Element AI is an Montreal-based startup working on artificial intelligence solutions to enterprise companies. They build customized AI based applications that are easy to integrate into existing processes. This allows enterprise organisations using their AIaaS offering to quickly deploy AI capabilities without the difficulty and delay of trying to build an internal AI team.
Element AI recently raised $102M USD, the largest Series A funding round for an artificial intelligence company. Data Collective (DCVC) led the funding round and Microsoft Ventures also participated in the round along with other leading companies. Element AI will use this funding to accelerate its capabilities and invest in large-scale AI projects internationally.
“Artificial Intelligence is a ‘must have’ capability for global companies,” said Element AI CEO Jean-François Gagné. “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.”