Canada's Element AI Raises $151M Series B As Country's Startup Scene Heats Up

Montreal-based Element AI, which develops artificial intelligence-powered software solutions, announced this morning it has raised US$151.4 million in a massive Series B round. Founded in 2016 by a team of six partners including serial entrepreneurs Jean-François (JF) Gagné and A.M. Turing Award winner Yoshua Bengio, Element AI is described by lead investor Caisse de dépôt et placement du Québec (CDPQ) as "a company with a commercial focus that anticipates and creates AI products to address clients' needs." In its own words, Element AI "turns research and industry expertise into software solutions that exponentially learn and improve" and are adapted to specific industries with a primary focus on the financial services and supply chain sectors. Its offering, which includes advisory services, AI-enablement tools and products, aims to help large organizations "operationalize AI and create real business impact." Customers include LG and National Bank, among others.