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Canadian firm Element AI nabs $ 151 mn in series B round

Element AI

Jean-François Gagné, CEO, Element AI

Canada-based artificial intelligence firm Element AI has raked in CAD $200 million (USD $151.4 million) in a Series B round of fund-raising.

The new funds came from investors including Caisse de dépôt et placement du Québec (CDPQ), McKinsey & Company, QuantumBlack, and Gouvernement du Québec, along with Series A investors, including DCVC (Data Collective), Hanwha Asset Management, BDC Capital, and Real Ventures among others.

The latest capital injection has brought the total amount raised to date to CAD $340 million (USD $257 million). Allen & Company LLC was the financial advisor for the transaction.

The new investment is expected to be utilized towards accelerating the deployment and commercialization of solutions for the operationalization of AI while continuing to develop AI products.

“Operationalizing AI is currently the industry’s toughest challenge, and few companies have been successful at taking proofs-of-concept out of the lab, imbedding them strategically in their operations, and delivering actual business impact,” Element AI CEO Jean-François (JF) Gagné commented.

Patrick Lahaie, Senior Partner and Montreal Managing Partner for McKinsey & Company, stated, “For McKinsey, this investment is all about helping our clients to further unlock the potential of AI and Machine Learning to improve business performance.”

Element AI is a global developer of AI software that helps people work smarter. Founded in 2016 by JF Gagné and Yoshua Bengio, the company’s offerings include advisory services, AI enablement tools and products, aims at helping large organizations operationalize AI and create real business impact. Element AI maintains contributes to academia through research collaborations and participates in policymaking around the impact of technology on society, it said in a statement.

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