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.

April 2019

Element AI partners with Gore Mutual.

Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Element AI funding round, September 2019
Series B round
151,300,000
September 2019
Data Collective
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People

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Further reading

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News

Title
Author
Date
Publisher
Description
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
Isabelle Kirkwood
October 28, 2019
BetaKit
Montreal-based Element AI is partnering with Mozilla, the nonprofit behind the free and open-source web browser, to address explore and develop data trusts.
Sam Shead
October 25, 2019
BBC News
There are genuine risks associated with AI - but the Terminator scenario isn't one of them.
Jessica Galang
September 25, 2019
BetaKit
JF Gagné, CEO of Element AI, talked about barriers and solutions to bring AI to market, and key learnings from building the company.
Caitlin Hotchkiss
September 23, 2019
BetaKit
Element AI has announced the Submissions capability for its Underwriting Partner product at InsureTech Connect 2019 in Las Vegas.
Isabelle Kirkwood
September 13, 2019
BetaKit
Element AI has announced a much-anticipated venture round, raising $200 million CAD, one of the largest raises in Canadian history.

References

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