Data Collective, Other Top AI VCs, Pour $102M Into Element AI Series A Xconomy

Canada's Element AI, publicly launched in October, announced today it has raised US$102 million in an outsized Series A financing round seen by experts as a sign that artificial intelligence is ready to solve real-world business problems. The young Montreal-based company, whose staff of AI engineers collaborates with academic AI researchers, offers consulting services to businesses and also plans to co-found AI startups in the future. With founders that include Yoshua Bengio, co-founder and director of the prominent Montreal Institute for Learning Algorithms (MILA), Element AI's big fundraising debut reinforces Canada's claims as a competitive hub in the global development of AI technology. The startup's early trove of capital came from a roster of some of the most active investors in AI. The round was led by Data Collective, joined by Intel Capital, Nvidia, and Microsoft Ventures.