligence firm has been backed by both the federal and Quebec governments
Jessica Davis Senior Editor, Enterprise Apps
December 3, 2020
InformationWeek
Element AI is ServiceNow's 4th artificial intelligence acquisition of 2020.
Alex Coop
November 30, 2020
IT Business
Another one bites the dust. After launching in 2016, raising US$102 million in Series A funding and opening offices across five cities in North America, Europe,
FinSMEs
November 30, 2020
FinSMEs
About | Advertise | Contact | Disclaimer | News | The Daily Deal Newsletter FinSMEs.com by FinSMEs is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Meagan Simpson
November 30, 2020
BetaKit
Montrêal-based Element AI is set to be acquired by California software company ServiceNow.
Ingrid Lunden
November 30, 2020
TechCrunch
ServiceNow, the cloud-based IT services company, is making a significant acquisition today to fill out its longer-term strategy to be a big player in the worlds of automation and artificial intelligence for enterprises. It is acquiring Element AI, a startup out of Canada. Founded by AI pioneers and backed by some of the world's biggest [...]
Scott McLean
November 12, 2020
BetaKit
Element AI and PemPem announce collaboration to increase accountability and sustainability in the Indonesian palm oil industry.
Chad Sapieha
July 14, 2020
Financial Post
Sucker Punch's historical open world odyssey is unabashedly derivative, but it's also wildly stylish and a ton of fun
Isabelle Kirkwood
May 28, 2020
BetaKit
Element AI has launched two new collaborations in the Asia-Pacific region.
Meagan Simpson
May 5, 2020
BetaKit
Recently, two Canadian tech companies have announced new members to their teams. Here's a breakdown of who is joining and what they bring to the table.
Isabelle Kirkwood
March 31, 2020
BetaKit
Element AI is offering a free AI-powered platform aimed to help researchers find solutions and patterns in COVID-19 research papers.
Isabelle Kirkwood
January 20, 2020
BetaKit
<p>BetaKit has partnered with TradeRev on a new event series investigating the future of Canada's AutoTech industry. Event Schedule 6:00-6:30 pm: Doors Open &...</p>\n
James McLeod
January 16, 2020
Financial Post
Element AI's office in Montreal. The artificial intelligence startup is leading a consortium that will assess the human rights impact of the proposed Sidewalk Labs smart city in Toronto.Claude-Simon Langlois
Isabelle Kirkwood
December 3, 2019
BetaKit
Element AI has launched a decision-support product, called Element AI Knowledge Scout, which organizes and manages data sets for businesses.
Isabelle Kirkwood
November 29, 2019
BetaKit
A new report from Ottawa-based accelerator L-Spark has found Canadian SaaS companies received a cumulative $5.13 billion in capital invested in 2019.
Isabelle Kirkwood
November 8, 2019
BetaKit
Montreal-based Element AI has entered into a strategic relationship with Japanese automotive company Aisin Seiki Co
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References

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